Long Island

14 Replies

Hello I was looking for a hard money loan in Long Island New York. The deal asking price $160000 6 bed 2 bath. Bank owned and boarded up so probably needs a lot of work. A home two blocks away sold for$340000 4 bed 2 bath. In December . Another home sold for $275000 3 bed 1 bath. I haven't looked at the home yet. Any thoughts out there. This would be my first fix and flip.

Hi Pat

I am also very new to this game. I recently went to my first REI meeting. i made contact with Susan Musto from Jordan Capital. ([email protected]) I only meet her once, have not user the service...just passing along the contact info. I will say they are pricey ( that's why they call it hard money) and you would need to have skin in the game. Typically 20%

Good Luck

Originally posted by @John G. :

Hi Pat

I am also very new to this game. I recently went to my first REI meeting. i made contact with Susan Musto from Jordan Capital. ([email protected]) I only meet her once, have not user the service...just passing along the contact info. I will say they are pricey ( that's why they call it hard money) and you would need to have skin in the game. Typically 20%

Good Luck

 Thanks for the contact John. I work in the Long Island area and I am trying to get a list of decent hard money lenders. I will be in contact with Susan Musto.

This post has been removed.

Hello Patrick, I'm new to the website, curious to what did you end up doing on the 6 bedroom deal you were looking to buy? Money should start to flow out of the stock market and into the real estate market. Stock market is very risky these days and many believe getting worse so those are some good targets to shoot for to help finance your real estate investments. You can also wholesale to other investors if financing it is at issue. Depending on where your deals are, I maybe interested. Good Luck to you. Regards John

@Patrick Donohue - Is there a market for a 6 bedroom in that neighborhood? What is the square footage of the house?

Update on that property. It was sold the next week (to someone else).i have yet to drive by and see the progress. The market is  4-6 bedroom sfr or 2 fam residences. 6 bedroom may be 3 over 3  and may have been with holding?It would be my first fix and flip so I hesitated on making an offer without money. Thanks for the contact and the interest . 

@Patrick Donohue Hello Patrick,

How has your progress been since you started a few months ago? What areas of Long Island are you desiring to invest? I too am a new investor and LI can be challenging but still doable. Maybe we can build a working relationship. All the best to you. And welcome to BP and investing!

@John M Pierro what are your areas of interest on Long Island? 

Best to all!

hello I am looking into real estate investments on long island. right now I'm looking to build my knowledge and network with experienced investors. I'm looking into buy and hold, fix and flip (brrrr) and also wholesaling. I'm interested in talking with anyone and looking to learn as much as possible to benefit my future.

What REI strategies (flip, buy and hold, etc) is profitable here on Long Island? With the numbers I have run on buy and hold in Huntington it isn't profitable month the month because of property cost and taxes. What have other people found are successful strategies for Long Island?

How is everyone doing in Long Island in regard to finding deals?

Deals are hard to find because they go so quickly but they are out there. I agree with the cost of high taxes it's hard to make a profit but not impossible. I look for house under 7k in taxes in the better neighborhoods but have found they go super quick and most want asking price. I'm currently looking for my next deal but nothing yet, just a few offers out there. It's a waiting game really. I put in an offer $92k (asking is $159k) but it has foundation problems, they counter $158, I rejected n the next day I see they dropped the price $144 so I submitted my offer again. Same numbers. Let's see what happens. Since I'm an agent I just submit my own offers so I don't have to explain my 'low ball offers'

Originally posted by @Maria Marrero :

Deals are hard to find because they go so quickly but they are out there. I agree with the cost of high taxes it's hard to make a profit but not impossible. I look for house under 7k in taxes in the better neighborhoods but have found they go super quick and most want asking price. I'm currently looking for my next deal but nothing yet, just a few offers out there. It's a waiting game really. I put in an offer $92k (asking is $159k) but it has foundation problems, they counter $158, I rejected n the next day I see they dropped the price $144 so I submitted my offer again. Same numbers. Let's see what happens. Since I'm an agent I just submit my own offers so I don't have to explain my 'low ball offers'

Originally posted by @Maria Marrero :

Deals are hard to find because they go so quickly but they are out there. I agree with the cost of high taxes it's hard to make a profit but not impossible. I look for house under 7k in taxes in the better neighborhoods but have found they go super quick and most want asking price. I'm currently looking for my next deal but nothing yet, just a few offers out there. It's a waiting game really. I put in an offer $92k (asking is $159k) but it has foundation problems, they counter $158, I rejected n the next day I see they dropped the price $144 so I submitted my offer again. Same numbers. Let's see what happens. Since I'm an agent I just submit my own offers so I don't have to explain my 'low ball offers'

Hi Maria,

What was the outcome of that offer? Did it work out for you?

Join the Largest Real Estate Investing Community

Basic membership is free, forever.