I'm looking to get into wholesaling right now in long island new york. I was just curious how well some of the wholesalers you know or if you are one yourself do in your areas. My true goal is rentals, just looking to start in wholesaling maybe a flip here and there to get some cash going. I've been reading a lot and am going to get out here and start. Knowledge wise I feel I got all I am going to get, and now its time to get in the field experience.
There is a boarded up house on the corner of Manatuck and Montauk. Might be a good place to start, a yellow letter, or trying to find who the owner is.
@Steven Torres Welcome to the world of real estate. I wholesale real estate in Las Vegas and the number 1 advice I could give you is to make your decision based on your own efforts and not others. There are plenty of people "trying" to get into real estate and most of them are going to be the ones with the negative answers. Then you got guys like me that do about 3 deals a month and I have nothing but positive things to say about the business. Learn as much as you can and see if it's worth your time and energy. Once you determine that, the only opinion that is going to matter is the buyers on if he wants to buy your deal or not.
Hope this helps,
@Louis Davis Thanks for the advice. Truthfully I am just curious about how others are doing. I know how am I and once I decide on something I go all out. How long did it take you to get your first deal? did you start with yellow letters and if so how much did you send out on your first campaign?
@Scott McMillan have you done any deals or got any properties on the island? if so would you mind telling me how well its cash flowing?
I have not @Scott McMillan and when I do deals I assign them to my buyers and get cashed out.
@Steven Torres There is a lot of opportunity for wholesaling in Suffolk County, however the taxes are what kill deals many of the times. Did you go to the Annual auction last week? It was a great opportunity to improve my buyers list. keep pushing! Persist and you will win!
@Steven Torres Also if your looking for cash flowing rentals on the island you will be looking at 5-7% cap rates. I also have a surplus of programs who are looking for whole house rentals and apartment rentals max 3 bd. Programs pay utilities/interior repair/landscaping/snow removal. Great for passive investing.
@Steven Torres No I have not done any Long Island deals and don't see myself doing many due to the high prices and taxes. I am looking to invest in Buy and Rent properties out of state.
I would like to do that same thing assign contracts.
@Steven Torres thanks. Sorry I read the wrong post. lol. It took me 2 years from start to finish to get my first deal. I started off doing yellow letters. I still do that today along with referrals from other wholesalers that need buyers.
@Shawn Ackerman , I did not go to the annual auction truthfully I didn't know about it. how long have you been wholesaling on the island? how many deals do you do a month?
@Scott McMillan , Yeah thats kind of what keeps me back somewhat. The fact that taxes and prices are so high compared to other states. At the same time I know people are still making it happen though. I have contemplated moving somewhere like NC to get started over there instead.
@Louis Davis , Were you actively involved in it for those 2 years or was it like an on and off sort of thing? Do you remember how many letters you sent at a time by chance?
@Steven Torres I havn't been doing wholesale deals for long. less than a year in the Long Island market but I do wholesaling in Milwaukee WI where my rental portfolio is. PM me and we can work on some deals together. I have 4 properties that I'm trying to get rid of in Huntington, Bayshore & CI. I also have a flip in CI if you know someone interested in that market.
@Shawn Ackerman hi I am looking for Deals I am on the mls everyday but there is not enough inventory
What about the ones in bay shore and CI?
@Aurelie Boudon pm your contact info and I can forward you what I have in hopes of J/V a deal
@Louis Davis, My name is DeAunte' Cone-Grove and I'm a newbie looking to get started in real estate investing. I would like to ask you a few questions if that's possible.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing