So, you want to wholesale real estate in New York: the Empire State, where the pizza’s hot, the deals are hotter, and the laws are… well, let’s just say you’ll want to keep your legal pad handy.
Whether you’re a newbie or a seasoned dealmaker, we will help you navigate New York’s unique real estate jungle — from the city to the suburbs, the rural areas and everything in between.
How Is Wholesaling Different in New York?
Wholesaling in New York isn’t your average “find a house, flip a contract, collect a check” affair. Here, you’re playing chess, not checkers.
Let me be honest: The state’s strict regulations mean you can’t just market a property willy-nilly-you can only market your right to buy it, not the property itself.
And don’t even think about acting like a broker unless you actually are one (license and all).
Assignment clauses in contracts? Sometimes they’re allowed, sometimes a seller’s attorney will swat them away faster than a New Yorker dodges a Times Square costumed character.
Advantages of Wholesaling in New York
Why bother with all these rules? Because the rewards are worth it:
- Low Capital, Big Potential: You don’t need a fat bank account or perfect credit. Lock up a deal, assign the contract, and collect your fee-no mortgage, no renovations, no tenants calling about leaky faucets.
- Quick Profits: Deals can close in weeks, sometimes days. That’s faster than a New York minute (well, almost).
- No Property Management: You’re not a landlord, you’re a dealmaker. No fixing toilets at 2 a.m.-just focus on finding and flipping contracts.
- Low Risk: Since you’re not actually buying the property, your financial exposure is minimal, which is a big perk with wholesaling real estate in general.
Disadvantages of Wholesaling in New York
Of course, it’s not all bagels and easy money:
- Finding Good Deals is Tough: The competition is fierce, and truly profitable properties are rarer than a subway car with empty seats.
- Negotiation Skills Required: You’ll need the charm of a Broadway star and the tenacity of a cab driver in rush hour.
- Legal Landmines: One wrong move and you could be facing fines, lawsuits, or worse-being forced to get a “real job.” Always consult a local real estate attorney.
- No Long-Term Wealth: Wholesaling is about quick cash, not building a real estate empire or earning passive income.
Wholesaling Laws in New York
Wholesaling is legal in New York, but only if you follow the rules:
- Assignment of Contract: You can assign your purchase contract unless the contract says otherwise. Make sure your agreement allows it, or you’ll be out of luck (and out of the deal).
- No Marketing the Property: You can only market your contractual interest, not the property itself, unless you’re a licensed broker. That means no “For Sale” signs or Zillow listings for properties you don’t own.
- Don’t Act as a Broker: As is the case with other states, if you start connecting buyers and sellers for a fee without a license, you’re crossing into broker territory-which is a big legal no-no.
- Reverse Wholesaling: Totally legal, as long as you follow the same rules-find your buyer first, then the property.
How to Wholesale Real Estate in New York
If you are able to abide by these regulations, here’s how to wholesale real estate in New York, step by step.
- Find a Mentor or try Co-wholesaling. Don’t go it alone. A seasoned wholesaler can help you avoid rookie mistakes (and expensive lawsuits).
- Study the Laws: Know the rules before you play the game. Get familiar with New York’s real estate statutes and contract requirements.
- Build Your Network: Connect with cash buyers, investors, and other wholesalers. Networking is your secret weapon.
- Locate Motivated Sellers: Look for distressed properties, absentee owners, or folks eager to sell fast.
- Get the Property Under Contract: Make sure your contract is assignable. If the seller’s attorney objects, negotiate or walk away.
- Assign the Contract: Sell your right to buy the property to a cash buyer for a fee. Remember, you’re selling the contract, not the house.
- Close the Deal: Coordinate with a title company or attorney to ensure a smooth closing. Collect your assignment fee and celebrate (preferably with cheesecake).
Where Are Some of the Best Places to Wholesale in New York in 2025?
You may think that New York is just the big city, and that couldn’t be further from the truth. There’s all kinds of towns and areas ripe for wholesaling, including:
- New York City (all five boroughs): Fast-paced, high demand, and plenty of distressed properties if you know where to look.
- Buffalo & Rochester: Lower prices, less competition, and plenty of motivated sellers (plus, the sports communities here are bigger than you can imagine).
- Albany, Syracuse, and Westchester County: Growing markets with solid investor activity.
- Long Island (Nassau & Suffolk): Suburban opportunities with high property values.
Wholesaling in New York: The Bottom Line
There you have it: if you’re looking for opportunity, you can find it in New York. Ensure you follow the regulations, build your network, and have patience.
If you’re looking for additional resources on wholesaling real estate, check out our best books on wholesaling real estate.