Wholesaling in New York - Help!

[Emily Ellis]

Hi All - I am a new wholesaler in NY. So far I have had a nerve racking a frustrating time. A few questions for any experienced NEW YORK wholesalers.

If the language is in the contract, can it be cancelled and EMD be refunded? I'm being told this can't happen in NY...

I am being told if we don’t have 100% intent to purchase the property, than what I am doing is illegal. As a new wholesaler, I don’t have buyers set in place... and once under contract, there is a chance I can’t find one... “Don’t go under contract unless you have the cash.”

I starting to wonder if I should look into virtual wholesaling in a friendlier state. Everything I have learned from other wholesalers in different states doesn’t seem to apply the same here.

I want to make this work and am so motivated, but I also don’t want to continue to wonder if what I’m doing isn’t legal 100%.

[Lydia R.]

@Emily Ellis Hi Emily! Let me start by saying I am not in NY. But I have a facebook group for new wholesalers and one of my members (Mel) is a NY real estate attorney who also wholesales and buys from wholesalers and closes deals for wholesalers. So to answer your most pressing question, yes wholesaling is legal in NY. As for the state specific nuances to the process, you are better off speaking to someone who is experienced and knowledgable and is wholesaling in your state. Im more than happy to connect you with Mel who can advise you on the ‘what’ and the ‘how’. Since she is both an attorney and an investor I think she is definitely qualified to answer your questions! Let me know if you would like to connect with her!