Investor · Astoria Queens, NY · Member since 2016 · 41 posts · 12 votes
What you guys think of investing in a fix and flip home in kingsessing area by the railtracks? I am a newbie in fix/flip and this will be my first deal.
Thanks @Account Closed stated, it’s important to make sure you pick an active block wth lots of rehab going on. If you need help analyzing a deal- give me a call
Investor · Astoria Queens, NY · Member since 2016 · 41 posts · 12 votes
8y
Just to give a better clarity on this property's situation. This was bought by someone at an auction already from a tax sale for 13k in Jan of '18, who turned around and put it on market for 40k. Now, since this is a tax sale, and 9 months yet to pass since the deed was given to him, I suppose there is still some risk of right to redemption. I might as well wait for 9 months to pass before I offer, otherwise I may loose whatever additional I pay above the amount he bought it for? My aim to offer much less than asking.
The block this property is in, has quite a few boarded up townhomes. Unsure if that says the block is no good?? Wanna hear your thoughts.
Rental Property Investor · Mount Vernon, NY · Member since 2016 · 89 posts · 125 votes
8y
Hi @Ankan Basak, the right of redemption would only apply if the property was owned occupied 90 days prior to the tax sale. If it's a complete gut job it's unlikely the owner was living there.
Have you personally visited the block? As mentioned before, the area is very block by block. If the home isn't located on a block where active rehabs are occurring it may skew your ARV especially since there's blight in the immediate area, however, who's to say that you won't start a trend? Maybe after you purchase and start rehabbing, someone will follow suit. That's part of the risk you take.