Is anyone currently doing wholesale deals in NYC?

Question

I have heard that wholesaling or assigning contracts is illegal here in NYC. I have been told that the only way you're allowed to do it is by doing a double close and it is not easy to find attorneys who do them here. Does anyone have other information on this? And is anyone ACTIVELY doing so in NYC? Thank you!

Chad Bernstein · Answer

@Ceasar Rosas Hey Ceasar I am in NYC area and I have not heard that it is illegal.  If you need a really good real estate attorney inbox me.  I have a close family friend who works out of Brooklyn who can help with the double closings.  Best of Luck!

Darren Sager · Answer

@Pete Nater is wholesaling here in NYC from what I understand.  Pete, do you have any insight to this?

Mary B. · Answer

I've jv'd on 2 deals and one on my own in Brooklyn so far. All were via double closings. I'm not sure of the assignment part. However a lot of people say that wholesaling is illegal in one state or another. Usually in states where dozens if not hundreds of wholesalers are closing deals. If you'd like the name of a settlement officer for NYC pm me.

Kudos,
	Mary

Steven J. · Answer

I read an earlier forum this evening, sorry for no link, that stated it was hard to make cash flow right away from a rental in NYC because there is so much competition. I would think if that is the case you're going to have a tough time getting wholesale deals in NYC. Try moving down to Jersey or some of the outlying areas. With public transit being so easy to NYC you've got yourself plenty of other markets you can focus on.

Good luck!

Is anyone currently doing wholesale deals in NYC?

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