Posted by DJ-nyc on March 09, 2007 at 15:27:53:
Brian,
Most banks want to see a “seasoned title” meaning the property is owned for more than 1 year. There are still “creative” ways to flip property to Investors as long as you can get it under contract at a very low price. It is hard work in the NYC market to find properties at a very low price. There are a couple of banks (not many left) that will lend money without seasoning requirements. Take the time to read the archives of this website and interview with Seasoned Investors and Mortgage brokers to learn as much as you can. With most private money lenders you can still flip contracts as long as there is enough equity in the deal so everybody can make money. I like talking to young people so give me a shout and we can talk in detail.
I Invest in NYC and my suggestion is: read, read and network. Focus on educating yourself and finding “distressed” situations.
Have you joined a Real Estate Investment club?
Good luck,
DJ-nyc