In this Q&A Video, real estate investor Lance Edwards addresses a query about flipping and wholesaling apartments in New York City. Dave writes:
I live in New York City where the house prices are in the Twilight Zone. Should I still try flipping here, or should I look outside the city or state?
See below to learn what Lance advises Dave on apartment flipping in New York City…
In short, Lance says you can flip anywhere.
“You have to find a deal, but you can flip anywhere,” Lance said. “Depending on different parts of the country, a low-market cap area like New York City, you only need a small spread between the cap rates you are buying at and the market cap rates to make the same profits as if you were in a high-market cap rate area.”
Lance also advises that he wouldn’t look for property in New York City to buy and hold, “because you’re not going to find any cash flow.”
There may be a lot of competition in New York City to find those deals, from a market perspective which may have you looking to other areas. “But, you can absolutely flip anywhere,” he said.