Hi, I’m new to the community and looking for my first flip. I do not intend to buy and hold as I think at this point in life I’m not looking for the security of passive income as I’m more interested in learning the “game” both good and bad and not having my funds tied. I’m located in the NYC area, but unfortunately, I do not think I will able to find any deals in my city because of rampant real estate prices. I’m looking for any properties in NY, NJ, Philadelphia areas. My budget is about $50k on acquisition of the property and about $100K to rehab the property. I’m looking for all ANY advice on how to proceed with my first flip, such as auctions or people or places in general I can acquire the first property. Thanks in advance.
Welcome to BP!
No idea about NY and NJ. But for Philadelphia, $150k in total budget seems low. Consider talking to someone like @Joe White that knows the market well to see if it is realistic.
In NY, the only area that I've looked at in the pass in Binghamton and the surrounding areas. That budget is probably do-able there but you'll have to find the right deal.
Disclaimer: While I’m an attorney licensed to practice in PA, I’m not your attorney. What I wrote above does not create an attorney/client relationship between us. I wrote the above for informational purposes. Do not rely on it as legal advice. Always consult with your attorney before you rely on the above information.
To be honest, your numbers are closer to doing new construction. $43k for a lot is tough to get in a good enough neighborhood; but it is possible. Probably better in the $60-70k range and lenders are often comfortable with new construction, especially with the right builder.
That might be something for you to consider.
@Chris K. is right, your budget would ABSOLUTELY work in Binghamton. Please let me know if you'd like to check things out here!
Hi Remmoy! Be very careful if you're going to invest in the Binghamton area. The neighborhoods change by the block, so what might look like a great deal is actually in an area that no one local would ever want to rent.
I grew up in the Binghamton area, and am working on building a duplex myself in the area. Feel free to send me a message!
Thanks for posting @Remmoy Hewling . Let me know if you're interested in Binghamton, NY. I have a few wholesale deals available now - but if your aim is to flip, to @Account Closed 's point - the neighborhood is THE most important thing. I'm currently flipping two houses, one on Binghamton's south side and another just north of the city limits. I can probably help you find a few good off market deals.
How do I go about finding auctions in my area.
I am in the hottest market in the country right now, Atlanta, Ga. If you are interested in a Joint Venture, reach out to me and lets have a conversation about how to energize our base.
The hottest areas right now is in different parts of Atlanta, Ga, Reach out to me and lets get something started