Wholesale properties on long island

2 Replies | Long Island, New York

Looking to get into the business and was wondering if you can only get a home under  an assignment contract if it’s off the market.

Is there a way about working with the agent To make a deal or is that not possible?

Really trying to educate myself and would love all the advice I can get

Technically you can assign any contract as long as there is assignment language written in your contract. 

The problem with what you're suggesting is that, in theory, anything on the MLS is listed at retail price. When you wholesale, you have to place something under contract so that both you and your buyer can make money. If something is already at retail, there is no room in the numbers for either party to make money, unless you were to say get a contract on an REO flip the minute it hit the market and it was such a good deal that there was still room, but this is not likely to happen and would be luck as opposed to a regularly repeatable system. I hope that helps with your question.

- JM