advice for long island wholesaling

[Nick Libert]

hello i've been saving money and analyzing deals for a house hacking long island, i feel like i definitely need more capital and was wondering if anyone recommends wholesaling to get there and if so any advice thank you

[Suzanne Player]

It can be tough to advise on the forums because we don't have all your personal financials - income? savings rate? cash on hand right now?

I would make sure you're optimizing your resources by checking to see if you can structure your deal to qualify for a first time homebuyer mortgage (below market rates & flexible terms that might allow you to buy with less cash), check out New York's program known as a  SONYMA mortgage:

https://hcr.ny.gov/sonyma

If you can buy through one of their programs you'll be at an advantage over a conventional.  Not every bank does them, if you need a reference of an experienced mortgage banker who does them, feel free to contact me.  But whatever you do, I would recommend getting preapproved if you haven't already.