BiggerPockets

Hello David,

I am also a real estate agent on Long Island. I am new to investing and I would like to wholesale properties to start. There are a few properties that I made offers on with intentions to resale to local rehabbers.

What is your current plan to start investing?

My current plan is to continue at my job, and my other part time jobs, and try to be able to get my family out of this apartment complex, and possibly into a duplex, or a property with potential for passive income. The savings from this could hopefully help me save for my next property, whether that be another owner occupied or just a flip property.

However, I would love to know what other options there are in terms of getting there. Unfortunately for myself, I have to keep this job to help pay the bills, much like other people so I can't make drastic moves. I have thought about bird dogging, and trying to push more with being an agent, possibly specializing in investment properties, however I haven't had luck, and as much time as I would like to dedicate to both. I know beginning as an agent is really rough, especially if its a side kind of job.

Besides wholesaling, what are you some goals you want to achieve? Any suggestions or other means of begining that you have though of ? @Michael Correale

Yes, I am in a similar position. I don't have the funds, however I am trying to save, and find ways to get to that point. I too haven't been able to locate funding that might help our position, however I have had some responses posting on craiglist for possibly investors, however they have fallen through.

I think this website is a great way to network so we just have to keep it up. I am all for getting to where we really want to be.

I actually have family in Rockville Centre, right above Oceanside, both are fairly nice areas lol. I am located a little more east, my office is located in Massapequa.

Hey gentleman! I am actually looking for some local li opinions and thought this would be a good place to go!

Here is my post from another forum:
I am hoping for some advice on a deal I am considering. I have the opportunity to purchase rental properties from a family members estate. I currently live in one of the rentals and have essentially been managing the properties for discount rent since the family members death 2 years ago.

The properties are in Long Island, New York they are appraised for $400-425k it is 2 -2 family homes on 1 deeded property. The condition is rundown mostly due to delayed maintenance, homes are over 100years old.. Needs over all updating. few major repairs are replacement of original windows in 1 home and converting to gas in other home.

2 apartments are currently rented to model tenants who have been there 10years but do not complain about lack of Maintance and repairs. One is empty and I live in the other.

The deal we are negotiating is $380k
With windows replaced prior to closing
Sellers pay closing cost 15-20k in ny
Taxes are 14k

Rent estimates from appraiser are $1200 - 1400 for each unit.
2 long term tenants are paying $800!! Rent never raised and all month to month with no leases.

I'm sure you all have opinions and I would love to hear them all!! I know the houses well because I spent my summer since my teens working on the properties and now living it it. It is a rental neighborhood. Mostly middle class and rentals are rarely vacant and completion for apartments is stiff.

Curious what some locals think since it seems like many of the formulas used by others would never fly on li