Newbie Wholesaler - NYC, New York

[Monique Booker]

Hello everyone,

Since February, I've been reading and watching a ton about wholesaling, and last month I decided to take the leap. I feel like I understand the basics, but I don't want to get "analysis paralysis"- so I've been out there W4$ (walking for dollars lol), dropping off letters to specific address I've had on my list, and other places I've seen along the way.

Keep in mind that haven't pulled lists from Listsource or REIpro. Basically I was looking at the Lis Pendens maps for NYC on Propertyshark.com, as well as the tax lien list on the NYC gov website. I would look up the addresses on Google maps, the county gis, and Zillow to decide if I want to drop off a letter and call them.

I've cold called only 3 people so far... 2 of them I spoke to:

1. Said im #40 on his list and that the highest offer on his property is 1.4 Million.

2. He is one of my tax clients. During our session, he told me that he wants to pack up and run and go back to Panama, but when i followed up with him about when he'd like to sell/move, he doesn't seem so eager. He also seems confident his property is worth 1.45 Million but I don't think so.

And I know- calling only 3 people in a month is pathetic and I need to call way more people.

The other day I ordered business cards and bandit stickers. I don't know if it would be worth it post the stickers in NYC.

I honestly feel overwhelmed, and I don't think NYC is the right market for me- hence why I feel like I need to check out Connecticut and New Jersey.

I don't have a car, and I feel like my current work schedule makes it hard me to get out there to these areas.

I am also overwhelmed with the various areas to focus on, and types leads (probate, lis pendens, vacant, divorce, tax lien, tax deed, water bill, etc).

•Is Wholesaling in NYC a waste of time? What about Long Island?

•Should I focus on 1 specific county in one specific state?

•Should I also focus on just one type of list?

•Where should I start? Should I just focus on analyzing potential deals first? Help!

[James Wise]

Originally posted by @Monique Booker:

Hello everyone,

Since February, I've been reading and watching a ton about wholesaling, and last month I decided to take the leap. I feel like I understand the basics, but I don't want to get "analysis paralysis"- so I've been out there W4$ (walking for dollars lol), dropping off letters to specific address I've had on my list, and other places I've seen along the way.

Keep in mind that haven't pulled lists from Listsource or REIpro. Basically I was looking at the Lis Pendens maps for NYC on Propertyshark.com, as well as the tax lien list on the NYC gov website. I would look up the addresses on Google maps, the county gis, and Zillow to decide if I want to drop off a letter and call them.

I've cold called only 3 people so far... 2 of them I spoke to:

1. Said im #40 on his list and that the highest offer on his property is 1.4 Million.

2. He is one of my tax clients. During our session, he told me that he wants to pack up and run and go back to Panama, but when i followed up with him about when he'd like to sell/move, he doesn't seem so eager. He also seems confident his property is worth 1.45 Million but I don't think so.

And I know- calling only 3 people in a month is pathetic and I need to call way more people.

The other day I ordered business cards and bandit stickers. I don't know if it would be worth it post the stickers in NYC.

I honestly feel overwhelmed, and I don't think NYC is the right market for me- hence why I feel like I need to check out Connecticut and New Jersey.

I don't have a car, and I feel like my current work schedule makes it hard me to get out there to these areas.

I am also overwhelmed with the various areas to focus on, and types leads (probate, lis pendens, vacant, divorce, tax lien, tax deed, water bill, etc).

•Is Wholesaling in NYC a waste of time? What about Long Island?

•Should I focus on 1 specific county in one specific state?

•Should I also focus on just one type of list?

•Where should I start? Should I just focus on analyzing potential deals first? Help!

If you don't have $1.4M you've got no business engaging with the owners of these properties. Wholesaling as it's taught is a myth. You need a license to Broker real estate. That's all wholesaling is, it's brokering real estate except instead of being up front & telling the distressed seller that you'll sell their property for X amount & take X amount as your commission / fee you are taught to lie to the seller & pretend you are going to buy the property while you secretly attempt to "assign" your contract.

It doesn't work. Nobody has any respect for wholesalers. Whenever a wholesaler contact me I simply get the information about the property & reach out to the owner myself cutting the wholesaler out of the deal entirely. If you do business above board as a licensed agent that won't happen to you. The only people making money wholesaling are the guys selling the education.