Where To Find Wholesale Deals Online in NEW YORK & 5 Boroughs

Question

I am a new investor from Brooklyn, NY where it is not the easiest to drive for dollars or put up bandit signs. My best bet is using the internet but I am unsure if I should use the MLS or regular sites such as Zillow, realitor or trulia. I have heard that those sites do not generate any deals. I would like for anyone who invests in NEW YORK or NEW JERSEY or PA to give some insight on any other sites or methods to use in order to find deals.

Thank you so much!

Amira Willis · Answer

@Ahmed Saad Wow! You’re amazing! Thank you so so much for taking the time out to respond. You’re advice is extremely helpful and I would definitely like to connect with you!

Ahmed Saad · Answer

Good afternoon Amira,

I am in Brooklyn and I like to research what's going on in and around the boroughs. Here's what I do and do not do.

-I use loopnet for commercial/investment property searches.

-I signed up for weekly emails from cushman & wakefield and some other brokerages that specialize in investment properties (rather than condos and single family properties).

-I drive in the local markets I'm interested and see which agents/brokers are active. I call them and then ask for information about said property and to keep me in mind if a similar property comes up. The GREAT thing about NYC is that it's the land of the hustle. The motivated agents/brokers call and email me. The good ones call me about existing properties they have. The better ones call me about upcoming properties yet to be listed. The others weed themselves out of my contact list.

-Don't pay for the coaching. There is seriously so much to learn from this site between the forums (there are a lot of smart people here but also learn to separate the wheat from the chaff), the free manuals and downloads.

-Always remember it's a marathon not a sprint!

-Ahmed

Ahmed Saad · Answer

No worries @Amira Willis! I wish you the best of luck. Message me anytime.

Guido Sanchez · Answer

Good Afternoon @Amira Willis! I am also a new investor looking for multi-family properties mainly in northern NJ area. Many of what @Anthony Lewis mentioned is accurate but scheme in my own thoughts.

- Don't pay for coaching... Yet (but use ALL the tools here on BP you paid for)

- Learn from the Webinars here and continue to ask questions

- Analyze as many deals as you can to familiarize what you will be comfortable with

- Attend meetups and go with your criteria in hand

- Contact wholesalers and ask to be in their buyers list

About NJ/NY is tenant friendly area but that can be mitigated by making sure you pick a property manager that thoroughly screens tenants. I managed my own property before and the only tenant that gave me a headache was the one I inherited when I bought the property and they were NOT screened. I will invest in NJ because this is were the people are. Meaning the rental market is really hot and you can expect to have a low turnover on your apartments. The deals are very hard to find but if you do get one are least your not far from the property if anything goes wrong. You will have a bad tenant in ANY market.

In a rush to write this so pardon the mess.

Don't get emotional let the numbers talk and no matter what DO THE WORK. (that last sentence is for me, but I hope you can relate.)

Good luck!

Chris Martino · Answer

Hi @Amira Willis,

There are a bunch of real estate investing meetups in Brooklyn & throughout NY. I would definitely check these out so you can meet other local investors. It really helps when you are able to speak to investors in person and pick up some additional information.

Check out meetup.com or the events on BP to find some events.

Amira Willis · Answer

@Anthony Lewis Thanks for the advice! I will definitely keep my eye open for deals on MLS and craigslist *crosses fingers*

Anthony Lewis · Answer

I found my first property on the MLS and while it was an ok price I could of negotiated a little better, but you live and you learn. Also check craigslist (once in a while) and stay connected with some off market wholesellers. I'm actually looking forward to utilizing a few  low cost entry strategies that consist of seller financing options, tax liens, private lending,  and assuming  established mortgages in the future to build my portfolio.

Amira Willis · Answer

@Anthony Lewis Thank you so much for taking the time out to respond. I truly appreciate it! I’ve heard the same about NY & NJ markets — maybe I will consider PA. Do you use MLS for your PA deals or another source?

Anthony Lewis · Answer

Good evening @Amira Willis,

First I want to say I'm relatively new myself and not a experienced investor. Secondly I would not personally start by offering payment for coaching, I would offer services maybe running errands, finding deals, essentially sweat equity. If you offer payment you will probably get a few self proclaimed guru's regurgitating information probably right from the forums and BP podcasts. I've recently (in Nov 2018) purchased my first property in Allentown Pa, Lehigh valley is worth a view especially in comparison with NY pricing. I myself look into a few markets for different reasons:

**Appreciation Markets: Near Austin Texas, Near Atlanta GA, Near Philly, Near Newport news VA.

**Rental Markets: Lehigh Valley (Bethlehem, Allentown, Easton, Emmaus), Near Atlanta (Diverse market), Jacksonville FL,

Make sure when choosing your market you consider the reasoning for choosing the market. I would not consider NJ or NY for rentals because it is a tenant friendly market and I would rather not wait 6-9 (maybe more) for the eviction process. Also keep in mind Real estate is a bargaining game and you can find MLS deals if negotiated properly never offer full price up front I would start at about 60-85% or less to test the waters. There are no one size fit all deals so dive into financing and various structures of setting up deals. This is the area that your money is made ( at the negotiation table).

All in All good luck!!!

*excuse any grammatical errors, I do have a 9-5,  gotta get back.

Where To Find Wholesale Deals Online in NEW YORK & 5 Boroughs

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