I'm a new Real Estate investor so take my advice with a grain of salt. I've paid alot of people, alot of money to teach, coach and mentor me through my adventures in real estate in Long Island and beyond. First pearl of wisdom: beware of guru's who coach outdated "wholesaling" and creative finance strategies that are not relevant to you or your local market. Mr. or Miss I do deals nationwide and have sooo much experience often hasn't inked a deal in NY. They're not interested because it's harder. When setting up your business, find a business advisor that's not tied to the guru. You want a lawyer who is familiar with real estate investing and is an investor him/herself advising you on how to structure your business. Ask about asset protection, ask about legacy structure, ask about CPA and tax issues as you launch your business. Get super clear on what you want to do. Do you want a wholesaling business? Do you want a fix and flip business? Do you want a real estate investing business that uses wholesale and fix and flip to fund your buy and hold portfolio? Interesting factoid Jamil Damji, Key Gless Franchise Founder, CEO of AstroFlipper and now AstroBlaster was a Jerry Norton student. Pace Morby and Jami Damji collaborate on big business ventures. Don't pay for a wholesaling franchise. It's silly to pay someone 100K to split profits. Nationwide wholesale contracts average 8 to 15K. There are outliers but that's what they are: outliers. What's your niche? Pre-foreclosures are hard in NY. Buying wholesale and selling it retail is a lot easier. In Long Island there are local cash buyers who will pay 80% ARV less cost of repairs for a house in Long Island because most houses on the island are half-million and up. Cost of rehabs in Long Island can be six figures so can the return on the flip. In NY, you're dealing with bigger numbers. Six Figure Acquistions. Six Figure Flips. Six Figure retail. 5 to six figure return on your investment if you buy in the right zipcodes. There are some super sketchy areas in Long Island and we are also home to the Hamptons. Land deals are rare here but doable. Tearing down condemned homes and rebuilding is an option if you can buy the property for ten percent less lot value minus cost of demolition. Understand Clause 26 is standard in most contracts in NY. It is a clause that says contracts are not assignable. Make sure your attorney rules that out. NY is an attorney state. The attorney functions as a transaction coordinator. Contracts are tough to get out of in NY so think before you sign. Tax deeds auctions are tricky and you'd better be prepared for some hurdles to overcome when you buy that type of property. Stay away from homes that have been abandoned. Pipes freezing over winter in an abandoned home will be ridiculously expensive to repair. So you'd do well to have purchase the property at 70% ARV less cost of repairs. NY agents don't seem to want to work with investors unless investors are willing to pay near to list price if property is on MLS.

Long Island, New York

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