New flipping hopeful in New York

12 Replies

Hi all,

I'm 28 and a law school grad. I've been working temp law jobs, mostly in real estate, for the past 2 years, but for the last 10 years, I've been interested in flipping houses. Well, despite having a wife and child, I'm seriously considering giving it a go now. I've got enough home improvement/construction experience to be able to do most of a flip, and I know enough to know when I don't know enough and will have to hire an expert.

I'm looking forward to getting more involved in the community, and to learning a lot from this great site!

Best wishes,

Scott

@Scott Schreiber Welcome to the BP community. Congratulations on your first step towards your goals!

There is lots of great information on this site, just spend some time here, it's well worth it.

Looking forward to your success!

Happy investing!

Hi all, thank you for your warm welcome!

@Xavier Navas , I'm looking right now generally at Westchester, and more specifically at New Rochelle and White Plains. I'd be interested in Scarsdale, but the initial investment would likely be too high for me.

Again, thank you for the welcomes, I will be spending a lot of time on the site checking out podcasts, the Education section, etc.

Welcome! The westchester market is very hot right now- I've seen a number of properties and before I even run the numbers they are in contract. Be aggressive but make sure the numbers make sense. Keep in mind a lot of older homes here in westchester with outdated plumbing and electrical work and plaster walls. Best of luck!

@Sal Mazzone, what methods do you generally use to look for properties? I've been scourging certain sites. There's one property I'm seriously considering, but my main concern is that it's been on the market for over a year. Granted, it's dropped by about 50% over that year in asking price, including a drop of $75k over the past two months. My concern is, if it's a good investment, why hasn't it sold yet? 

I primarily use the MLS. My RE Broker has me on automated emails to alert me of properties that match my criteria (i.e. MF homes < 350k, etc). I get an email if a new property is listed, or even when a property changes the listing price. This platform also allows me to do my own search with the MLS if I want to look at SF homes, or condos, etc.

In regard to the property you mentioned, my suggestion is to call up an agent if you don't already have one and go see for yourself.  You could even drive by before they schedule a showing.  It could be in terrible shape and no investor wants to deal with it, or the location is terrible, etc.  But the best thing to do is find out for yourself.

I'm getting a bit frustrated with listed properties and am going to start looking into direct mailing and wholesalers, but I'll still be watching the MLS closely.

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