Its not everyday an opportunity as such just lands in one's hands...
Hello BP Family... I am looking to JOINT VENTURE w/ a WHOLESALER in New York City. Amazing opportunity with tons of potential. Willing to split profits. As Brandon always says... "50% of any deal is better than 100% of no deal."
The Rundown: Last night a family member called to tell me they're on the verge of losing a multifamily (multi use) property due to unpaid taxes. The 2 family house is located in Yonkers, NY. It also has a laundromat business front on the first floor. The property is VACANT and def distressed. Based on the comps I was able to find, the ARV is well over $450,000. I have it under contract at $235K and hoping to wholesale it over $250K. I am a new real estate investor located down in Florida. Need a wholesaler in New York City with experience. It is a "time sensitive" as the property will be up for auction very soon.
Here's a paragraph I copy and pasted of an email from my mentor... "Mixed use building multifamily and retail. Listed on LoopNet at 650K. Net operating income is $44,660 at a 10% Cap rate=446,000k. Broker has it listed at 6.9% Cap rate."
Hope this amazing world of Bigger Pockets is able to come thru and help me close this deal. Hear from you soon, thanks in advance.
