New to wholesaling in NY need advice

[Dimitri Damas]

Like many of the new wholesalers nowadays I too learned majority of the information I have now from YouTube, podcast, webinars, books, etc. Despite all of that I’m still a bit waryto start due to the technical stuff. I have a small list of investors looking to buy and close within 7-10 days and i have some foreclosed porperties but I want to make sure that I have the right things together such as a lawyer, inspector, wording in contracts, and even how to approach a home owner and explain to them what I’m looking to do. I am also uncertain if i should approach homeowners who are already under contract with a real estate agent. As you can see i have lots of questions although im somewhat knowledgable it just feels like a whole bunch of puzzle pieces that needs to be put together. if there’s anyone willing to help out I’m sure this post will not only help myself but other beginners who are too shy to ask for help or where to start.

[Roger Smart]

From your post it seems that you already have a list of buyers and a list of potential sellers? I assume you have compiled a list of criteria for each of your buyers. All you then have to do is find a property that matches their criteria and get it under contract, whether that's a wholesale contract, or a double-close, or whatever your state requires so that you keep it legal. 

These will usually be off-market properties, or properties not listed with agents. If a property is listed with an agent, then your buyers have likely already seen it. This isn't to stop you from purchasing it and then selling it at a higher price if you feel that the property could fetch a price higher than asking. In the matter of talking to a seller who has already established representation, it is best practice to talk to their representation. 

A good place to find deals is expired listings that did not re-list. They all expire for different reasons, but they were all motivated to sell at some point. Agents contact expireds all the time to drum up business, just be sure you are realistic with your numbers so you are not stuck with a contract that you cannot move to an end buyer.