RE agent new to wholesaling.

[Nadhir Hakeem]

Hello!

I've been a licensed agent in NYC for years now, mainly doing rentals! I live in Stamford and wanted to get into investing and renting out properties for cash flow and am kind of stuck on how to do it, especially with very little start up cash (also have bad credit at the moment).

Where did you all look for info when you were first starting out? I've been doing some research and watching some videos, mainly on youtube. Decided to ask others as I'm sure there's a bunch of stuff I missed out on.

I'm planning on going around looking for some abandoned or beat up houses in the surrounding cities. How long did it take you guys before you found your first deal and how'd it work out?

[David Lee Hall, III]

@Nadhir Hakeem

Look for FSBO on Zillow or Craiglist.

Look at the pictures, try to determine properties that are rent ready. From there, look at the price and figure out what payments would be (I use bankrate.com) on 5 10 20 and 30 year notes. Look at rent rates. Now you want said rents high enough for the loan, taxes, interest, cap ex, op ex, property management, and profit (you set those numbers).

Now you call those sellers, are they open to seller financing? If so, make your offer.

You need to have a lawyer to set up the contract and deed plus you need to pay closing costs.

You now just got a cash flowing rental with little money out of pocket.

Note you may need to look at thousands of listings just to call 100 just to close on 1. It takes work but is doable.