Flipping in N.Y.C. ( Not Sure ? )

[Thomas Cardona]

I am a newbie and I was so gunho up to a week ago . My wife and I were deep into due diligence until we spoke first to her Uncle which we hold in high regard. He said he's known a couple investors who have lost there shirts at flipping . My wife's Aunt is a realtor , Investor she also advised against it.  Our Lawyer whom has closed for us on our two properties threw up a lot of flags . They also did not recommend Hard Money 

     We really do not have all the $ to proceed with a Flip . I am thinking of trieing to get  a loan from a bank to Buy and Hold but not sure if the banks will approve . Looking for advise and maybe guidance from my fellow B.P. members .

[Paul Timmins]

@Thomas Cardona

You need to listen to the right people and get educated first.

Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and rehabbers (cash buyers). Find them through Google and meetup.com

Two Great reads, I bought both J. Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbook

Consider checking out HUD homes for small multi's owner occupied gets first crack.

Couple good reads

• 9 Reasons You Couldn't Find A Buyer For Your Wholesale Deal
• Don't Start Wholesaling Until You Read This: Wholesale Advice from a Fix and Flipper
• How to Start Wholesaling: Getting Past The Education and Into the Field

Ultimate Guide to wholesaling

https://www.biggerpockets.com/renewsblog/2015/01/31/ultimate-beginners-guide-real-estate-wholesaling-2/Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over

http://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets-community-book

Good Luck

Paul