Electrician for Con Edison · Wantagh, NY · Member since 2015 · 8 posts · 2 votes
hello I am new to investing in real estate and am wanting to buy a house to rent. I live on long islands and I have been look for a house for about 4 months now. With the high taxes and home prices in nicer Neighbor it's hard to find a house I can make alittle cash flow on. If anyone has any ideas or can help me out that would be greatly appreciated. I was looking in to key turns out of state but am still not to sure about them and with like to stay local. Thanks for your time.
Hi @Thomas Manningwelcome to BP. My BF works for ConEd in gas. We are practically family!!!!
Anyway....I own a house in Long Beach that just barely beaks even. I bought it from an emotional standpoint because I LOVE LB!!. However, with that being said, I would not do it again simply because the numbers are not right.
First and foremost, use the Rental Property Calculator in the Tools tab to see if the price is right on a property that you are looking at. You can only pull 5 reports as a basic member but if you decide to upgrade to PRO, you can pull unlimited reports. Listen to the BP webinars hosted by BP's own Josh Dorkin and he will give you a step by step guide on how to use the calculator.
Professionals say that you make your money when you buy. So get to know the prices in the area that you are looking at and run those numbers comparing the local rents.
Good luck and don't hesitate to reach out if you have any questions.