Holtsville, NY · Member since 2016 · 5 posts · 1 vote
I'm currently looking for my primary residence and possible investment properties with a partner. once your interested in a zombie house what do you look for at the town hall and why, which department is it found. For instance liens, owners info, certificates of occupancy, permits, past code violations etc. Basically trying to learn due diligence more to build our own deals and further a future rewarding side career in real estate. Together we have enough funds to purchase a home cash and thinking about acquiring rehab money through a hard money lender by giving first lien position to protect them and hopefully receive a better rate. Have a LLC set up and have been hitting the streets and learning as much as possible for about a year. Still having problems with the small behind the scenes details
Patchogue, NY · Member since 2013 · 10 posts · 2 votes
10y
I am in Patchogue. Great area getting better! I recently launched a marketing campaign in the area for wholesaling properties. Got a few hits, but nothing of consequence. Figure its a good idea to hit a hot area. Buy and hold is a good option if you have the capital. I was actually looking for someone to work with in the area. Concerning the schools...there is a relatively new superintendent that seems to be doing the right thing to turn the district around.
Accountant · Selden, NY · Member since 2014 · 28 posts · 17 votes
10y
Hey Joe, I purchased my first rehab house (all cash) last summer in Center Moriches. I currently own and live in a Co-op in Selden. Since its my first one, I'm doing most of the work myself, but it's coming along beautifully. Most of the people I talk to in the area have interest in real estate but no real equity or experience. For future projects I would love to possibly partner up with someone who would have at least a little skin in the game, but who knows. If you want to look up title and liens on a house, it's all done in Riverhead. It's a bit confusing at first but it's all done by computer and you have to do it yourself.
Holtsville, NY · Member since 2016 · 5 posts · 1 vote
10y
hey @David Shulski, I actually grew up in coram and looking at a REO in nostrand ave in selden. Seen some big investors out front that I've seen before so it may slip through my fingers. Yes I've run into same issues, would love to hook up with a seasoned investor and work to learn not earn. LIREIA with melissa shea as president has been pretty good, I would recommend that. She is very knowledgeable although busy understandably. Ive seen some large homes out in Center Moriches for good deals but i don't really know the area personally. My business partner and I are chomping at the bit to purchase a house but time lately has been limited, this is my busy season starting and Dennis is a linemen for PSAG and works 60+ hours. Financially its great but terrible for starting another career lol. Have to admit in the last 10 months we've done pretty good as for networking, building a team, putting necessary things in place, ongoing education etc. Just feels like we started a little to late and missed a huge opportunity with all these distressed properties at deep discounts, record low interest rates etc. Now were speeding, looking to fill in the gaps. Do you use any good online data searches for house info? Do you do any direct mail?
Accountant · Selden, NY · Member since 2014 · 28 posts · 17 votes
10y
My brother knows Melissa's husband pretty well. I've been to the REIA meetings, and they were informative, but I wasn't really able to find anyone in a good position to work with. All be it, I've only attended around 3 meetings. My brother is working with me on this house, but he has no equity in it. I purchased this place through a short sale. It took 6 months to close, but the price was right so I was willing to wait considering it is my first one. It was a 3/1 which I'm converting to a 3/2. I picked it up for 170 and all said and done, the repairs will be around 75 which is a complete overhaul. The cheapest 3/2 listed in Center Moriches right now is 280 and it's dated. I'm definitely going to start direct mail after this one. You can also attend auctions at town hall in Farmingville as well. If you walk into the building, on the right hand side they usually have all of the upcoming auctions posted on the wall. They also list some of the upcoming auctions on auction dot com. There is a bit of work involved on these. Title is not guaranteed to be clean, so you do have to do your own lien searches and they cancel a lot of the auctions last minute which becomes frustrating after you put the time into doing your searches.
Center Moriches, NY · Member since 2016 · 4 posts · 0 votes
10y
Have you looked in other areas, such as Patchogue. There are a couple of homes in the area that need work, I was wondering if you have looked into any of those.
Holtsville, NY · Member since 2016 · 5 posts · 1 vote
10y
hey guys sorry this is my busy season so putting in serious hours. Yes @David Shulski auctions are annoying. Ive been to 6 and only 2 actually happen, rest I guess were canceled. Would you recommend any online services for due diligence to see info on auction houses. Id like to get into them but would rather piggy back with current investor to learn ropes and add value either through funding deal and/ or leg work. Basically now I'm putting in foil requests and waiting few weeks for info, liens from river head etc @Jack Hatton I know patchogue, its a good buy and hold area for LI which is basically non existent for cash flow. They have a lot of legal multi families where you don't have to live there. Good area to house hack, as in get in cheap as primary residence under FHA or fannie then jump ship after year+ into full rental. They have been dumping a lot of $ into main street and village but be careful once you leave strip areas get little ****** BUT can find deals that cash-flow especially if you don't mind programs and maybe future appreciation as long as area keeps on becoming more trendy. Heres a little inside info for you. Its not 100% but comes from credible source, Budweiser is looking to buy Briarcliff building and turn into huge blue point brewer/ restaurant which would add a lot more jobs and attractions which may give area serious bump
Center Moriches, NY · Member since 2016 · 4 posts · 0 votes
10y
I was looking into the multi family's that need a decent bit of work and live in it for a while and after a year or so Refinance and buy another property such as the BRRR stratagey. Still looking around won't get serious until the fall when I'll have a good down payment. Seems to be a hot area after talking with some realators.
Patchogue, NY · Member since 2013 · 10 posts · 2 votes
10y
I am in Patchogue. Great area getting better! I recently launched a marketing campaign in the area for wholesaling properties. Got a few hits, but nothing of consequence. Figure its a good idea to hit a hot area. Buy and hold is a good option if you have the capital. I was actually looking for someone to work with in the area. Concerning the schools...there is a relatively new superintendent that seems to be doing the right thing to turn the district around.
Rental Property Investor · Long Island, NY · Member since 2015 · 6 posts · 0 votes
9y
Francis - couldn't have said it any better in regards to the schools. Many of the Sachem residents (that are teachers in Pat-Med) have been moving to the Patchogue-Medford area because They are not too happy with the Sachem school district any longer.