Where do you start?
You want to invest, you have the money, but don’t know where to start.
There are a few things you can do to get started in investing in Manhattan real estate. One thing you can do is get a partner that is already in the business or is eager to learn the business. Having a business partner can be very beneficial because it minimizes your risk, provides an extra way of thinking, and adds to the amount of connections and time you will have to run the business. If you get a partner that knows the business, you will see that your learning curve will jump up and you will pick up a lot from just being around this partner. It’s called the power of proximity.
Another thing to do is to do an online search. I would recommend buying a subscription to propertyshark.com that will give you unprecedented access real estate files in New York and who the owner is along with tax and contact information. It is highly recommended that you do a search on this website because I know a few real estate sharks who still use that program to find more deals.
Lastly, you may want to contact a broker that specializes in selling properties for investments. I don’t want to name any names but the best people to call are usually the heads of real estate companies or their vice presidents. They have extensive knowledge about the business and can give you tips, advice, and direct you to possible inventory that you wouldn’t know about. The upside is that you don’t have to pay them. Their commission gets taken out of the purchase price from the seller when you buy a property.