Probably biggest mistake was how long we took cleaning it out.

Getting into the story behind this one..This deal was sourced from a large corporate wholesaler (no names) Originally listed as 179,999 as a "wholetail" deal with an "ARV" of 250,000 I walked the house and estimated it needed little in terms of repairs, though I knew a realistic ARV was between 215-230 However, there were tenants in the house without a lease agreement with the current landlord.

Also it's a good time to look around to see if the tenants have a bunch of stuff plugged into an extension cord somewhere in the house - new service, old wiring, and multiple devices on an extension cord pulling juice from knob and tube wiring is no bueno.Do not call your insurance company about the repair!

We have no started yet.

Having no experience, capital or expertise and thinking your going to be successful setting up a “wholesaling” business4.

We pride ourselves in keeping the forums positive, helpful, and focused on real estate (please, no politics, religion, etc.).

No.

They have no idea where the property is, how much rent it’s bringing in, or what it’s worth.

New York is the most complex and challenging state to own notesMany still do it there as there is no competition, but it’s absolutely not for the faint of heart.

Hi @Theresa Harris, in this specific case, they are no longer on lease.