Flipping in Long Island!
I’m curious if anyone as suggestions for flipping houses in Long Island. With the high cost of land and the high cost of construction, I can’t seem to make the numbers work.
have you tried going to auctions ?
@Monique Jeffries
Thank your feedback Monique. What’s the best way to find auctions. Me and my wife are ready and just got in the position to go to them.
It works, but it’s just very very competitive.
Also on your first flip, these days, it’s hard to make good money. Once you are doing a bunch a year your costs come down. You buy materials in bulk, you get extra discounts, you bring labor in house; etc. My costs to renovate a whole house compared to yours will probably be anywhere from 10-50% cheaper.
Sourcing is still hard for all of us on LI. To give you some perspective, I’ll look at 300-400 houses/year (not all in depth) to win 10.
@Syed H.
Thank you so much for the feedback. I can see the cost of coming down significantly when dealing with vendors and subs.
@Syed H.
Do you do 1031 ‘s on your flips? What do you think of them?
Originally posted by @Dennis Brooks:
@Syed H.
Do you do 1031 ‘s on your flips? What do you think of them?
No, you can’t do 1031s on flips.
@Syed H.
Ok thank you Syed for your info!