Long Island Blizzard

As I sit home in this blizzard that is occurring in the northeast, after being released from work earlier then usually, I finally have the time to post and read more and more on this site. I pretty much think about real estate investing every day at my 9-5 (7:30-4:45 cough) and know that it is something I not only think I would love doing, but would thrive at. I am currently an estimator for a local glass and metal fabrication company. We work primarily in the city on commercial space.

Are there any investors on BP, particularly on Long Island? I would love to get a sense of the community here on the island, make some connections. I am also a real estate agent, however have not done much work at my new company due to my 9-5 being my main money maker.

I would also love some advice on my plan to get into the field, however I will do that in a different post after searching the forums a bit more!

Thank you, and thank you for helping me see there are others with the same mindset! Would love to hear from some more people who are on here!

Michael Correale

Residential Real Estate Agent · Oceanside, New York

4 posts

Feb 08 '13, 05:20 PM

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?

Mark Reynolds

· Chicago, Illinois

30 posts
11 votes

Feb 08 '13, 05:40 PM

Good luck in the blizzard, fellows. Looks to be a big one-- though most of it may pass north of you.

Nice to meet you David, and welcome to BP. I occasionally sell for a storefront installation company where the owner is Chinese who's English is not all that good. My wife is Chinese and translates and then I go be the "front".

Michael, that "wholesale" strategy might get you in trouble if you were in Illinois and buying from conventional sellers. Seems some folks consider this a breach of duty to your client (the seller). You might want to check with the state licensing agency.

Anyway, good luck with the investing as well.

David Ray

Real Estate Investor · Copiague, New York

19 posts
1 award

Feb 08 '13, 05:43 PM

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

Michael Correale

Residential Real Estate Agent · Oceanside, New York

4 posts

Feb 08 '13, 05:52 PM

@David Ray Moreno I don't have funding to get into any other aspect of REI. I figured the capital I could generate wholesaling properties and commission from real estate sales would potentially enable me to acquire some great rental deals i've found. I haven't found any hard money lenders that would supply 100% LTV therefore I am looking to partner up with a private lender or someone interested in doing a few deals together. Maybe we can find a mentor that can guide us down the right path and even work together in the future if we can locate some funding.

David Ray

Real Estate Investor · Copiague, New York

19 posts
1 award

Feb 08 '13, 06:02 PM

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.

James G.

Real Estate Investor · Manhasset, New York

73 posts
8 votes
2 awards

Feb 14 '13, 05:44 AM

Welcome David from a fellow Islander. As I am sure you have already figured out, BP is a fantastic community. I suggest taking advantage of the search function as well as reading previous posts to learn all that you can before you jump in.
Looking back, when I first joined BP, it is amazing how off I was on my strategy for investing, I learned that from this site and from reading the successes and challenges of members kind enough to post their experiences. I also attended the BP summit in Denver which I found to be invaluable. I am sure I would have lost a lot of money had I not spent the time learning first and just jumping in with my original plan. I am still learning every time I log on here as I am sure many seasoned investors can say, however, I feel much better now that when a deal does come onto my radar I can act with a much more educated plan. All the best and Good Luck!

Melanie L.

· Long Island , New York

6 posts

Mar 11 '13, 07:02 PM

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

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