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 !
Welcome. I live in Long Island City, Queens.
I have never done a flip, so I am not an expert on that. Since the NY, NJ, CT market is heavy on retail buyers, it seems like flips could potentially be profitable here. That being said, the regulatory and expense burden of selling a house makes the area unattractive to many.
The only recommendations I can make is to keep your costs low, and estimate what a retail buyer wants in Long Beach. There are more who will tune in with better experience than me.
welcome to the site.
hey @Dennis Kelly welcome to Bp and congrats on you recent REI. I recently sold a home on the border of LI and Queens, it was not easy but I learned a ton! There is plenty of opportunity but also lots of competition. Obviously the biggest hurdle in ny/li are the home prices, in LI compound that with the ever rising taxes and that's a pretty large chunk of change. Before you invest make sure to do your due deligence and run the numbers, be aware of all your carrying costs- insurance, taxes, utilities,PMI etc. Best of luck, let me know if i can be of any help.