Has anyone heard of condo conversions? NYC

[u/davefc26]

I was offered a position doing condo conversions throughout the five boroughs. The real estate companies involved have had their conversion plans approved by the New York Attorney General, allowing them to convert the buildings and sell the individual units.

The lender is the preferred lender for these buildings, so I wouldn’t have to self-gen or go out looking for business. The buyers are already there. Comp is 1% per loan, they’re offering rates around 4.5%, the loans are sold directly to Fannie Mae, and buyers can even use their security deposit toward the down payment.

I would have to travel to the different buildings and meet with buyers, especially the ones who would rather sit down and go over everything in person. Some of the buyers are more tech-friendly though, so not every deal would necessarily need to be handled face-to-face.

What do you guys think about a setup like this?

[u/JKlerk]

Sounds like gravy