New Wholesaling Business - Nassau County Long Island NY

It has proven to be very difficult to find and aquire residential deals to flip through MLSLI here on Long Island over the past couple of years. The supply of investment grade properties is very tight and when they do pop up on MLS, there are multiple offers within days and there is always an investor willing to overpay. Although I have submitted around 40-50 cash offers, none of them have been accepted at this point. I have been asked to give my highest and best offer multiple times on the same property but I can only go so high before the numbers stop making sense.

With that said, I have come to the conclusion that the best way to get deals is to go directly to the owner. So I have decided to start my own wholesaling business. I have been practicing real estate for about 12 years between being a licensed real estate broker and an investor. The majority of my time is spent on the investing side. Being a real estate broker bodes well with buying and selling my own properties in regards to being able to show myself any properties I am interested in. I do not represent myself when I purchase properties but I do list them myself on the way out. Plus, I still take referrals to list and sell properties for clients which helps out during slow periods.

I just signed a lease for office space and will be moving in June 1st. I can't wait to start marketing directly to property owners. I still have a lot of research to do in terms of targeted mailing lists, direct mailing, online advertising, etc. I believe I am well positioned to start wholesaling considering my real estate background and experience. I already have a small list of investors who have been going through the same thing I have and can't wait to buy their next flip. Hopefully I will be able to bring them and myself some good deals sooner than later. Between lines of credit, private equity, and my own working capital, I have never had to borrow hard money but at the same time am limited to 4 or 5 deals per year without doing so. I do have one hard money lender lined up but am looking to network with other hard money lenders in anticipation of having more deals than I can handle.

I am also looking to network with like minded investors and would welcome the opportunity to possible create joint ventures on bigger real estate investments and or projects. I would greatly appreciate any and all feedback and or advise and would be more than happy to answer any questions you may have.

I look forward to hearing from you!

Best Regards,

Eric