How to Wholesale Real Estate in New York, New York (Step-by-Step Guide)

Wholesaling is one of the fastest, most beginner-friendly ways to break into real estate, even in a complex market like New York. In this guide, you’ll learn exactly how to wholesale real estate in New York the smart way: source motivated sellers, price deals with tight comps and ARV/MAO, and choose the right structure (assignment of contract vs. double close).

We’ll also walk through how to wholesale houses in New York step by step—building a cash buyers list, using ACRIS and MLS filters to validate numbers, packaging clean deal kits buyers can underwrite in minutes, and closing with attorney-led title teams. No hype; just a repeatable playbook tailored to NYC’s borough-by-borough micro-markets so you can move from first conversation to signed contract with confidence.

• Is Wholesaling Real Estate Legal in New York City?
• Wholesale Houses “in New York” (Video Testimonial)
• New York City Real Estate Market Overview
• How to Wholesale Real Estate in New York City (Step-by-Step)
• Pros & Cons of Wholesaling Houses in New York City
• New York City Resources: Title/Attorney Teams, REI Groups & Tools
• Free Download: The Ultimate Quick-Start Guide
• FAQs: Wholesaling in New York City
• Final Thoughts on Wholesaling Houses in New York City

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Is Wholesaling Real Estate Legal in New York City?

Yes, wholesaling is legal in New York City when you sell or assign your contractual interest (your equitable interest) in a signed purchase agreement, and you do not act as an unlicensed real estate broker for someone else. In practice, that means you market the contract, use proper written agreements, and close through an attorney-led title team.

Why it’s legal: New York recognizes written assignments of contract rights (you may transfer your place in a contract if the agreement doesn’t forbid it). That’s personal property (not a brokered listing), so you can sell that right for an assignment fee. At the same time, New York’s Real Property Law Article 12-A regulates brokerage: negotiating or advertising property for others for a fee requires a license, and DOS enforces related advertising standards. Keep your activity to selling your own contract right, use clear paperwork, and let attorneys handle the closing mechanics.

It is also important to note that New York is what’s known as an “attorney-closing state.” As a result, residential deals are closed by attorneys rather than a title/escrow company running the whole show. Practically, the buyer and seller each have counsel; attorneys draft or approve the purchase agreement and any riders, hold the earnest money deposit in a client trust account, coordinate the title search/policy with a title company, prepare the closing statement, and disburse funds.

For wholesalers, this is good news: your assignment fee (or the two legs of a double close) is papered and paid through the attorneys on the settlement statement, which keeps the process clean, compliant, and documented.

How this impacts wholesaling in New York City:

• Use attorney-drafted paperwork: have an attorney review your purchase and sale agreement and the assignment of contract (or double-close documents). Avoid “DIY lawyering.”
• Keep roles clear: you’re selling your contract rights, not acting as someone’s broker. Let attorneys handle negotiations or legal language beyond your own terms.
• Route money through attorney escrow: earnest money deposits and your assignment fee should move through counsel and appear on the closing statement (HUD/CD).
• Coordinate early: send the PSA and assignment to both attorneys as soon as they’re signed so title, payoffs, HOA items, and scheduling don’t slow you down.
• Plan timing for double closes: your attorney will line up wire cut-offs, two HUDs/CDs, and transactional funding so both A→B and B→C record smoothly.

If you’re learning how to wholesale real estate in New York, here are the three compliant structures you’ll use most often — each fits different privacy, capital, and disclosure needs. (We’ll refer back to these throughout this guide as we price deals with ARV/MAO, build a buyers list, and coordinate funding.):

Read Also: Is Wholesaling Real Estate Legal In New York?

 

If you stick to selling your own contract right, use clear, written documents, and avoid activities that require a broker’s license, you can confidently execute deals — the same playbook we’ll use as we walk through how to wholesale houses in New York step by step. For statutes and rules, see the state’s definitions and license requirements for brokers and salespeople, and DOS advertising and UPL guidance.

Educational only — consult a New York real estate attorney for deal-specific advice.

Wholesale Houses “in New York” (Video Testimonial)

Meet Neelema—a New Yorker proving that you can learn how to wholesale real estate in New York and apply the same playbook anywhere. In just three months, while juggling life as an anesthesiologist, wife, and mom, she launched a virtual wholesaling operation and closed in competitive states like Florida and Georgia. Her first deal netted $10,000, and her second win came from winning a contract against multiple offers—evidence that this process works in real markets, not just as a theory. If you’ve wondered how to wholesale houses in New York (or from New York), Neelema’s story shows what’s possible with a repeatable system and steady coaching.

Inside the Ultimate Investor framework from Real Estate Skills, Neelema learned the essentials—tight comps, ARV and MAO, assignment of contract versus double close, and how to package “deal kits” buyers can underwrite in minutes. She also tackled higher-level skills like negotiation, rapport-building with cash buyers, and understanding the novation process, all while operating virtually. It’s a modest but real proof point that our Ultimate Investor Program isn’t limited by geography; the fundamentals travel.

Whether you’re local to the five boroughs or wholesaling across state lines, the same fundamentals win—consistent outreach, clean underwriting, compliant paperwork, and investor-friendly closings. If you want the blueprint Neelema used, explore our Ultimate Investor Program and then watch her testimonial below:

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New York City Real Estate Market Overview

New York City is built for consistent deal flow: dense demand drivers (finance, tech, healthcare, education, tourism), limited land, and an older housing stock that rewards value-add. If you’re learning how to wholesale real estate in New York, the outer boroughs’ 1–4 family homes and small multifamily properties create repeatable opportunities, especially where cosmetic updates, layout fixes, or paperwork clean-up unlock quick spreads. Co-ops and many condos are less ideal for beginners (board approvals and stricter transfer rules), so most wholesalers focus on fee-simple 1–4s and mixed-use with simple commercial components.

NYC is a micro-market city: neighborhood to neighborhood, numbers shift with school zones, transit, housing type, and renovation expectations. That’s good news for disciplined wholesalers: tight comps, credible ARV, and a realistic MAO let you win even when competition is fierce.

Evergreen tailwinds include: deep rental demand, steady investor appetite for rehabs and BRRRR methods, and a constant trickle of life-event sellers (probate, absentee landlords, pre-foreclosure). The play is simple: source motivation, price with precision, and move through attorney-led closings with assignment or double close when appropriate.

What to watch:

• Days on Market (DOM) & absorption: Faster DOM near your target ARV signals strong resale for your buyers.
• Months of supply by neighborhood and property type: Low supply favors quick assignments; rising supply demands sharper pricing.
• Cash buyer activity (in comps): Look for “cash” or no-financing notes; stronger cash presence = faster disposition.
• Discount to ARV spreads: Underwrite to your end buyer’s margin (flip vs. rental) and back into a MAO that still fits your fee.
• Rental comps & price-to-rent feel: Vital for BRRRR buyers deciding to take your contract.
• Public-records signals: Lis pendens, liens, violations, or long-permit histories can indicate motivation (always verify cure costs).
• Property type & paperwork friction: Favor fee-simple 1–4s; co-ops often add timing risk via board approvals.

Thread these metrics through your underwriting, and you’ll have the clarity to package deals buyers can underwrite in minutes. If your aim is how to wholesale houses in New York at speed, pick a few micro-markets, learn their renovation “finish level,” and tag cash buyers by zip so the right deal hits the right inbox.

With that in mind, let’s take a look at some of the neighborhoods wholesalers should start looking in:

 

 

 

How to Wholesale Real Estate in New York City (Step-by-Step)

Here’s your practical roadmap for how to wholesale real estate in New York—the exact sequence we use to go from first conversation to closing. You’ll build a real cash buyers list, pull tight comps, set ARV and MAO, and decide between an assignment of contract and a double close while working smoothly with attorney escrow. If you’ve wondered how to wholesale houses in New York without guesswork or ad spend, treat the nine steps below as a weekly checklist. Click any step to jump straight to what you need:

1. Partner with a Wholesale Mentor
2. Learn New York City Wholesaling Laws & Contracts
3. Analyze the NYC Market (Comps, ARV, MAO)
4. Build a Cash Buyers List in NYC
5. Find Motivated Sellers & Distressed Properties
6. Put Properties Under Contract
7. Assign Contracts to Cash Buyers
8. Close Deals & Collect Your Assignment Fee
9. Double Close When Necessary

Partner with a Wholesale Mentor

Wholesaling is the most beginner-friendly entry point into real estate, but the fastest way to get traction is to learn directly from someone who’s already closed assignment and double-close deals. A good wholesale mentor collapses your learning curve, helps you avoid rookie errors (bad comps, weak ARV/MAO, non-assignable PSAs, deposit missteps), and keeps you focused on the few actions that actually move contracts to closing with attorney escrow.

 

 

How to choose the right mentor (quick checklist):

• Recent local wins: closed assignments/double closes in the last 6–12 months.
• Documented process: repeatable steps for comps, ARV, MAO, offers, and disposition.
• Real buyer access: introductions to cash buyers with verifiable proof of funds.
• Compliance mindset: understands marketing your contract, attorney escrow, and fee disclosure.
• Availability: scheduled office hours or weekly touchpoints (not just videos).
• Fit & communication: clear feedback, deal reviews, and expectations around activity goals.

Where to find a mentor in NYC (proven channels):

• Investor meetups & flip tours across the boroughs; bring a one-page “deal kit” template to spark real conversations.
• Referrals from investor-friendly agents, hard-money lenders, and attorneys who see who actually closes.
• Online communities (local REI groups, forums) — look for members posting recent HUDs/closing statements (redacted) and active buy boxes.
• Court/auction observation and project walk-throughs — introduce yourself to bidders and developers who buy for cash.
• Targeted outreach: identify three local closers, ask for a paid “ride-along” or deal review, and offer value (buyers, leads, comping help).

Tip: Set weekly output metrics with your mentor—new sellers contacted, offers sent, buyers added, and contracts reviewed. Activity compounds faster than perfect theory.

Need a Mentor? Start Here (Free PDF)

If you’ve been thinking, “I just need someone to show me the moves,” that’s us. We’re the mentor you’re looking for, and you don’t have to wait. Grab our free, step-by-step PDF that shows you how to wholesale in any state (including New York City)—from legal basics to buyer lists, offers, and closing. It’s concise, actionable, and designed for your first deal. Download the free guide now:

Learn New York City Wholesaling Laws & Contracts

Before you race into outreach, lock down the paperwork and rules that keep you compliant. If you’re mapping out how to wholesale real estate in New York, your job is to sell your contractual interest (equitable interest)—not to act like a broker for someone else. That distinction is what lets assignments and double closes work in NYC’s attorney-closing environment.

 

 

 

Practically, here’s how this plays out when you’re learning how to wholesale houses in New York: use an assignable PSA drafted/approved by attorneys, disclose your role (you may assign), market the contract to vetted cash buyers, and have counsel escrow the EMD and show your fee on the closing statement. If there’s pushback on your spread or privacy matters, switch to a double close and let your attorney coordinate two HUDs/CDs and funds flow.

Educational only—consult a New York real estate attorney for deal-specific guidance. Helpful NYC data sources for diligence: ACRIS (recorded docs), DOB (permits/CO/violations), and HPD (housing violations).

Analyze the NYC Market (Comps, ARV, MAO)

To move from “lead” to “locked contract,” you need a repeatable way to price deals. Here’s the framework we use for how to wholesale real estate in New York: pull tight comps, set a credible ARV, estimate repairs with a simple scope, back into MAO from your buyer’s targets, and package a deal kit attorneys can close quickly. This works across boroughs and property types (especially fee-simple 1–4 family and small multis).

1. Define the subject: beds/baths, year built, GLA (above-grade), lot size, parking, legal use (C of O), tenancy status, and any obvious capex (roof, electric, plumbing, foundation).
2. Pull comparables (last 3–6 months): same borough/submarket, ≤0.5–1.0 miles, similar style/GLA (±15%), and similar condition. Separate renovated vs. dated inventory; co-ops/condos comp to the same building or a tight radius.
3. Filter & adjust: drop outliers (estate sales with unusual terms, partial interests). Adjust for GLA, bed/bath count, garage/outdoor, view/corner lots, and renovation level. Note cash closings—those are your end buyers.
4. Set ARV (After-Repair Value): take the median of your top 3 renovated comps or use price-per-sq-ft from them applied to the subject in fully updated condition.
5. Estimate rehab costs: start with a per-sq-ft range for light/moderate/heavy, then refine by line item (kitchen, baths, MEPs, roof, windows, exterior, violations/permits). Keep a contingency (10–15%).
6. Know your buyer’s target: flippers often underwrite around ARV × 70–75% − repairs − soft costs; BRRRR buyers focus on DSCR/rent comps. Ask your top buyers for their exact “buy box.”
7. Compute MAO Formula (Maximum Allowable Offer): MAO = Buyer Target − Your Assignment Fee − Buyer’s closing/holding. This keeps your spread intact while leaving profit for the buyer.
8. Pressure-test: check DOM at your target ARV, verify rent comps (if BRRRR exit), confirm violations/liens, and scan ACRIS/DOB/HPD for surprises that could delay closing.

NYC comping rules of thumb: co-ops and many condos add board/process risk—beginners should favor fee-simple 1–4s. Verify legal use and C of O before assuming ADU/basement value. Tenancy and rent-stabilization change ARV and timeline—factor buyouts/turnover risk. In mixed-use, value the residential and commercial streams separately and be conservative on cap rates.

 

 

Illustrative walk-through: ARV = $720,000 (from top 3 renovated comps). Repairs ≈ $55,000 (moderate). Buyer’s target (flip) ≈ ARV × 72% − $55,000 − $20,000 soft/hold = $442,400. Your fee goal = $17,500 → MAO ≈ $424,900. If the seller signs at $418,000, your assignment fee at closing is $6,900 higher than target ($24,400).

 

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Build a Cash Buyers List in NYC

Your buyers list is the engine that turns signed contracts into assignment fees. If you’re serious about how to wholesale houses in New York, build a roster of cash buyers—investors who can close without mortgage contingencies (personal cash, funds in an LLC, or true “cash-like” hard money with the appraisal already waived). A strong list shortens decision windows, reduces fallout, and lets you price offers with confidence because you know exactly what your end buyers will pay in each borough and submarket.

Use the quick-glance table below as your field guide to NYC cash buyers. It shows where to find them, the tell-tale signals they’re real, and the very first question to ask so you can confirm proof of funds, buy box, and assignment-friendly posture in under a minute.

 

Vetting buyers (NYC checklist):

• Proof of funds: bank statement or verifiable line of credit issued within 30 days; matches the purchasing entity.
• Entity & signer: LLC name, operating agreement, and authorized signatory; W-9 on file.
• Buy box: target ZIPs/boroughs, max price, beds/baths, property type (1–4 family, small multi, mixed-use), rehab appetite, exit (flip vs. BRRRR).
• Closing speed: 10–21 days; confirm attorney & title preferences.
• Earnest money: amount ready to wire to attorney escrow; non-refundable after a short inspection window.
• Track record: recent closings (ask for redacted HUDs/CDs) or references from an attorney/lender/GC.
• Assignment-friendly?: confirm they’ll purchase assigned contracts; if not, earmark them for double-close deals.

How to talk to cash buyers (quick hits):

• Lead with certainty: “Attorney escrow, clear timelines, and all fees shown on the closing statement.”
• Be specific: “3/2 in Jamaica, 1,480 sf, moderate rehab; ask $525k; ARV $700k from three renovated comps.”
• Decision window: “24–48 hours with a small deposit; inspection access by appointment.”
• Backups ready: keep 2–3 buyers per ZIP; if #1 passes, #2 sees the kit immediately.

Organize your list like a pro: keep a lightweight CRM/spreadsheet with columns for name, entity, phone/email, buy box, proof-of-funds date, attorney preference, EMD amount, and borough/ZIP tags (Jamaica/South Ozone Park, Bushwick/Cypress Hills, Canarsie/East New York, Fordham/University Heights, Washington Heights/Inwood, Astoria/Woodside, Staten Island North Shore). Tag by rehab level and exit type (flip vs. BRRRR) so you can match deals in seconds.

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Compliance reminder: market your contract (equitable interest), not the property; keep ads truthful; route EMD and your assignment fee through attorney escrow and onto the closing statement. Switch to a double close if a party objects to assignments or if fee privacy matters.

Find Motivated Sellers & Distressed Properties (NYC)

Wholesale deals start with motivation—owners who value speed, certainty, and an as-is sale over squeezing every dollar. In New York City, that often means absentee landlords tired of turnovers, heirs managing estates, owners behind on payments, or homeowners facing repairs they can’t fund. When you can solve their timing and convenience problems, you can secure discounted contracts that your cash buyers will compete for—fueling steady off-market deal flow and “cheap houses” opportunities suited to assignments or a double close.

Where to source motivated sellers: Mix street-level tactics with public records. Keep messaging truthful, and remember you’re marketing your contract (equitable interest), not acting as a broker.

 

 

How to contact motivated sellers:

• First touch: postcard or letter + a respectful call. Keep it short: “We can close with your attorney, as-is, on your timeline.”
• Follow-up sequence (weeks 1–4): call → text/voicemail → letter #2 → call. Rotate channels; never spam. Log every touch.
• Conversation goals: condition, timeline, occupancy/tenancy, price feel. Ask for photos/video; offer a simple walk-through.
• Value prop: certainty, speed, minimal showings, attorney-held escrow, fees on settlement statement.
• Qualification: confirm decision-maker (all owners/heirs), attorney info, and any payoffs/liens that must be cleared.

How to tell if a seller is truly motivated:

• They emphasize timeline and convenience over “top dollar.”
• They accept access for a quick inspection and agree to realistic dates.
• They volunteer problems: violations, leaks, tenant issues, tax/HOA arrears.
• They ask about closing logistics (attorney, escrow, payoffs) rather than marketing the property.

Organize follow-ups like a pro: Use a lightweight CRM with fields for owner, phone/email, property address, borough/ZIP, occupancy (vacant/tenant/owner), condition notes, liens/violations, timeline, price feel, and next action date. Tag by source (probate, lis pendens, tax lien, HPD/DOB, D4D, MLS “as-is”). Work the list daily; most wins come after the 5th–7th touch.

Compliance reminders: Respect Do-Not-Call rules and opt-outs; get consent for texts; keep marketing truthful; do not misrepresent your role. Route earnest money and your assignment fee through attorney escrow and onto the closing statement. If parties push back on assignments—or the spread is sensitive—use a double close.

Mastering motivated-seller sourcing is the most reliable way to create consistent, discounted opportunities for your buyers. Pair this with disciplined comps, ARV, and MAO—and you’ll have everything needed to package NYC wholesale deals buyers can underwrite in minutes. (See the analysis video below for the math.)

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Put Properties Under Contract

This is where interest turns into a binding agreement. Your goal is simple: price the deal correctly, present a clean offer, and sign an assignable purchase and sale agreement (PSA) that attorneys can close smoothly. In NYC’s attorney-led process, that means tight numbers (ARV, repairs, MAO), plain-English terms, and funds routed through attorney escrow with your assignment fee shown on the closing statement.

Price it before you write it (ARV → Buyer Target → MAO)

1. ARV (After-Repair Value): base it on the median of your top three renovated comps (or PPSF × GLA) in the same submarket.
2. Repairs: estimate by scope (light / moderate / heavy), then refine with line items (kitchen, baths, MEPs, roof, windows, exterior, violations).
3. Buyer Target: many flippers underwrite ≈ ARV × 70–75% − Repairs − soft/hold costs; BRRRR buyers use rent/DSCR math.
4. MAO (Maximum Allowable Offer): MAO = Buyer Target − Your Assignment Fee. If the seller won’t meet MAO, adjust terms or consider a double close.

 

NYC offer & contract flow (step-by-step)

1. Confirm decision-makers & access: all owners/heirs, tenancy status, and a short inspection window.
2. Present benefits first: attorney-escrow certainty, as-is sale, minimal showings, flexible close.
3. State a clear price & timeline: short closing (10–30 days), realistic inspection, and EMD delivery date.
4. Send a clean, assignable PSA: include assignment language or a rider; attach any required disclosures; allow reasonable access for inspectors/buyers.
5. Open attorney escrow & wire EMD: buyer and seller counsel coordinate; funds and documents flow through attorneys.
6. Choose the path: simple assignment when everyone is comfortable with your fee; double close if privacy or pushback appears.

 

 

Negotiation playbook (friendly & firm)

• Lead with certainty, not hype: “Attorney escrow, as-is purchase, your timeline.”
• Trade, don’t take: if price is firm, ask for access, credits, or time; if time is tight, sweeten price slightly.
• Anchor a range: open a bit below your MAO to leave room to agree quickly.
• Be transparent: you may partner via assignment; if privacy is a concern, you’ll double close.
• Write while you talk: send the PSA the same day a verbal “yes” appears.

 

Quick example (numbers you can model)

ARV = $720,000; Repairs = $55,000; Soft/Hold = $20,000. Buyer target at 72% ≈ $720,000 × 0.72 − $55,000 − $20,000 = $442,400. Your fee goal = $17,500 → MAO ≈ $424,900. If the seller signs at $418,000, you’ve created room to cover minor curatives and still exceed your fee target.

Document prep & hand-offs: keep a one-page “deal kit” ready for counsel and buyers: property facts, photos, three ARV comps, repair scope, access notes, disclosure list, and known title/violation items (pull ACRIS/DOB/HPD screenshots). This speeds attorney review and helps buyers underwrite in minutes.

Compliance: market your contract (equitable interest), not the property; keep ads truthful; route all funds through attorneys; show your fee on the closing statement. When assignability is denied or spreads are sensitive, pivot to a double close.

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*For in-depth training on real estate investing, Real Estate Skills offers extensive courses to get you ready to make your first investment! Attend our FREE Webinar Training and gain insider knowledge, expert strategies, and essential skills to make the most of every real estate opportunity that comes your way!

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Assign Contracts to Cash Buyers

You’ve secured an assignable purchase agreement—now it’s time to place that contract with the right investor at the right price. If you’re learning how to wholesale houses in New York, the key is to make underwriting effortless for real buyers: package a tight deal kit, set a crisp decision window, verify proof of funds, and execute a clear, attorney-approved Assignment of Contract. Keep your messaging honest—you’re marketing your contractual rights, not the property.

Package a “deal kit” buyers can underwrite in minutes

• Snapshot: address, beds/baths, GLA, lot, legal use (C of O), occupancy/tenancy status.
• Photos & condition: current interior/exterior photos; quick summary of what works/what needs work.
• ARV comps: your top three renovated sales (distances & close dates included) + PPSF notes.
• Repair estimate: light/moderate/heavy scope with headline line items; contingency %.
• Numbers: your assignment price, inspection/access instructions, and a decision deadline (24–72 hours).
• Docs status: signed PSA (assignable), attorney contact, known liens/violations disclosed at a high level.

 

 

What the Assignment of Contract should include

• Parties & property: your entity (Assignor), buyer entity (Assignee), seller info, and the property address.
• PSA reference: date of original PSA and confirmation it’s assignable (or that consent was granted).
• Assignment consideration: your assignment fee and the total price the assignee agrees to pay under the PSA terms.
• Deposits & timelines: buyer’s deposit amount, decision/inspection window, and key dates mirrored from the PSA.
• Access & approvals: how/when the buyer can inspect; any HOA/board/management acknowledgments if applicable.
• Disclosures/acknowledgments: condition “as-is,” known violations at a high level, and that the assignee accepts the PSA obligations going forward.
• Attorney escrow details: where the deposit goes and who is holding documents (without discussing the next-stage logistics).

Outreach that gets fast responses

 

When an assignment is the right choice (and when it isn’t)

• Use assignment when: your fee is reasonable for the market, the seller is comfortable with assignability, and a trusted buyer’s buy box matches perfectly.
• Consider alternatives when: the spread is large and sensitive, or a party objects to assignments—keep an alternate path ready without changing today’s deliverables.

Common pitfalls to avoid

• Sending a blast to your entire list—always match to buy boxes first.
• Burying the lede—put assignment price, ARV comps, and decision deadline in the first two sentences.
• Skipping POF/entity checks—verify before scheduling access.
• Vague paperwork—have your attorney draft clear assignment language tied to the PSA.

Pro tip: Track every assignment in a simple spreadsheet (buyer, entity, POF date, borough/ZIP tags, decision window, deposit received, attorney contact). Two solid backup buyers per ZIP keep momentum if the number one buyer passes on the opportunity.

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Reminder: You’re marketing your equitable interest in a contract. Keep communications accurate, respect privacy, and coordinate details through counsel. Save the final logistics for the next step in the process.

Close Deals & Collect Your Assignment Fee

You’ve assigned the contract; now you’re the last mile: a clean, attorney-led closing that delivers your assignment fee on the settlement statement. Your job is to keep documents flowing, answer questions quickly, and make sure funds move through attorney escrow with zero surprises.

NYC closing timeline (attorney-led)

Curious about when—and how—you actually get paid? In NYC’s attorney-led closings, your assignment fee is handled on the books from start to finish, with every dollar flowing through attorney escrow and showing up on the settlement statement. The quick bullets below spell out the exact path your fee takes so you stay clean, compliant, and confident while you’re learning how to wholesale houses in New York.

 

NYC quirks to handle early

• Tenancy & possession: confirm whether closing is vacant or subject to tenants; buyer underwriting changes if rent-stabilized or occupied.
• Violations/permits: HPD/DOB issues can affect timing; share what you know up front so attorneys can plan payoffs/escrows.
• Condo/co-op/HOA: questionnaires, estoppels, or board timelines may apply; your buyer and attorneys will lead, but flag these early.

Wire & fraud-safety checklist

• Confirm wiring instructions by phone directly with the attorney’s office; ignore emailed changes.
• Send PDF voided check/bank letter for your fee account only to counsel; avoid public cloud links.
• Ask for same-day confirmation when your fee is disbursed (reference number + amount).

Common snags (and simple fixes)

• EMD delay: calendar the due date; if missed, notify backups while counsel follows up.
• Payoff/violation surprises: request a curative checklist on day one; share contact info for HOA/management and municipal offices.
• Name/entity mismatches: ensure the Assignment, PSA, and settlement statement all show the correct legal names and EINs.
• Late docs: send your W-9 and wire instructions as soon as the assignment is signed to avoid last-minute scrambling.

 

Double Close When Necessary

Assignments are beginner-friendly, but they aren’t a fit for every opportunity. If you’re learning how to wholesale real estate in New York, it literally pays to add the double close (aka simultaneous/back-to-back closing) to your toolkit.

A double close is two rapid transactions—A→B (you purchase from the seller) and B→C (you resell to your investor)—often the same day. It keeps your spread private, satisfies “no-assignment” sellers, and works with institutional buyers that require you to appear in the chain of title. Mastering this option helps you close more deals while wholesaling houses in New York’s competitive market.

 

When to use a double close (NYC tells)

• Large spread privacy: you want to keep your margin off the buyer’s radar.
• No-assignment sellers/attorneys: the PSA prohibits assignments or the seller’s counsel objects.
• Institutional/end-buyer rules: hedge funds, REOs, or auction terms require the wholesaler to be in the chain of title.
• Marketing flexibility: you plan to wholetail or briefly clean/clear violations before resale.

 

Pros & trade-offs

 

How to decide—assignment vs. double close

• If the seller is assignment-friendly and your fee is modest, assign for simplicity and speed.
• If privacy or policy is an issue (no-assignment clause, institutional buyer rules, big spread), double close and budget the extra costs.

Pros & Cons of Wholesaling Houses in New York City

If you’re exploring how to wholesale real estate in New York, here’s what you need to know: NYC can deliver big spreads and steady deal flow—but only if you respect its attorney-led closings, building rules, and borough-by-borough micro-markets. The table below highlights city-specific advantages and friction points so you can plan your outreach, underwriting, and contract strategy accordingly.

 

 

NYC rewards pros who price with discipline, vet tenancy and violations early, and keep attorney escrow at the center of every file. Treat the city’s quirks as features—not bugs—and you’ll have more ways to win while you’re learning how to wholesale houses in New York. If a file resists assignment or fee transparency, pivot to a double close and keep momentum.

New York City Resources: Title/Attorney Teams, REI Groups & Tools

Level up your workflow with NYC-specific resources that make wholesaling real estate in New York simpler, safer, and faster. Use the links below to verify ownership, pull violations, map zoning, vet attorneys and buyers, and plug into investor communities while you’re learning how to wholesale houses in New York:

• Title & Attorney Teams (find and vet)
  • New York Attorney Registration Search — confirm an attorney’s status and registration.
  • NYC Bar Legal Referral Service — get connected to real estate counsel familiar with assignments/double closes.
  • NY Dept. of Financial Services — Title Insurance Guidance — understand state oversight and best practices.
• Ownership, Liens & Recording (deal diligence)
  • NYC ACRIS (City Register) — deeds, mortgages, lis pendens, and recorded docs by borough/Block-Lot.
  • NYC Property Tax Public Access — tax bills, payment history, and property account info.
  • NY Dept. of State — Business Entity Search — verify seller/buyer LLCs and authorized signers.
• Violations, Permits & Building Data (scope & risk)
  • HPD Online — housing maintenance/code violations, registration, heat/hot water complaints.
  • DOB BIS (Building Information System) — permits, ECB/OATH violations, complaints; legacy records.
  • DOB NOW — active permits, filings, and inspections for newer/ongoing work.
  • NYC Planning ZOLA — zoning, overlays, flood maps, historic districts; crucial for ARV and exit feasibility.
• Courts & Distress Signals (motivation & timelines)
  • NYS Unified Court System — WebCivil Supreme — search foreclosure cases (lis pendens), motions, and calendars.
  • NY Courts — Foreclosure Help Center — process basics (useful context for seller conversations).
• Market Data, Comps & Rentals (underwriting)
  • NYU Furman Center — neighborhood profiles, rental trends, and research to sanity-check ARV/rent assumptions.
  • StreetEasy Data Dashboard — listing and time-on-market trends by borough/submarket.
  • OneKey® MLS — broker-grade sales data (membership required); useful for comps adjacent to NYC.
  • REBNY RLS — the brokerage data backbone for NYC residential (via member firms).
• Networking & Cash Buyers (community & deal flow)
  • National REIA — Find a Local REIA — locate investor associations in NYC and across NY State.
  • BiggerPockets — New York Forum — meet active investors; swap buy boxes and vendor intel.
  • Meetup — NYC Real Estate Investing Groups — flip tours, masterminds, and local networking.
  • NYS eAccessNY — License Lookup — verify agents/brokers who claim investor experience.
• Compliance & Consumer Protections (stay in your lane)
  • NY Dept. of State — Real Estate Broker Guidance — broker activity definitions; avoid unlicensed practice.
  • NY DOS — Unlicensed Assistants — what non-licensees may/may not do.

Bookmark this toolkit and use it on every file. Public records (ACRIS, HPD/DOB, ZOLA) keep your numbers tight, attorney/title partners keep your paperwork clean, and investor communities keep your buyers list fresh—together, they create the operating system you need to scale NYC wholesaling confidently.

Free Download: The Ultimate Guide to Getting Started in Real Estate 

Ready to take action? Grab our free, beginner-friendly quick start guide, built to help you learn how to wholesale houses in New York and move from “interested” to “making offers” the right way (no prior experience or big budget required).

• Why real estate works for beginners: a practical path to building long-term wealth without needing large capital or a license to start.
• Find deals without ad spend: why the MLS is the most reliable place to source opportunities (plus how to search smarter).
• Rentals for long-term wealth: how monthly cash flow and appreciation can convert today’s active income into more passive streams.
• Wholesaling basics: ARV, making data-backed offers, and choosing between assignment vs. double close.

FAQs: Wholesaling in New York City

We’ve curated concise answers to the most common questions we get about wholesaling real estate in New York so you can move from research to action with confidence.

Is wholesaling real estate legal in New York City?

Yes, when you sell your contract rights (not the property) and route funds through attorney escrow with truthful, non-misleading marketing.

Do I need a real estate license to wholesale houses in New York?

No license is required to assign your own purchase contract for a fee; a license is required to market or negotiate for others for compensation.

How do I start wholesaling with little money in NYC?

Build a cash buyers list, learn comps/ARV, source on- and off-market leads, and use modest EMDs with short inspection windows.

How long does a wholesale deal take in NYC?

Most attorney-led closings take 10–30 days, though violations, tenancy, or board/management reviews can extend timelines.

Can I wholesale MLS properties in New York City?

Yes, if your purchase agreement is assignable and your role is disclosed; if there’s pushback on your fee, consider a double close.

Can I wholesale condos or co-ops in NYC?

Condos are generally workable with standard documents, while co-ops are tougher due to board approvals and assignment restrictions.

Can I wholesale tenant-occupied properties in New York?

Yes, but buyers underwrite leases and any rent regulation, so disclose occupancy and terms early.

What is an assignment of contract in NYC wholesaling?

It’s a document that transfers your equitable interest in a signed PSA to the end buyer for an agreed fee, handled by attorneys and escrow.

When should I double close instead of assign in New York?

Use a double close for fee privacy, when assignments are prohibited, or when institutional buyers require you to be in the chain of title.

Does the seller see my assignment fee in NYC?

On assignments, your fee appears as a line item on the settlement statement; a double close keeps your spread private with two separate closings.

Final Thoughts on Wholesaling Houses in New York City

New York rewards disciplined underwriting and clean execution. If you’re ready to learn how to wholesale real estate in New York, use this playbook: pick three ZIPs, pull tight comps, speak with one attorney, and meet five real cash buyers. Lock a simple, assignable contract; use a double close when it serves the deal. Start small, move fast, and iterate. This is how you wholesale houses in New York with confidence—legally, repeatably, and with momentum that compounds.

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*Disclosure: Real Estate Skills is not a law firm, and the information contained here does not constitute legal advice. You should consult with an attorney before making any legal conclusions. The information presented here is educational in nature. All investments involve risks, and the past performance of an investment, industry, sector, and/or market does not guarantee future returns or results. Investors are responsible for any investment decision they make. Such decisions should be based on an evaluation of their financial situation, investment objectives, risk tolerance, and liquidity needs.