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Hello my name is Mustaqeem and I am just getting my feet wet (newbie) in wholesaling. Haven’t done any deals as of yet and looking for tips on how to get started. I have my phone and I’m ready to get blazin’. Someone mentioned the “Equity Theft Law” (as if I I’m going to let anything stop me). I am curious though to hear from any NYC wholesalers and their experiences or challenges and if this law is a deterrent. Thanks.
WELCOME to the family!
I have never heard of the Equity Theft Law
My guess is that it is specific to properties which are facing foreclosure.
Several years ago, a few states passed laws making it hard to make a profit on pre-foreclosures and some states require that you pay at least 80% of the current market value.
If you avoid dealing with foreclosure properties, then no worries.
With wholesaling, it’s better to work with free and clear properties anyway. You can find then by targeting vacant, run down looking properties – many of these have code violations. So getting a list of properties with code violations will lead you to many deals and many profits!!!
Be sure to join us next Tuesday for the Q & A conference call
Jackie
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