Starting Wholesaling in Iowa and New York

[Hollow Placeholder]

Hi everyone 👋

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 

[Abel Curiel]

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