Rental Property Investor · Long Island, NY · Member since 2014 · 19 posts · 9 votes
Hi
I'm just wondering what people have to say about doing flips on Long Island with housing prices and taxes so high here? Is it something a beginner can do successfully here without already having a million dollars to start?
Rental Property Investor · Long Island, NY · Member since 2014 · 19 posts · 9 votes
12y
Thanks for the advice Paul I'm pushing forward on that. I haven't found anything yet but I'm looking everyday. Right now mostly foreclosures and reo's.
Wholesaler · Syosset, NY · Member since 2014 · 10 posts · 6 votes
12y
Hi @Mike Garofalo , I'm on Long Island too (Syosset) and was wondering the same thing. I'm just getting started but I'm trying to formulate a strategy to find some deals. We should meet up for coffee one day and exchange notes and see if we can help each other get going!
Real Estate Investor · Smithtown, NY · Member since 2013 · 65 posts · 26 votes
12y
Hi Mike,
I too am from Long Island, smithtown also and very interested in RE. I know this post is old, have you been able to find anything yet? Also, were you able to connect with Junaid?
Real Estate Investor · Huntington, NY · Member since 2014 · 26 posts · 3 votes
12y
@Michael Anspach I am getting started in Halesite / Huntington Village area. I too am concerned that the market may be too expensive for a traditional flip, but that could also just be a general fear of starting. Have you had any success in the local markets? If so, what techniques have you used? Rehab? Buy / Hold?
@Junaid Subzwari Great to see that you are on Long Island with the same goals that we have. Do you wholesale properties currently? What is your strategy and what has worked / hasn't worked. I am over in Huntington by Prime in Halesite and am looking to get involved in my local market. Would love to hear about your findings and success.
@Mike Garofalo Have you found any foreclosures or REO's that have worked? What methods are you using to find these?
I sent colleague requests to you guys and the system thought I was spamming as I added you. I wanted to work on getting a meetup with all of us, maybe coffee somewhere. I live in Nesconset. When I don't reply to your messages cause mine are currently locked I wanted to make sure you know I wasn't just ignoring you guys.
I was buy and hold in Hawaii for a number of years and still have some stuff there. Long story short I found myself here on Long Island and am finishing up my RE License and am starting to network now. I'd like to get back into the market for possibly rehabs. From what I understand buy and hold here is next to impossible cause of astronomical taxes. @Joshua D. and @brandon turner (who has apparently disallowed people to tag him in posts) and many of the guys I've heard in the BP Podcasts would guffaw as there is no way (that I've seen) you can be anywhere close to 50% rule here. Once you get into commercial, maybe 50 units, you could but those, here, are millions to get into. Some of the agents I've spoken to here swear by flips and even the investors I've spoken to swear by the MLS here. Apparently Suffolk county doesn't sell their list of tax delinquencies. They go to auction I think after 3 years?
Investor · Maui, HI · Member since 2009 · 13k+ posts · 3k+ votes
12y
Hey @Abram Ylitalo - we gotta be colleagues to @mention me :) (OR I have to have already posted in the thread)
As for getting locked out -just send an email over to [email protected] and they can clear it real easy. Our spam system is pretty sensitive, and it's usually from sending posts that are too similar (like, identical)
Rental Property Investor · Greater NYC Areas, NY · Member since 2014 · 50 posts · 11 votes
12y
I am currently in Mount Sinai, Long Island... If y'all meet up, let me know! I'd love to meet other people locally with interests in REI. I've always felt that for a newbie, our area is very tough!
Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice. And you get the benefit of having over 80 past ones to catch up on.
Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and all the cash buyers (rehabbers) you will need.
Consider checking out HUD homes for small multi's owner occupied gets first crack.
You might consider Niche or Specialized Housing like student housing. Rents can be 2-4 times more. Remember you don't have to own a property to control it.
Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over
@Michael Anspach I am getting started in Halesite / Huntington Village area. I too am concerned that the market may be too expensive for a traditional flip, but that could also just be a general fear of starting. Have you had any success in the local markets? If so, what techniques have you used? Rehab? Buy / Hold?
@Junaid Subzwari Great to see that you are on Long Island with the same goals that we have. Do you wholesale properties currently? What is your strategy and what has worked / hasn't worked. I am over in Huntington by Prime in Halesite and am looking to get involved in my local market. Would love to hear about your findings and success.
@Mike Garofalo Have you found any foreclosures or REO's that have worked? What methods are you using to find these?
@ Face Lift Construction Inc. I am always looking for new clients to flip homes for. If anyone has homes that need renovation, please let me know if you would like an estimate. I have been renovating homes for a few clients now that are in the process of flipping..I'm not a large company with a lot of over head so my prices are reasonable>Thank you Eric Thall [email protected]
Real Estate Investor · Smithtown, NY · Member since 2013 · 65 posts · 26 votes
12y
Hi Guys,
I was a shiny object guy looking at all sorts of stuff. LI Is too expensive for me so I was looking at out of state buy and hold SFRs. However, I like the diversity of 2-3 unit multifamily properties so was looking into them. At the moment, I haven't done anything, but am learning as much as I can and have set my mind and goal to be going with slightly larger multifamily properties. My goal is to have one within the year. Best of luck to you.
Investor · Atlanta, GA · Member since 2014 · 21 posts · 5 votes
11y
Hello Mike. Being from Long Island, I completely understand your concern, but think there are opportunities everywhere, especially where taxes aren't too high. Furthermore, if taxes are high on a property, they could possibly be grieved, which as a REALTOR, I see is needed, and is being done on a lot of properties right now.
I would look for homeowners who have been in their homes for years, or homeowners who are absentee, and they are renting their homes, and have low mortgage balances/their homes are just about paid off.
As a Realtor, I have Attorneys who recommend clients to me, whom could easily qualify for a "wholesale" transaction. In one scenario, the taxes on a property were high, but the investor bought, fixed up the property in a month, and sold in within a couple months after, so the damage wasn't too bad. It's all about finding deals, and I think that knowing Wholesale friendly Realtors is also a plus, but unfortunately, I have not come across any.
Floral Park, NY · Member since 2015 · 17 posts · 6 votes
11y
I love all the info on this thread. I am a newbie from Floral Park, that would love to meet up whenever the next meet up is. Thank you guys for all the great info! Hopefully I can meet you all soon!
New York, NY · Member since 2015 · 173 posts · 33 votes
11y
Hello all and yes there is a Real Estate Club Meeting in Long Island actually. I do not run it but there is one every month .... Reach out to me and I will give you the contact information.... Also even though I am from the city I attend both REI Clubs..... I love it out there in the island
Long Beach, NY · Member since 2015 · 1 post · 3 votes
11y
Hey everyone,
Plenty of opportunity on this Island to flip houses. My partner and I just finished up a flip in Medford. Purchased REO at $159,000, Rehab cost was $60,000, sold for $272,000 in just a few weeks. We did all of the work ourselves (only subbed out the windows and reverse gable extension) and was able to keep rehab costs down that way. We're currently still on the look out for flips while working to acquire rental properties out of state. Would be interested in a meetup if anything is happening in the future. Good luck everyone!
Plenty of opportunity on this Island to flip houses. My partner and I just finished up a flip in Medford. Purchased REO at $159,000, Rehab cost was $60,000, sold for $272,000 in just a few weeks. We did all of the work ourselves (only subbed out the windows and reverse gable extension) and was able to keep rehab costs down that way. We're currently still on the look out for flips while working to acquire rental properties out of state. Would be interested in a meetup if anything is happening in the future. Good luck everyone!
Long Island, NY · Member since 2015 · 138 posts · 20 votes
10y
Greetings to all,
@Mike Garofalo since posting in this thread over a year ago, have you had any success in REI on the Island? Are you, @Yosi Lecce or any other investors in this thread, interested in joining a buyers list and sharing what you are looking for? Let's keep in touch and build some solid working relationships/networks. It is always a pleasure connecting with other fellow Long Islanders. Best to all.
I sent colleague requests to you guys and the system thought I was spamming as I added you. I wanted to work on getting a meetup with all of us, maybe coffee somewhere. I live in Nesconset. When I don't reply to your messages cause mine are currently locked I wanted to make sure you know I wasn't just ignoring you guys.
I was buy and hold in Hawaii for a number of years and still have some stuff there. Long story short I found myself here on Long Island and am finishing up my RE License and am starting to network now. I'd like to get back into the market for possibly rehabs. From what I understand buy and hold here is next to impossible cause of astronomical taxes. @Joshua D. and @brandon turner (who has apparently disallowed people to tag him in posts) and many of the guys I've heard in the BP Podcasts would guffaw as there is no way (that I've seen) you can be anywhere close to 50% rule here. Once you get into commercial, maybe 50 units, you could but those, here, are millions to get into. Some of the agents I've spoken to here swear by flips and even the investors I've spoken to swear by the MLS here. Apparently Suffolk county doesn't sell their list of tax delinquencies. They go to auction I think after 3 years?
Contractor · Glen Cove, NY · Member since 2016 · 209 posts · 89 votes
9y
Hello Anthony. A good place to start is actually by taking a "crash course" for real estate license. You do not have to actually become a real estate salesman to take the course. you may want to actually take the State test and have the license held at the State in case you decide to follow that career path. At lease you will obtain an economical way of navigating MLS. I only flip single family and purchase handyman specials for rehab. I have 40 years construction background so I act as the project manager and can do line item estimation and purchasing of labor and material. I utilize sub contractors for the labor and develop work flow schedule so all the subs are working properly without it becoming a circus on the site. If you want to join in and have investment capital. Perhaps I can help. I am in Glen Cove. Best, Sid