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Updated over 8 years ago on . Most recent reply
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Wholesaling in NYC
Learned an awful lot about real estate these last couple of months. I want to try wholesaling in NYC. I know this is where the big dogs play but, this is where I was born and raised. Any advice on getting started? Has anybody started out here and been successful?
Most Popular Reply
Hi Julius, My first time learning and trying wholesaling, having very little money at the time, I did some street marketing taping printed flyers on light posts in Queens and had a property owner from out of state contact me about wanting to sell a single family rental property in GA. I wasnt expecting to do deals out of state but I didn't let that stop me. I just followed a wholesale deal analyzing formula (*************'s 30 days to quick cash). I then networked with other wholesalers in GA and got connected to a closing company that can do everything remotely by mailing contracts to all parties. Everything was done remotely- I never met anyone face to face. I didn't have to goto the the property personally. I just requested photos of the occupied interior from the seller, ran the numbers in the formula (no repairs needed) and made him an offer. We came to an agreement, signed a purchase agreement through email, and I posted an ad on craigslist in the GA market with the photos. Found a local investor who was very eager to buy right on that very block. I arranged a time where the buyer can go walk through the property (I contacted the seller, the seller arranged with the tenant) and boom, the buyer wanted to pull the trigger at a price where I made $5k profit. I gladly gave the referrer that connected me to the remote closing company $500.
The seller was visiting NYC and came across my flyer. You never know. Just take action.