All Forum Posts by: Marcello Scotto

Hello Everyone,

The name is Marcello, I live in Staten Island, NY. Fairly new to REI, have done plenty of reading and researching about the wholesaling process but still hitting many speed bumps. I'm having issues trying to find the correct properties to execute a wholesale deal. The market tends to be extremely high in all of the neighborhoods (Nothing less than 250k if you want a decent deal).

I recently took a drive around town and took note of a few properties that caught my eye that might be contenders of a wholesale deal. But I spoke to a few people who have been involved in real estate and they haven't really heard of wholesaling before. 

Am I trying to find wholesaling deals in the wrong market?

What do I look for in the public records to find distressed properties?

If you are in the TRI-State area or NJ an input would be helpful... Actually any input would be helpful!

Thankyou,

Hello BP 

My name is Marcello, Im new to REI and have a question about wholesaling. Say you have a deal lined up and the seller is asking for $100k, you get the house under a purchase agreement with your name along with "assigns the contract to" for 80K. And sell your contract to a flipper for 90K. When its all said and done you will walk away with a profit of 10K. My question is do I need to have that 80K?

Need as much advice as possible!!!!