Whole Sale Introduction & Request for Direction

2 Replies

Hello Bigger Pockets Community,

As a young professional model in NYC I began looking for a side job that would work with my on the go lifestyle, castings, and bookings.  My mother held a RE license down south on the Gulf coast and I thought to myself, "it's time".  I always knew passive income & RE investments ran parallel to wealth. Fast forward a bit and here I am a (partially seasoned) licensed NYC realtor hussling for deals and not hating it, but I need more financial security for my family. 

I stumbled upon whole selling not too long ago and it sparked a flame. I am so excited to begin this journey, but I currently lack the tools to confidently execute deals without any legal issues (especially when dealing with such large NYC deals).  I plan on spending every moment of free time studying the subject until I've configured my process, team, and legal docs. Trouble is I don't wish to waste time researching the wrong thing or the same basics repeatedly. It seems quite easy to find a basic guide on the process but I've yet to find a guide/program that truly gives complete detail on how to execute the deal w/ legal contracts provided.

 I hope to consider this a home of some sort. If you have ANY investment advice, experience (especially regarding whole selling in NYC), stories you wish you were told as a beginner, books, and guidance on places to meet knowledgable seasoned whole sellers in NYC please message me / comment on this thread.  I look forward to your feedback on the matter and I thank you for taking the time to read my post.

Best,

Summer Spears

Ps.  My apologies for the introduction.

Question Number One (1):
What are some things you were told as a beginner, books, and guidance on places to meet knowledgeable seasoned whole sellers in NYC.

Answer To Question Number One:

Summer, if you really want to get into Wholesaling I would start connecting with the local real estate Investors association in New York. Start with them and ask if they are either a wholesaler or a fix and flipper. 

Get EVERYBODY's INFORMATION and keep track of it.

AGENTS / BROKERS-ATTORNEYS / CASH BUYERS / LENDERS / PROPERTY MANAGERS / TITLE COMPANIES / CLOSING AGENTS / WHOLESALERS

START BUILDING YOUR CASH BUYERS LIST.


https://www.reianyc.org - link to a REIA meeting in NEW YORK.


Some great books to read:

ANY BOOK ON BP, Just go up to the Bookstore tab on top of this page.

Think and Grow Rich - Napoleon Hill - GOOD PRINCIPLES FOR INVESTMENTS
The 10X Rule -  Grant Cardone - MASSIVE ACTION 
Rich Dad Poor Dad - Robert Kiyosaki - REAL ESTATE DRIVEN
The One Thing - Gary Keller - HYPER-FOCUSING IN ONE AREA 

There are so many books.

Best of Luck,

Alex Hively

    Hi Alex,  

    Your advice feels like a breathe of fresh air.  I feel my biggest hinderance may be my fear (especially of legal issues).  As a licensed realtor in nyc I have many contacts that fall into the fields you listed ( other than whole sellers).  I'll focus on building that list and networking more.

    Also thank you for the book recommendations, I've read two on the list that were pretty enlightening. I'll have to check out the others!

    Best,

    Summer Spears

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