Recommended buy formula for NY?

Question

Whats up BP fam! I'm starting my wholesale business in New York, and want to get the recommended buy formula and market advice. Anything advice is welcome! Anyone working and investing in the state of NEW YORK welcome!

Nicholas Mann · Answer

@Alfonzo C Rushin II

Buy low sell high!! No seriously you’re best bet for learning your specific or target market is to just check the MLS everyday, look up property history, recently sold and etc. Any deal or potential deal can be vetted by quickly researching surround areas past sals history. If your buying for rentals use Zillow rentals or any rent app and make comparable lists. A few hours or a couple minutes everyday for a few weeks can definitely give you a pretty good idea of average house and rental sales that are comps... another tip would to be specific on what type of property you want maybe you will only buy 3bd 2ba Single family houses in a specific neighborhood and after a little research you should be able to get a good idea if something is a deal or not.. best of luck feel free to message me with any more questions

Nick Mann

Alfonzo C Rushin II · Answer

@Suzanne Player thank you for all of that. I’m in the Bay Shore and Huntington station area. I’ve been doing some research of the hottest markets and where all the sales are happening and I’m going to start there. And work my way out.

Suzanne Player · Answer

Hi Alfonzo

I can't tell from your profile what part of New York State you are in and there is a huge variation in markets & prices around the state.

North of Westchester is probably much easier, I would think.  Around New York City prices are high to begin with.

You should definitely make your Bigger Pockets & any other social media profiles much more specific & make sure anyone looking at them knows immediately that you are someone to go to for selling their property quickly (or for investors buying).  It should also show your location - where you do business.  So many profiles are unmemorable because they are non-specific.  Also, you want others to know you are a real person - if you Google your name and info, does it show up anywhere else but Bigger Pockets?

Does your law enforcement background or any other skills or experience give you any advantages in wholesaling in your area that others don't have?  If so, it's a good idea to share it.