All Forum Posts by: Jeremy Kalaf

You know what, Patrick?

Yeah, I'm back.

Find me on Facebook.

Shoot me a PM.  I'm upstate - maybe we can work together.

It's a little tough to answer, as some areas are great for college rentals, but some people don't want that type of tenant.

Oneida County has strong rentals.  It's my area, let me know how I can help.  Buffalo and Rochester are hotter markets for rentals, too.  I hear Binghamton is good, too.  

Wholesaling can be done in 1 of 2 ways.  

1. You can either present your assignable contract to a (motivated) seller, get it signed with a respectable EMD, and find your end buyer, and use an assignment of contract with that buyer. You collect a fee (paid typically from the end buyer's proceeds at closing). This is typically reasonable for wholesale fees under $10K in Upstate NY.

Or

2. For fees exceeding $10K, it's more professional to use your own funds or transactional funding to take ownership of the property, then sell it to an end buyer (A-B, then a B-C transaction).  If it's done in a reasonable amount of time (2-7 business days, let's say), you hide your profits, and the B-C closing costs are minimized if you use the same title company.  You can typically skip even putting your name on title if it's a few hours or days for the B-C, if the same title company is doing both sides of the transaction.

Most attorneys will want to 'help' rewrite up a contract.  If you approach an attorney to review (for a fee), ask them to make sure your contract doesn't have any verbage which isn't compliant with your state's RE laws, and make sure there is an assignable clause in there, too.

I paid my attorney $500 to review and update my contract, and I own the contract.  I feel the money was very well-spent.

Where in Upstate NY are you exactly?

Good luck!

PM'ed you.