Should I move to another city?

[Juan Alvarado]

I am just starting out in real estate investing and I have been doing a lot of research on my market and networking with other people. Recently I got in touch with an agent in my area in NYC and he informed of a couple of things.

I told him I was interested in doing wholesaling since I have no capital and poor credit. He then informed me that the market here in NYC is like no other and it is very condense and extremely competitive. Moreover, he said that most attorneies will not help me assign a contract in NYC because the process takes forever and it can be very troublesome for both the attorney and the investor.

So ultimately, wholesaling property in NYC is not impossible to do, however it is extrememly challenging and can take very long to find opportunities.

Since I have no mentor in an area where competition is intense, I feel that starting out in NYC may not be a good idea.

Nevertheless, I am still very driven to continue searching for opportunity and growth. So I have been contemplating whether if I should relocate to another state where executing wholesaling strategies and assigning property to other investors is more possible. Perhaps Florida.

Can anyone give me some insight to whether that may be a good idea or if there may be another route that I can take? All comments are appreciated.

[J Scott]

My recommendation would be not to move if the sole motivation is to begin whiolesaling. I know of too many wannabe wholesalers that never do their first deal, despite best intentions and lots of passion. The truth of the matter is that wholesaling is tough (tougher than rehabbing or landlording, in my experience), and the likelihood of someone without cash or experience to be successful with wholesaling is extremely small.

If you're moving for other reasons, and would be happy to move regardless of whether the wholesaling worked out, then go for it. But, if wholesaling is the driving factor, I would recommend not doing it.