House Flipping on Long Island

4 Replies

Hi my names Dennis , I recently bought my first condo in Long Beach New York . I renovated the entire unit with a team I got together and I currently occupy the property . I enjoyed the process and happy with the way it came out and looking to get more into rehabbing and flipping on Long Island to get my feet wet because I can't travel much due to my occupation nor do I want to get into property management just yet . I know it's expensive and the taxes are higher but if I only plan on flipping for now does it really matter since I'll be trying to get rid of it asap anyway ? I'd like to hear some peoples general opinions about Long Island and the real estate business . Thanks !

Hi Dennis,

Great to hear about your real estate story.  Having a reliable team of tradespeople is a good first step - that is a critical component of a successful project.   Mind sharing how you built your team?

In terms of analyzing the rehab projects, I would consider how much profit can be made and then you can determine if it meets your investment criteria.  A deal that is good for Person A may not always be a good fit for Person B and vice versa.  

You also mentioned that property and taxes are expensive.  Assuming the worst possible case, will you still be able to afford holding on to the property while it is on the market?  

Best of luck.

Regards,

Adrian

Adrian Chu, Adrian Chu & Associates | Horizon Real Estate | [email protected] | 2064075452 | WA Agent # 107768, WA Lender # MLO-920749

Welcome to the site. I grew up in Woodmere. We still go out to Long Beach when we visit my folks. I live in the city and have toyed with the idea of moving back to LI. Because of the expense and the taxes, if I were looking to invest, I would look in the areas with the best school districts. You will always hold value in those areas. One thing about this area is that you only have to get it right once and you are in a pretty good spot. Good luck.

Thanks you're right about school districts @Les Jean-Pierre  

What's up @Adrian Chu  I built my team from word of mouth referels and passed networking experiences with with my brother and some people that he is friendly with . As for would I be able to afford the mortgage and insurance for the time being or considering if I had to hold for a bit , I would have to take that in consideration yes but I wouldn't like to I would drop the price . 

You might want to look at estate sales too. In Woodmere, I have seen a couple of houses that were torn down that were inherited. Again, the taxes might make the area unattractive to a person inheriting it. Also, there is a tax lien sale in Febraury for Nassau County. I have never gone but saw it on the county website.

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