Investing in properties in Binghampton

Upstate New York, New York
Out of State Investing
2moFollow

Investing in properties in Binghampton

Barshawn Lopez
Member since 2020 · 32 posts · 20 votes

I'm looking to flip or wholesale properties in Binghampton, NY.  I'm already working with an agent and he may be able to secure a hard money loan as well as my own funds to purchase it.  What are the best resources in terms of reading are there to educate myself in this process?

1Reply
202 views

5 Replies

Jump to latestLatest
  • Arman AhmedPro Member
    Real Estate Agent · Columbus Cleveland Dayton, OH · Member since 2024 · 2k+ posts · 958 votes
    2mo
    Quote from @Barshawn Lopez:

    I'm looking to flip or wholesale properties in Binghampton, NY.  I'm already working with an agent and he may be able to secure a hard money loan as well as my own funds to purchase it.  What are the best resources in terms of reading are there to educate myself in this process?


    You’re already ahead by having financing and an agent lined up. The biggest thing is learning how to accurately analyze deals, estimate rehab costs, and understand your exit strategy before putting money in. Don’t limit yourself to one market either; a lot of investors are finding better margins in Midwest markets where acquisition costs are lower, and value-add opportunities are still available. The key is building a strong local team and knowing your numbers before you buy.
    [email protected]614-418-6081
    0Reply
  • Ashish AcharyaBusiness Member
    CPA, CFP®, PFS · FL · Member since 2017 · 5k+ posts · 3k+ votes
    2mo

    @Barshawn Lopez, since you're looking at both flipping and wholesaling, I'd start by getting really clear on which one you want to focus on first. The resources, contracts, financing, and risk level are a little different for each.

    For flipping, I'd spend time with a local investor-friendly agent, contractor, hard money lender, title company, and insurance agent before putting a property under contract. You'll want to understand realistic rehab costs, days on market, resale values, holding costs, and what kinds of properties actually move in Binghamton. For wholesaling, make sure you understand New York's rules, use the right contracts, and work with an attorney or title company that regularly handles assignments.

    Also, keep the tax and entity side in mind from the beginning, not as an afterthought. Flip and wholesale income is generally treated more like active business income than passive rental income, so your bookkeeping, entity setup, estimated taxes, and expense tracking matter right away. If you end up doing enough flips or wholesale deals to look like a dealer, an S corp election is worth setting up once the income grows, that's what caps your self-employment tax exposure on the profits. If you eventually add rentals into the mix too, keep in mind an LLC by itself doesn't save you any taxes on that side, it's a liability protection tool, not a tax strategy, the actual tax savings on rentals comes from depreciation and how the numbers are structured, not the entity type alone.

    Happy to connect!

    [email protected]941-914-7779
    INVESTOR FRIENDLY CPA®5240 Reviews
    WebsiteView Page
    TaxMD® | Tax Planning Software
    WebsiteView Page
    0Reply
  • Michael K GallagherBusiness Member
    Real Estate Agent · Columbus OH · Member since 2018 · 1k+ posts · 1k+ votes
    2mo

    @Barshawn Lopez I'm not in your specific market, but generally the fundamentals will win out.  If you are looking for details on flipping specifically I'd turn to youtube and see if their are any players locally doing it and producing content, or the standard local meetups.  Usually flippers or other "producer" type companies will be hosting them.

    [email protected]614-362-2231
    0Reply
  • Emanuele Mayer
    Lender · Member since 2022 · 72 posts · 19 votes
    2mo

    Welcome, Barshawn! Sounds like you've got a solid start with an agent and funding lined up. If you're just getting into flips and wholesaling, I'd spend as much time learning how to analyze deals as you do finding them. Understanding rehab costs, ARV, holding costs, and exit strategies will save you from a lot of expensive mistakes. Wishing you the best on your first deal!

    0Reply
  • Vijay FriedmanBusiness Member
    Miami, FL · Member since 2026 · 766 posts · 123 votes
    2mo
    Quote from @Barshawn Lopez:

    I'm looking to flip or wholesale properties in Binghampton, NY.  I'm already working with an agent and he may be able to secure a hard money loan as well as my own funds to purchase it.  What are the best resources in terms of reading are there to educate myself in this process?

    @Barshawn Lopez
    It sounds like you've already taken a few important steps by choosing a market and connecting with an agent. As you learn, I'd spend just as much time understanding how to analyze deals and plan your exit strategy as you do studying construction or wholesaling. Strong underwriting and conservative numbers will help you avoid a lot of expensive mistakes on your first project.

    786-656-0387
    DreamPoint Capital
    WebsiteView Page
    0Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free