All Forum Posts by: Account Closed

Thanks everyone for your responses, they are much appreciated! The reason I want to get into wholesaling before anything else is because I don't have the money for a down payment on a buy and hold or any other type of investment. I'm looking at wholesaling as a way to build capital for my future investments. Jon Holdman, I agree that wholesaling is not real estate investing, but it is often referred to as investing. When I mentioned wholesaling to the investor he understood the concept but didn't seem to be very familiar with it and felt that it just wouldn't work in my market.

I'm highly interested in starting out my investing career in my home area of Long Island, NY. My aunt is a real estate broker in Suffolk County so I told her about my plans and while she didn't understand why anyone would want to purchase properties from a wholesaler with no experience, she got me an appointment to meet with a friend of hers who is a very experienced investor in Nassau County (where I live). He has experience in commercial real estate as well as rehabbing and has built over 300 homes in the area. He does not flip homes directly but he has close contacts who do and is willing to get me acquainted with them if I so choose.

Today I met with the investor for the first time and he told me that he wasn't exactly sure what I meant when I said I'm interested in "wholesaling". I explained the concept to him and he basically told me that he doesn't really have experience in it because he doesn't think that is something that the Long Island market is good for. He feels that wholesaling would be a better option if I were living in another state. He offered to have me help him out once a week and act as a mentor to teach me what he knows about buying and building homes, and both him and my aunt feel that I can't do much without going for my real estate license.

Does anyone have any experience in wholesaling in the Long Island/NYC area? If so, do you have a real estate license? I know that this investor has 30+ years of experience and I definitely respect his and my aunt's opinions, but I just feel as though it's not entirely true. I have read almost every article I could find on BP about wholesaling and beginner investing, and I truly feel as though I don't need to spend money on getting a real estate license just yet. Am I just being overly optimistic? HELP!

Thanks for the advice Bryan K. and Brandon Turner!

I'm new to wholesaling and although I'd like to jump right in and start finding deals/buyers, I'm pretty hesitant. I want to say I know what I'm doing after reading countless books and articles, but I still feel really lost and unsure of myself. That's definitely no way to get started in a business!

Selling a rehab property for $60,000 in Sharon Springs. ARV is approximately $95,000-105,000

Yeah, I figured that. Thanks.

I'm just starting out as a wholesaler and might have come across a pretty good deal sooner than I expected to. I'm concerned that because the deal is a few hours away from my general market, I'm going to incorrectly evaluate the ARV of the property. It is being sold by another wholesaler for $55,000 and comparison homes in the are are selling for at least $80,000. The home needs a few updates but nothing major. Any advice/suggestions would be greatly appreciated!!