anyone rehab a SANDY damaged WATERFRONT home in Long island???? freeport massapequa etc...

8 Replies

SOOO... I was browsing the web looking for different deals and yada yada yada i see this advertisement for a 2 day special auction where 150 sandy damaged homes and lots will be auctioned and 24 with water views and 70 with actuall water frontage bulkhead etc... 

the cheaper ones had pre storm values 220k-550k and starting bid under 100k but not on the water

the waterfront homes with that start under 100k are all scheduled for demolition HOWEVER there are a few starting 110k-240k with pre storm values of 450k- 1.2million...

So they had the brochure for free on the line but make you purchase a information package with all the due diligence from title reports to sales agreement for the properties...

So personally i will not consider a property scheduled for demolition..... Is it possible to get a good deal and be able to rehab the house and get proper insurance or will i be forced to rebuild anything i get thats on the water??????? 

i like being in the NE in the summer AZ gets a bit to hot for me and last summer i almost bought a boat until i found out how much it cost to keep it in the water and than pull it out and store it over the winter.... So yea thats why i really want to go to this auction i have no experience with water/ storm damage i just want a place to keep a boat...

What are some best case and worst case senarios the pictures of most houses with the open houses have dry wall cut out about halfway up the wall and most floors ripped out except for some plywood etc.... the ones with no open house have been deemed unsafe for entry by the State of NY so they obviously need more repairs than i am willing to do....

Thankyou all in advanced

Some of the homes are not that bad...I live on long Island(North Babylon) and I seen some of the houses myself. Sure you do have ones that are horrible and deemed unsafe but there are some that are somewhat inland that are great deals (Nassau county especially) . You'll have to evaluate the damage it's done in the surrounding area as well. I can tell you for sure that some of these houses only suffered light water damage and that's it...you'll definitely find some great deals if you look hard enough. Good luck.

thank you @Mardochee Pierre  very much although i do plan to flip it for a profit i would like to live there a year or two and make it a vacation rental when I'm not there and really don't want an inland house although i do notice a majority of the waterfront homes are actually just on a canal and there is the whole hones beech long beech rockaways etc... acting as a wall in my opinion.....

mainly could you perhaps recommend an experienced inspector that could assist me when i visit the open house... they do provide all sorts of inspections and property information but i just don't trust them after all the whole thing is organized by some 3rd party company making a profit off the 6% commission at the auction so obviously they could be less than truthful... also any information from the state which owns the homes at this point i really wouldn't trust because i know the state can say one thing and than a local town official could come around and say oh no no you need to teat that house down etc...

I can give you all the information you need  I have a person I can hook you up with in terms of inspection. Just give me till tomorrow morning. I'm close to the shore and I know a lot of these towns. Make sure though if you do chose a town in Long Island that you check with the town, village and county.  Like for me I live in North Babylon and I would check with the town of Babylon. If you need any other help besides finding an inspector let me know.

thx for all the info i plan to start doing the drive bys next weekend for now i am looking on GPSat the different areas that the homes are available I'm thinking massapequa because its not to far out from the city and i see a lot of big boats out there so i basically for now because since I'm not to familiar with real estate on long island I'm looking to see which houses have the biggest boats in the back because I'm thinking the more big boats the more rich people and possibly the demand will be higher when i do decide to flip the house... i guess ill pick my houses first and than look into the municipalities that they are located in because i plan to have a list of 5 or 6 homes that i WOULD BUY but just buy the one that is at the best bid because i don't want to do all the homework and get into a biding war over one house so i plan on having a range of options so i don't overpay or walk away empty handed

I would do a simple search for the mediun houshold income in these towns by zipcode as well cause some vary greatly.

You certainly have to talk the local permitting office.  Many homes have to be raised, brought to current codes if work exceeds a certain percent of value (which could include raising, etc.).  Locals know the market, and usually the requirements....so if you outbid them,  it may be because they know something that you don't.

I will definitely do my homework before i buy but part of me is really hoping that less than 40 people will show up and i can get a real good deal although i am still not sure of my budget and will not possibly be sure until the benign of may after the open house dates but before the auction....

anyone else planing on attending the date is may 19th and 20th at a hotel i think the open houses pictures and information is all available online on the website for paramount realty usa which is prusa.com and there are links all over the home page....

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