Updated about 21 hours ago on . Most recent reply
Trying to start out
Hello, I would like to start wholesaling in New York as a rookie with no experience. Any one has any good ideas/pointers as to how i should start and where and proper steps for my first deal?
Most Popular Reply
New York wholesaling is tougher than other markets because of the volume of competition and thick title issues, but it can work. Start by finding three neighborhoods that match your criteria -- places where you can get deals 20-30% below market value without major rehab. Then focus entirely on those areas until you understand them cold.
Your first deal doesn't need to be huge. A 0k assignment fee beats no assignment fee, so don't chase the 10k spread and miss the 5k that's actually there. Build your buyer list aggressively -- cash buyers, fix and flip guys, small-time landlords. Your buyer list is literally your entire business. Call them weekly, send them properties, build relationships before you need anything from them.
One more thing: have your cash position sorted before you start. You'll need earnest money, due diligence funds, maybe an option fee. If you're undercapitalized when a deal shows up, you'll miss it or get desperate. Are you planning to raise capital, use your own cash, or partner with someone for your first deal?