Wholesaling in NYC

[Julius King]

Learned an awful lot about real estate these last couple of months. I want to try wholesaling in NYC. I know this is where the big dogs play but, this is where I was born and raised. Any advice on getting started? Has anybody started out here and been successful? 

[Jason Yi]

Hi Julius, My first time learning and trying wholesaling, having very little money at the time, I did some street marketing taping printed flyers on light posts in Queens and had a property owner from out of state contact me about wanting to sell a single family rental property in GA. I wasnt expecting to do deals out of state but I didn't let that stop me. I just followed a wholesale deal analyzing formula (*************'s 30 days to quick cash). I then networked with other wholesalers in GA and got connected to a closing company that can do everything remotely by mailing contracts to all parties. Everything was done remotely- I never met anyone face to face. I didn't have to goto the the property personally. I just requested photos of the occupied interior from the seller, ran the numbers in the formula (no repairs needed) and made him an offer. We came to an agreement, signed a purchase agreement through email, and I posted an ad on craigslist in the GA market with the photos. Found a local investor who was very eager to buy right on that very block. I arranged a time where the buyer can go walk through the property (I contacted the seller, the seller arranged with the tenant) and boom, the buyer wanted to pull the trigger at a price where I made $5k profit. I gladly gave the referrer that connected me to the remote closing company $500.

The seller was visiting NYC and came across my flyer. You never know. Just take action.