All Forum Posts by: Dylan Boesch

go to town hall. find the bulletin board where they post upcoming auctions (mandated by law) and sift through the unorganized postings and find addresses in the neighborhoods you are looking for -you can see which attorney is representing the auction. give them a call and they will tell you the date and time the auction is scheduled for.

Or skip the trip to the bulletin board and go to:

auction.com

foreclosure.com

they tell you the debt collector too and the date and location of the auction. Call ahead before going to auctions, they can be cancelled or postponed up until the moment they are supposed to start

OR just go to an auction and ask the people bidding how they find the homes they are looking for

no you should absolutely still consider it, there are thousands of homes being rented on long island, they cant all be making bad deals -

there are a ton of income metrics and ratios to use to determine a good or bad deal - if you are holding the property you are likely going to finance it, so Cash on cash return is a good metric to use.

$400k x %20 = $80k down payment to close (ignoring closing costs and repairs) 

Now its up to you to figure out the expenses of the deal, including your mortgage payments. lets say if you are renting for $3000/ month, its not unreasonable to assume you could take home $1k per month after expenses (I am simplifying dramatically for time's sake).

$12k gross for the year on a $80k investment = %15 cash on cash in the first year if everything goes perfectly.

-----dont forget your income taxes depending on the tax bracket you are in--- 

There is plenty of opportunity on Long Island!

Hello @Sharrie G. ! welcome to BP. I too live on LI very close to you (in Smithtown). I am brand new to real estate investing so I am in the same boat as you. I am actually a student at Marist College upstate right now and plan to get active in the LI area real soon. Best of luck to you in the future.

Thanks a lot @Stephen Talaber , I really appreciate your tips and I look forward to talking soon

@Steve Babiak Thank you, this is a big help, I am convinced there isn't a single corner of BP you don't know about!

Hello BP,

I am new to real estate investing and while there is a lot of advice on running comps on the internet, I wanted to get your tips for running comps on homes. I have heard that some of the important things to consider are # of beds, baths, square feet, and the condition of the property (or amt. of rehabbing to be done). I am wondering what sites or resources you all use to get your information. I do not have access to an MLS at this time, is it worth it to contact a Real Estate agent?

I would really appreciate hearing your techniques for assessing the potential ARV of homes before making an offer so I have a better chance at successfully rehabbing/wholesaling.

Thanks everyone,

Dylan

The time lapse video is a great idea. It has so many uses from being able to show your work to everyone on the internet while keeping an eye on all the people working on your home, which looks fantastic by the way. Great job.

@Amicia Mussenden thank you for the great advice! I will definitely start seeking out those REIAs in the area. Good luck to you as well. 

Congratulations Anil!

@James Wise @Darren Sager @Christopher Hunter Thanks for the welcome everybody