Hello and first post from TotalNewbie from LI, NY
Hey everyone, I *finally* got a chance to post here after registering a couple of weeks ago. It`s a beautiful snow-stormy morning here on LI -
beautiful because I get the day off from work with pay :D
I`m in a 100% totally unrelated(to RE) line of work, but have always been
the entrepeneurial sort at heart. I used flip used cars from home, back in the day, and did real well at it, but present-day location, circumstances and other considerations are not conducive to that sort of thing.
I`ve been reading up on, and gaining an interest in RE investing the past
year or so. I don`t have a lot of money to play around with, and am a
complete greenhorn at almost every aspect of RE, but decided to get my toes wet and see if I could dust off my long-unused talent for picking winners and profitable money-makers, as well as my negotiation and sales skills, and take them to the next level, and applying them to RE.
To that end, I made a small start to test out these unfamiliar waters, and bought a small, buildable, river-view lot (w/all utlities at lot)last month, for the price of a cheap used car. No POA/HOA fess, taxes are about $18
a year. I got it at about 50% of assessed value, so I figure I can`t go wrong, even if all I wind up doing is buy-and-hold for now. There are far worse things I could`ve spent my Federal Tax refund on :wink:
Anyway,...I`ll certainly have a ton of questions to ask, will be needing advice and guidance, and seeking input and opinions as I embark on this new adventure - one that will certainly be a learning experience, but hopefully, not one fraught with peril, since I won`t feel like I`m going it alone, not with a great resource like BiggerPockets!
Paul
Paul,
Welcome.
Your prior deal making experiences will be a big benefit to REI.
Good luck. Post any questions you have in the appropriate forum as there will be someone who can help with advice.
Thank you, John. And a big thank you to Joshua (biggerpo) for creating this great resource. :D
Welcome to the site, Paul and thanks for your appreciation! I'm a native Long Islander, so it is always nice having other locals on board! Please feel free to jump on in the conversations happening on site, and if you have any questions that you can't find answers for, don't hesitate to ask!
I look forward to having you on board!
Welcome Paul, Bigger Pockets will definitely be an excellent resource for advice and guidance. Congratulations for choosing real estate investing as a means to reach your financial goals.
Welcome to the Forums. I’m a former Long Islander as well. I’ve been in Las Vegas for 5 years.
Originally posted by "biggerpo":
I'm a native Long Islander, so it is always nice having other locals on board!
Josh, I didn’t know you were from LI as well, what part?
8)
Originally posted by "cbear":
Welcome Paul, Bigger Pockets will definitely be an excellent resource for advice and guidance. Congratulations for choosing real estate investing as a means to reach your financial goals.
Thanks, cbear. I missed the boat here many years ago. I was ready to
buy a brand new home here on LI waaaaay back when I was only 19, the mortage payments would`ve been only $180 a month, and the-then price of the home (Shelter Technology`s top-of-the-line model) was $28,990
including land, with a choice of basement or garage, and would`ve been
not only completely paid off by now, but would now be worth approx 10X the original purchase price, even in the present down market. Granted, the neighborhood wasn`t great(Mastic/Shirley area), but I would`ve been
waaay ahead of the game. My mother talked me out of it. Worst piece of parental advice in human history! 30 years later, I`m still renting :cry:
In the interum, 2 other memorable opportunities came up that I missed out on simply by not being the *first* to jump on it. (This was long before the internet-age, when newspapers such as Newsday were the major source of RE opportunities).
1)A mint little cottage in Selden, 1 block north of Jericho Tpk, with a nice young couple already renting as tenants. Full price for the house was $20,000, owner would hold mortage with $5,000 down. I immediately put a binder down on the property, but was the 2nd binder. The first wound up getting it.
2)An irregular-shaped, unbuildable parcel of waterfront property directly on Reynold`s Channel on the south shore of Nassau County, that had 4
40' boat slips w/water and electric. Full price? $10,000. I had called the owner the same morning the ad in Newsday came out, but someone else
had jumped on it and put a deposit down on the property even before the ink had dried on the ad.
Here on LI, RE is very, VERY expensive and(IMHO), overpriced. Property taxes are sky-high, as are the utility rates, so for someone without a lot of cash, investment opportunities are very limited here. I long ago gave up on LI, and have been focusing my efforts out-of-state, in low-tax, affordable areas, with low barriers-to-entry to get in on The Game.
Originally posted by "Rehab702":
Welcome to the Forums. I’m a former Long Islander as well. I’ve been in Las Vegas for 5 years.Originally posted by "biggerpo":
I'm a native Long Islander, so it is always nice having other locals on board!Josh, I didn’t know you were from LI as well, what part?
8)
I`m curious as well :wink: I`ve lived in N. Babylon, Nesconset, Selden,
Westbury, E.Northport, Middle Island, E.Setauket, Rocky Point and then back to East Setauket. Before that, Ridgewood Brooklyn/Queens. Before that, an island off the coast of Germany.
Wow Paul! Sounds like you've been everywhere and then-some on the Island. Why so much moving around?
Originally posted by "biggerpo":Other than the first 4 places(growing up and living with my parents as they moved up the economic ladder), the reasons for the rest can be summed up in 3 words: I`m a renter :cry:
Wow Paul! Sounds like you've been everywhere and then-some on the Island. Why so much moving around?
Originally posted by "TotalNewbie":
the reasons for the rest can be summed up in 3 words: I`m a renter :cry:
Checking a few places out before settling down? Good to look around :crazed:
Checking a few places out before settling down? Good to look around :crazed:Yeah,...THAT`S it!! :wink: I`ve just been "test-driving" various communities to see which one I like best :mrgreen: