Hi, I am planning to get into flipping business in NYC area, how can i get into and what sort of capital do I need.
You have picked a market that is saturated with speculators you would need substantial capital the range would depend on what you are looking to buy but it would be at least 500k most purchase thru auctions or short sales done with brokers if you contact my office I can provide you with the names of a few brokers
The first thing you need to do is get with a tax attorney who knows how to set up the proper vehicles to use for this venture. Second, you need to have significant capital, enough to purchase and to run these ventures. Third, you need experience and expertise to be successful especially in this economy.
For a discussion as to the choice of legal entity to use for business see http://www.sjfpc.com/choice_of_legal_entity.html.
For a discussion of Pennsylvania LLCs and Real Estate see http://www.sjfpc.com/llcs_estate_gift_income_ta...
What you need to do is get a good attorney, establish a good relationship with a lending institution (ideally a local bank since large banks like BoA or Wells are very inefficient and tough to deal with) establish an LLC to protect yourself from liability and for flipping homes, you'll need some substantial capital.
I've worked with commercial loans for a few of my clients that are lending institutions and it really depends on the property and the amount you're looking to finance.
If you have any further questions, feel free to reach out to me.
Roman Tabatchouk, Esq.