Wholesale Questions regarding New York State

[Kyle Park]

Hi! 

I'm about to launch my wholesale operation in Queens, Long Island, and Westchester, NY and I got few questions before I begin my journey.

I am a licensed salesperson in New York currently working for a big company. I sold few residential properties with my mentors in past 2 years and I learned basics of buying, selling, and flipping residential properties in New York. I did extensive research about wholesaling in New York in past 3 months and I am close to launching my own wholesale operation, but few questions are holding me back from taking a massive action.

New York Wholesale Questions:

• Would being a licensed salesperson under a big brokerage help or hurt my wholesale operation? 

• (I heard somewhere I have to disclose that I am an investor but also licensed to all sellers)

• Is it required to open LLC? Can I do 1 or 2 deals without LLC?
  

• If I have to make an LLC, what should I call it? (XYZ Real Estate? Property? Holdings? Wholesale?)
  

• Where can I find contracts for New York? (I heard NY is an attorney state so I picked an "investor friendly" attorney) 
  

• Should I pick a title company as well? What else do I need? (Attorney + Title co + seller + buyer = Deal in NY?)
  

• Is wholesale legal in New York during covid19? Can I close a deal right now? 

• Do I have to comply with same rules as my licensed real estate operation? (No cold calling until Sept, no showing in person, etc)

• Can you call a homeowner and convince them to sell their house during covid19 or is that not allowed until September?

• Is it illegal to take DSLR photos and advertise online when you wholesale? (I used to be a professional real estate photographer)

• Where are some of the hot wholesaling spots in Long Island and Westchester in your opinion?

• Any recommendations for wholesale online courses that actually benefited you? 

• I heard Wholesaling in NY is much harder than other states. Should I consider virtual wholesale or wholesaling in CT and NJ?

I know these are a lot of questions but I had to find some sort of guidance somewhere before I make my leap of faith. So I decided to sign up and ended up making my first post here on Biggerpockets forum. I am extremely motivated and eager to close my first deal! I would love to connect with local NYC, Long Island, Weschester investors. I thank you all in advance and wish you guys a safe day. 

Thank you,

Kyle 

[Pierre A.]

@Kyle Park you don't need a LLC to assign your first deal. The LLC can be named whatever you want. I wouldn't get too wrapped up on that at first. Yes NY is an attorney state so usually the attorney will be in touch with the title company to find out if title is clean. We still cold call because we are trying to "buy" the home, we are not selling anything. Remember we are trying to help solve people's problems that fell upon hard times. You seem like you have done extensive research on the topic and now it's just time to take massive action like you stated. Choose your market and focus on lead generation whether it be pre-foreclosure, tax delinquent, D4$. Just become really focused at what you do finding leads and don't get distracted with the shiny object syndrome. This is a numbers game so for every 99 no's, you may get to one "yes" that is interested with an offer. Stay consistent and wish you much success on your journey. Remember you're only one deal away from making a difference!