Im 27 years old and looking to purchase and flip a home in Long Island with a purchase price of under $350,000. I have the cash and my father and I flipped a house In hempstead a few years ago. Im trying to get back into it and would like advise on where to look for properties etc. Is there a website with REO/foreclosed houses?
Also I see on auction houses most of the houses listed are occupied. How much of a headache is it to get the existing people living in there out? Thanks in advance
Real Estate Consultant · Cleveland · Member since 2020 · 6k+ posts · 3k+ votes
5y
@Neeraj Walia I lived in LI all my life, 53 years, moved to FL two years ago. I did a lot of biz in LI , stopped about 15 years ago, not worth it . All in 300k ++ maybe make 6- 7% per year, terrible . I have been working in the Cleveland markets for the last 10 years, much better then LI
I know a seller in Freeport with a 3/1 it has a section 8 tenant in it the seller and I were in negotiations but they wanted more than my offer with my fee .
Real Estate Consultant · Cleveland · Member since 2020 · 6k+ posts · 3k+ votes
5y
@Neeraj Walia I lived in LI all my life, 53 years, moved to FL two years ago. I did a lot of biz in LI , stopped about 15 years ago, not worth it . All in 300k ++ maybe make 6- 7% per year, terrible . I have been working in the Cleveland markets for the last 10 years, much better then LI
Real Estate Consultant · Cleveland · Member since 2020 · 6k+ posts · 3k+ votes
5y
@Neeraj Walia not true , All are hands off, I have never " swung a hammer " simple, have a team there. People from around the world invest in the cleveland markets.. Its all about knowledge and your team.
Rental Property Investor · Amityville, NY · Member since 2018 · 351 posts · 441 votes
5y
The market here is extremely tough and challenging. Unless you are sourcing your own deals it will be very difficult to find opportunities that have even a low return. I have yet to meet a wholesaler on LI that leaves any meat on the bone. Most off market properties are sold at near market value needing lots of repairs and maintenance making the numbers not work.
Don't forget you are competing against homeowners who are willing to spend more just to have a place to live. Home improvement industry is very busy too and prices on labor and materials are through the roof.
we may also be at the top of the market and if you can't get a flip done quickly you can be caught holding the bag as prices decline.
@Neeraj Walia not true , All are hands off, I have never " swung a hammer " simple, have a team there. People from around the world invest in the cleveland markets.. Its all about knowledge and your team.
Hey Bob, would you be open to discussing more about how you execute your plan? I have been looking in out of state markets because they are cheaper than Long Island, but I am finding that these neighborhoods are not the best areas to live. I have done all my research on the locations, but the only properties for sale on the MLS are in the bad parts of town.
Real Estate Consultant · Cleveland · Member since 2020 · 6k+ posts · 3k+ votes
5y
@Matthew Cohen you cannot possibly know where to invest from looking on your computer.. How did we execute, again very simple. we have a team there. I have done 100s and 100s and 100s of sales/flips there without ever " swinging a hammer " Again its all about your team and knowledge