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Updated over 4 years ago,
Wholesale Questions regarding New York State
Hi!
I'm about to launch my wholesale operation in Queens, Long Island, and Westchester, NY and I got few questions before I begin my journey.
I am a licensed salesperson in New York currently working for a big company. I sold few residential properties with my mentors in past 2 years and I learned basics of buying, selling, and flipping residential properties in New York. I did extensive research about wholesaling in New York in past 3 months and I am close to launching my own wholesale operation, but few questions are holding me back from taking a massive action.
New York Wholesale Questions:
- Would being a licensed salesperson under a big brokerage help or hurt my wholesale operation?
- (I heard somewhere I have to disclose that I am an investor but also licensed to all sellers)
- Is it required to open LLC? Can I do 1 or 2 deals without LLC?
- If I have to make an LLC, what should I call it? (XYZ Real Estate? Property? Holdings? Wholesale?)
- Where can I find contracts for New York? (I heard NY is an attorney state so I picked an "investor friendly" attorney)
- Should I pick a title company as well? What else do I need? (Attorney + Title co + seller + buyer = Deal in NY?)
- Is wholesale legal in New York during covid19? Can I close a deal right now?
- Do I have to comply with same rules as my licensed real estate operation? (No cold calling until Sept, no showing in person, etc)
- Can you call a homeowner and convince them to sell their house during covid19 or is that not allowed until September?
- Is it illegal to take DSLR photos and advertise online when you wholesale? (I used to be a professional real estate photographer)
- Where are some of the hot wholesaling spots in Long Island and Westchester in your opinion?
- Any recommendations for wholesale online courses that actually benefited you?
- I heard Wholesaling in NY is much harder than other states. Should I consider virtual wholesale or wholesaling in CT and NJ?
I know these are a lot of questions but I had to find some sort of guidance somewhere before I make my leap of faith. So I decided to sign up and ended up making my first post here on Biggerpockets forum. I am extremely motivated and eager to close my first deal! I would love to connect with local NYC, Long Island, Weschester investors. I thank you all in advance and wish you guys a safe day.
Thank you,
Kyle