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 Binghamton's one of our markets, so here's what I'd focus on. Learn to estimate rehab on the older housing stock there, because a lot of it is 100-plus years old and the surprises are in the systems, not the cosmetics. Walk a bunch of properties with a contractor before you buy one. On hard money, run the deal with the full holding costs and assume it takes longer than you think. The BP podcasts are how I got into this, so I'm a fan, but nothing teaches like walking properties in your actual market. Best of luck getting started.
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.
@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.
@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.
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!
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.
@Barshawn Lopez Binghamton's one of our markets, so here's what I'd focus on. Learn to estimate rehab on the older housing stock there, because a lot of it is 100-plus years old and the surprises are in the systems, not the cosmetics. Walk a bunch of properties with a contractor before you buy one. On hard money, run the deal with the full holding costs and assume it takes longer than you think. The BP podcasts are how I got into this, so I'm a fan, but nothing teaches like walking properties in your actual market. Best of luck getting started.
@Barshawn Lopez Binghamton's one of our markets, so here's what I'd focus on. Learn to estimate rehab on the older housing stock there, because a lot of it is 100-plus years old and the surprises are in the systems, not the cosmetics. Walk a bunch of properties with a contractor before you buy one. On hard money, run the deal with the full holding costs and assume it takes longer than you think. The BP podcasts are how I got into this, so I'm a fan, but nothing teaches like walking properties in your actual market. Best of luck getting started.
Hi Matt,
Thanks for that great insight. I will definitely ask for a contractor's consultation.
Barshawn, the books and podcasts teach you the vocabulary, but the education that actually protects your money is learning to price a rehab. In older housing stock — and Binghamton has plenty of it — the surprises live in the systems: old wiring, cast iron, tired panels, tired roofs. Cosmetics are easy to price. Systems are where first deals go over budget.
Before you buy anything, walk as many houses as you can with a contractor who'll tell you what he sees and what it costs. Even a paid walkthrough on a house you don't buy is tuition — you'll start hearing the difference between a $15K rehab and a $45K one before you ever write an offer.
And pick one lane first. Flipping and wholesaling use different skills, different contracts, and different buyers. Six months focused on one will teach you more than a year split between both.
I know it’s been three months since you posted this, how’s it going now?
Of course BP is a wealth of information and coming to the forums here is always a great idea. As far as local knowledge (which contractors are good with BRRRR renovations, what kind of property to look for, ARVs, etc.), your agent should be guiding you. Double check whatever they send, of course, but a big part of our job is making sure the investment our client buys has good exit strategies and works for their goals.