How to Win Real Estate Deals in America's Hardest Market: New York

New York is a market that punishes hesitation and rewards precision. Investors who survive here understand things most people never have to learn. You have to pay attention when you hear from someone making profitable deals in New York. Today our guest is Michael Pinter.

Michael Pinter has had an interesting journey in real estate with all its ups and downs. He’s an investor, educator, and mentor who is helping investors like you. In the last decade, he has closed hundreds of deals. He has refined proven acquisition systems that make the art of closing deals look effortless. He’s the CEO of Real Property Buyers. His team leads the space in the Long Island wholesale and fix-and-flip sector.

What’s Your Reason for Getting Into Real Estate and the Long Island Market?

Long Island is my home. My wife is from Long Island. I grew up in Brooklyn, which is not far away. From 1997 to 2013, I worked in the mortgage business and then I invested in real estate in the early 2000s.

The mortgage industry experienced a complete stop during the recession of 2008. Nobody could get a mortgage because of the regulations. We were the first non-bank entity to get audited by the Consumer Finance Protection Bureau which was challenging because nobody knew the rules. In 2013, I decided to become a full-time investor when my partner raised money for us to buy houses.

Before diving into market insights, Michael shared the story of how he got started.

My First Investing Deal in Long Island

My first purchase was an REO property in Elmont, New York. The house was falling apart. We put in an offer and bought the property. It required significant repairs but it was a single-family property with three units. After rehabbing, we couldn’t sell it. We refinanced and rented the house. Eventually, one of the tenants bought the property from us. Our first deal was profitable.

Today we wholesale half of our deals. For others, we might do a rehab or wholetale. Our business operation has also expanded beyond New York. We currently operate in El Paso, Texas, and in Broward County, Florida.

How is the New York market different from other cities in the country?

New York is one of the most expensive cities in the world and it’s hard to enter this market as an investor.

New York is another planet when it comes to real estate. There is a slower process for closing deals. A quick wholesale deal in New York might take two months. For people in other parts of the country, a quick wholesale should take two weeks.

There are many positives and negatives about investing in this market. Getting into contract in New York is extremely hard.

Let’s talk about a conventional cash transaction. The seller and the investor agree on a price point. They can immediately sign an agreement and the house would be under contract.

New York is different because the contract happens between a seller’s attorney and a buyer’s attorney. The process is time-consuming.

However, getting out of a contract is not something that happens easily in New York. The seller cannot simply change their mind. The buyer can put a lien on the property which is the same as if a bank were foreclosing on a mortgage. The property cannot be sold to another buyer.

These are two sides of the same situation. It is challenging to get into contract, but once you do, the contract is locked.

Underrated Neighborhoods in Long Island

All the affordable areas in Long Island have appreciated over the last 10 years. Elmont comes to mind. A house that I sold for $400,000 is worth $800,000 after seven years. Always invest in lower-priced markets because that’s where the price goes up.

With the challenges of the market clear, we talked about how beginners can still find momentum.

How Can New Investors Get Traction Quickly in Markets Like New York?

Real estate investors must market directly to the seller. It’s non-negotiable. Michael Pinter has been investing in New York since 2004 and he has never found any decent deals published on the MLS. Many investors purchase from REO or bank-owned property agents while avoiding direct marketing. You cannot generate enough deals without finding a way to reach off-market sellers.

New investors can use pay-per-lead products. Direct mail marketing is effective. Cold calling is incredibly effective because you learn to speak to motivated sellers. Sometimes it will be a horrible conversation, but you learn the art of effective listening and negotiation which is great for a newbie.

Michael then walked me through the exact framework he relies on during every appointment.

Michael Pinter’s Mental Checklist for Evaluating a Property

I have three objectives when I go on a live appointment. The first is to develop some kind of rapport where the seller likes me. The second is the property assessment. How much does it need in repairs? Is it wholesaleable? Is it livable or do I need to renovate the property? The third point is whether the seller has a real problem that I can fix.

The homeowner can choose a retail sale if there is no motivation to sell in a hurry.

My most recent transaction is a wholesale deal. The location is very far east in East Quogue, right near Westhampton Beach. We got the lead in 2024. It’s an illegal two-unit property. There are many Cape Cod homes here and many are set up as two units. This one was owned by three brothers and one of them was taking care of the property.

We contracted it at $530,000 and wholesaled it with an assignment fee of $60,000. One of the tenants wasn’t leaving so I decided to purchase the house with tenants and negotiated the price down to $510,000. I paid $10,000 to the tenant as cash for keys and he left. Overall, the profit from that deal is $80,000.

Core Business Systems to Help You Scale

A good sales process is non-negotiable. You can find quality sales training out there. Watch the sales training published by Steve Trang, John Martinez, Jerry Green, or Jeremy Miner. You need a process for understanding motivated seller needs.

• A lead management system such as a CRM like RESimpli is essential.
• You also need a disposition process because that’s how you make money on any deal.

Many people stick to one form of disposition, like wholesaling. They never think about closing, which is a huge mistake. The ability to close helps us win deals. If the wholesale does not work, I can always close the deal. Our main goal as investors is to acquire discounted properties. From there you can try wholesaling, rehabbing, or refinancing. Having those options lets you invest without stress.

As deals grow, the next challenge becomes building the right team.

Hiring Your First Teammate

Most smart investors agree that your first hire should be a virtual assistant who tackles non-revenue-producing tasks. The first hire for Michael was a disposition manager. Here are two important factors when making your first hire:

1. What is not getting done in your business? Hire someone to handle that on your behalf. Bookkeeping is a good example.
2. What is it that you hate? Hire someone to do that. Michael Pinter hated handling dispositions. He recalls once having to skip his child’s birthday party to meet a buyer who never showed up at the property. Disposing properties was something he hated and chose to outsource.

No investor grows without mistakes, and Michael’s toughest lesson came with a steep price tag.

Hardest Real Estate Lesson That Ultimately Made You Better

In New York, you have to pay an earnest deposit of 10 percent at contract. I went into contract on a property in East Hampton without fully understanding the market. It was a one-million-dollar purchase and I paid $100,000 as the deposit. The Zillow value was $2.2 million and I was sure that I could wholesale that property for a $100,000 profit.

The deal couldn’t go as promised because there was a scenic easement on the property. After facing legal hurdles, I got my money back minus legal fees and I had to cancel the contract.

Be very careful if you are in an area that you really don’t understand. East Hampton has twenty-million-dollar mansions. This part of East Hampton was not even a two-million-dollar area. I had two buyers who promised me $1.2 million on that deal but they backed out. The seller sold the property for $800,000 which is far less than what I was going to pay.

How Would You Restart Your Journey with Only $20,000?

On a limited budget, you must plan marketing expenses for at least 6 to 12 months. Michael suggests investing in pay-per-lead services. Start calling people and maybe work with others who can call for you.

Get leads and start marketing consistently. Many people assume they will have a lead in three months and they spend all their money within the first three months. In competitive markets like New York, you have to look at longer timelines. You need to market consistently for 9 to 12 months before you expect results.

We wrapped up the conversation by talking about what’s ahead for Michael personally and professionally.

What’s Next for Michael Pinter on a Personal and Business Level?

On a personal level, I am traveling to Europe for 10 days. My four grandchildren, who live in LA, were here for the summer and they are leaving tomorrow.

Professionally, I got approved on three parcels of land in Queens, New York, and the approval took 18 months. I might sell the lots or build some houses on them. There is another house that I would like to build in Long Island.

New construction to me is like a final frontier. My degree is in engineering and the idea of building something always excites me.

At the end of the day, winning in a market like New York comes down to consistency, direct-to-seller marketing, and having multiple exit options. If you can master that here, you can master it anywhere.

That wraps up our discussion about the hardest market in the United States. You can connect with Michael via social media, his YouTube channel, or by calling his office.