All Forum Posts by: Ben Wagner
Ben Wagner has started 3 posts and replied 32 times.
Post: Contracts for wholesaling
- Flipper/Rehabber
- Long Island, NY
- Posts 37
- Votes 20
Quote from @Xavian Hughes:
just curious it the property is fsbo and the sellers do not mind if you bring the contract what kind would you use to wholesale
Talk to your attorney. The seller will still need an attorney of their own even if it is fsbo.
Post: Contracts for wholesaling
- Flipper/Rehabber
- Long Island, NY
- Posts 37
- Votes 20
Post: Contracts for wholesaling
- Flipper/Rehabber
- Long Island, NY
- Posts 37
- Votes 20
In downstate NY the seller's attorney is the one who prepares the contract and sends it to your attorney. You aren't giving your own contract to the seller to sign, so nothing to worry about here.
Post: Can’t find any wholesalers on Long Island
- Flipper/Rehabber
- Long Island, NY
- Posts 37
- Votes 20
Quote from @Joey Ramos:
@Sarah Esposito
Hi Sarah, I’m currently flipping a house at the moment, but wondering if you have any wholesale deals at the moment?
Post: Long Island New York meet up
- Flipper/Rehabber
- Long Island, NY
- Posts 37
- Votes 20
@David Hyman we recently started this group - will be scheduling the next meetup in the coming days
Post: Understanding opportunities for expanding doors
- Flipper/Rehabber
- Long Island, NY
- Posts 37
- Votes 20
Quote from @Suzanne Player:
Long Island & NYC in general are not easy when it comes to expanding & adding more units, sometimes they could be a bit more flexible
I'll echo this comment in particular. Even simple adding bedrooms in many towns (particularly ones with septic) can be a major pain requiring dept of health approval.
Post: Worth it equity improvement opportunities
- Flipper/Rehabber
- Long Island, NY
- Posts 37
- Votes 20
Quote from @Duane Ward:
Quote from @Ben Wagner:
For a BRRRR to work in high-priced Long-Island/NYC you are going to need to make significant improvements to boost the value by $100k+ more than your investment to get your cash back out. I think the best opportunity to do this will be to buy a distressed property at a good discount and then perform a full rehab.
On Long Island/NYC there are very limited areas where you can get a property to cash flow well due to high property costs and high taxes (on LI). Investors in NYC often buy at very low cap rates that I'd never want to entertain. For these reasons, you are going to be hard-pressed to buy off MLS and find a deal that is good enough to BRRRR. Around 4+ years ago we used to buy off the MLS but it's gotten very tough and we have since shifted to 100% off-market acquisitions.
Post: Understanding opportunities for expanding doors
- Flipper/Rehabber
- Long Island, NY
- Posts 37
- Votes 20
Quote from @Duane Ward:
Quote from @Ben Wagner:
You'll need to check with the building department. Most likely a variance will be required and you'll have to submit plans.
You'll want to look if there are other similar properties in the area that resemble what you are trying to create - that would be a good indication of whether what you are looking to do will be possible. If you look in that neighborhood and you don't see any similar 3 plexes in similar structures, you are going to have a real rough time getting any traction. Just because a property is large enough to do what you want, doesn't mean you have a prayer of converting it to anything that will fit.
Post: I found a BRRRR, need help with an offer!
- Flipper/Rehabber
- Long Island, NY
- Posts 37
- Votes 20
Don't get too attached to any one property. Make an offer and move on to the next one if they don't accept. As other mentioned, the neighbor likely bought the house off market if they got it for such a great price.
Post: Worth it equity improvement opportunities
- Flipper/Rehabber
- Long Island, NY
- Posts 37
- Votes 20
For a BRRRR to work in high-priced Long-Island/NYC you are going to need to make significant improvements to boost the value by $100k+ more than your investment to get your cash back out. I think the best opportunity to do this will be to buy a distressed property at a good discount and then perform a full rehab.