Starting Wholesaling in Iowa and New York

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Starting Wholesaling in Iowa and New York

Hollow Placeholder
Member since 2025 · 1 post · 4 votes

Hi everyone đź‘‹

I’m a new wholesaler getting started and wanted to introduce myself.

First, much respect to the veterans and seniors in the game here — I know there’s a lot of experience in this community, and I’m here to learn the right way.

I’m currently based in New York, but I’m also actively looking at Iowa markets including Des Moines, Iowa City, Cedar Rapids, Dubuque, Davenport, and Cedar Falls. As a beginner, I wanted to ask for some honest guidance:

👉 Is it better to focus on one city when starting out, or can wholesaling work across multiple markets if you build the right relationships? I'm also having issues finding properties if someone can point me in the right direction it'd mean the world to me 

I’m hoping to:

  • Learn from experienced investors
  • Potentially JV or partner with someone open to growing together
  • Connect with cash buyers interested in off-market or value-add deals in Iowa or New York

I’m motivated, coachable, and serious about doing this correctly. If anyone is open to sharing advice, connections, or pointing me in the right direction, I’d truly appreciate it.

Feel free to comment or send a DM — looking forward to learning from you all.

Thanks everyone 🙏

PATRICK 

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Abel CurielBusiness Member
Real Estate Agent · Queens, NY · Member since 2016 · 2k+ posts · 1k+ votes
10mo

Hello Patrick,

I'd recommend starting in 1 market - ideally, in the most wholesale-friendly market. I don't know anything about the Iowa RE scene but I'd imagine it is more wholesale-friendly than New York.

I don't mean to be discouraging but my honest opinion is that most places will be easier to start off in than NY.

Drawbacks to being a beginner wholesaler in New York
1. NY is an attorney state. Buyers and sellers are both represented by attorneys from contract to closing.
Even if you negotiate a great deal with the seller, at some point a Real Estate attorney is going to get involved and either help the deal move forward OR kill the deal.
2. Demand is high here. Competition from end users/buyers, realtors, other wholesalers, cash buyers, etc. can drive up property prices making it riskier for you to put a deal under contract in hopes to flip it to another buyer.
3. High entry point. You'll likely need a 5-10% deposit at contract signing which can be well over 6 figures depending on property type and specific NY location. In Iowa, I'd imagine you'll have to put less down therefore reducing your risk early on in your business.

It is possible to start across multiple markets but I believe you'll have better and stronger results by focusing on one at a time until you've developed your systems.

All the best!

Abel

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  • Abel CurielBusiness Member
    Real Estate Agent · Queens, NY · Member since 2016 · 2k+ posts · 1k+ votes
    10mo

    Hello Patrick,

    I'd recommend starting in 1 market - ideally, in the most wholesale-friendly market. I don't know anything about the Iowa RE scene but I'd imagine it is more wholesale-friendly than New York.

    I don't mean to be discouraging but my honest opinion is that most places will be easier to start off in than NY.

    Drawbacks to being a beginner wholesaler in New York
    1. NY is an attorney state. Buyers and sellers are both represented by attorneys from contract to closing.
    Even if you negotiate a great deal with the seller, at some point a Real Estate attorney is going to get involved and either help the deal move forward OR kill the deal.
    2. Demand is high here. Competition from end users/buyers, realtors, other wholesalers, cash buyers, etc. can drive up property prices making it riskier for you to put a deal under contract in hopes to flip it to another buyer.
    3. High entry point. You'll likely need a 5-10% deposit at contract signing which can be well over 6 figures depending on property type and specific NY location. In Iowa, I'd imagine you'll have to put less down therefore reducing your risk early on in your business.

    It is possible to start across multiple markets but I believe you'll have better and stronger results by focusing on one at a time until you've developed your systems.

    All the best!

    Abel

    REbuild Team - eXp Realty5234 Reviews
    WebsiteView Page
    1Reply
  • Lydia Winn
    Member since 2025 · 91 posts · 55 votes
    9mo

    @Abel Curiel makes an excellent point: when you’re starting out, focusing on a single market is key.

    However, success is heavily dependent on location. Most wholesalers target properties priced under $100,000, which are found in markets like Buffalo or Rochester. Because New York is an attorney state, navigating these deals requires a specific approach.

    • Network with Locals: Connect with wholesalers already active in New York. You can find them by inquiring about enough lower-priced listings in the area.
    • Find a Specialist Attorney: Ask those wholesalers for a referral to an attorney who specializes in wholesale transactions.
    • Prioritize Speed: In these deals, you will likely need to trade hand-holding and service for an attorney who can move quickly to close the contract.
    1Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    9mo

    good thing U asked.. In Iowa its illegal to take assignment fees no closing company will do those for U..  

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    1Reply
  • J CastroBusiness Member
    Lender · Florida · Member since 2025 · 712 posts · 254 votes
    9mo
    Quote from @Hollow Placeholder:

    Hi everyone đź‘‹

    I’m a new wholesaler getting started and wanted to introduce myself.

    First, much respect to the veterans and seniors in the game here — I know there’s a lot of experience in this community, and I’m here to learn the right way.

    I’m currently based in New York, but I’m also actively looking at Iowa markets including Des Moines, Iowa City, Cedar Rapids, Dubuque, Davenport, and Cedar Falls. As a beginner, I wanted to ask for some honest guidance:

    👉 Is it better to focus on one city when starting out, or can wholesaling work across multiple markets if you build the right relationships? I'm also having issues finding properties if someone can point me in the right direction it'd mean the world to me 

    I’m hoping to:

    • Learn from experienced investors
    • Potentially JV or partner with someone open to growing together
    • Connect with cash buyers interested in off-market or value-add deals in Iowa or New York

    I’m motivated, coachable, and serious about doing this correctly. If anyone is open to sharing advice, connections, or pointing me in the right direction, I’d truly appreciate it.

    Feel free to comment or send a DM — looking forward to learning from you all.

    Thanks everyone 🙏

    PATRICK 


    Welcome to BP! 👋 It’s great to see your enthusiasm and willingness to learn the right way — that’s exactly what separates successful wholesalers from the rest.

    As a beginner, it’s usually easier to focus on one primary market at first (say New York). You’ll learn the local comps, build relationships with agents, contractors, and cash buyers, and get a feel for which neighborhoods have motivated sellers. Once you have that foundation, expanding into additional markets becomes much easier — especially if you have trusted partners or local contacts.

    Connecting with more experienced investors in the markets you’re targeting can save you a lot of trial and error. Partnering on your first few deals — even just for guidance — is a great way to learn the ropes without taking unnecessary risk.

    The key is consistency: keep building your network, learning the market, and tracking your deals carefully.

    If you ever want to run a potential deal or talk through markets, feel free to reach out — happy to help you analyze deals.

    You’ve got the right mindset — keep pushing, and it’ll pay off!

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    0Reply
  • Sean King Jr.
    New to Real Estate · des moines iowa · Member since 2025 · 12 posts · 4 votes
    9mo

    As a new investor in iowa id like to network with you just to broaden my horizons possibly for deals down the road. Make sure you get you license if you plan on wholesaleing in Iowa. As mentioned above it is illegal. Hope to hear from you!

    0Reply
    • Jay HinrichsBusiness Member
      Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
      9mo
      Quote from @Sean King Jr.:

      As a new investor in iowa id like to network with you just to broaden my horizons possibly for deals down the road. Make sure you get you license if you plan on wholesaleing in Iowa. As mentioned above it is illegal. Hope to hear from you!


      yup just saved Mr. Placeholder thousands in advertising in a state you cant legally wholesale and no law office closer will allow assignment fees as the law changed last year.. :)  
      Podcast Guest on Show #222
      JLH Capital Partners51 Review
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      1Reply
    • Sean King Jr.
      New to Real Estate · des moines iowa · Member since 2025 · 12 posts · 4 votes
      9mo
      Quote from @Jay Hinrichs:
      Quote from @Sean King Jr.:

      As a new investor in iowa id like to network with you just to broaden my horizons possibly for deals down the road. Make sure you get you license if you plan on wholesaleing in Iowa. As mentioned above it is illegal. Hope to hear from you!


      yup just saved Mr. Placeholder thousands in advertising in a state you cant legally wholesale and no law office closer will allow assignment fees as the law changed last year.. :)  


      I'm glad we were able to help. I to almost did the same thing until i was informed about it being illegal in iowa without a real-estate license. But I'm also very green so just glad the info i was told was correct!




      0Reply
  • Mohammed Rahman
    Real Estate Broker · New York, NY · Member since 2020 · 2k+ posts · 1k+ votes
    9mo

    Hi Patrick,

    First, as @Abel Curiel mentioned. Wholesaling in NY is structured differently since it’s an attorney state, so extra care is needed around deal structure and compliance.

    If you’re just starting out, I recommend focusing on one market. You’ll learn faster as you get a feel for what “good numbers” actually look like, you’ll build stronger relationships with local professionals, and your system will improve and tighten up as you figure out what works best in that specific market. 

    Most early success comes from consistent outreach. The goal is to identify distressed, motivated sellers. Cold calling, in particular, can be effective if done consistently and correctly. A good starting point is to build targeted lists (absentee owners, pre-foreclosures, tax delinquents, etc.), skip-trace the data, and then call to identify situations where you can actually offer a solution to the owner. 

    Feel free to send me a PM if you have any more questions. Hope this helps, and best of luck as you get started!

    0Reply
  • Kerry Noble JrPro Member
    Investor · Indianapolis, IN · Member since 2018 · 2k+ posts · 1k+ votes
    9mo

    Im in Central IN if you want to connect. 

    0Reply
    • Sean King Jr.
      New to Real Estate · des moines iowa · Member since 2025 · 12 posts · 4 votes
      9mo
      Quote from @Kerry Noble Jr:

      Im in Central IN if you want to connect. 


      I'm always wanting to connect!

      0Reply
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