Wholesaling in NYC (Brooklyn)

[Ian Forde]

Hi everyone!

I started a company in Brooklyn, NY in order to do wholesale deals on residential properties. After speaking to various lawyers, I was told that sellers will expect me to put anywhere from 5-10% down on a property. This threw me off because from everything that I have read, wholesaling is a low cost way to get into the real estate game. I was told no one will ever agree to a $10 - $100 deposit and basically I need to be putting down 100k on a million dollar property just to make a few thousand (LOL).

As you imagined, I am slightly discouraged. Please let me know if there is a way that I can successfully wholesale in NYC PLEASE!