All Forum Posts by: Juan B.

@j medhirst then commercial property is not in the cards for me here. I definitely do consider it in other states. 

@Jaysen MedhurstI have taken a look at some larger properties but they are unaffordable by far. Unless you have a few partners or a money tree I can't see myself getting a commercial property in LI. I would rather invest in commercial property elsewhere. Are taxes much more favorable for commercial property in LI? 

If the house is paid off or close to being paid off keep it and rent it. Get a property manager, use rentometer.com to see what the rents are in the area and the 4 square to see what percentage you will make return on investment. Then decide if another investment can pay you back just as well. If the ROI is there and with a hot market the appreciation is there then I would say keep it, rent it, allow it grow and use the equity to your advantage or sell it when you no longer want anything.

If these apartments are part of your inheritance and the only cost you have is the rehab I  would check  and see what the rents are in the area and if worth it find someone who can give you what the rehab will run you by line items. See how long it will take you to break even, then rent and repeat until all four units are up. A college town usually needs rentals and if its multi rooms you can furnish the apartments, include WIFI  and allow room mates. The great part about college students is that the parents can also sign the lease so you have a little safety net on the rent. 

Just my 2 cents. 

What areas offer good investment opportunities in the Tampa area? 

So west chase, Fishhalk,  Bradon, Channel Side, Downtown Tampa, South Tampa? Where are the jobs and the good rents located? 

The boroughs may be the best place to invest in, just look at the Rockaways after Sandy. Its night and day now. Boroughs properties are on the very expensive side but duplex and up are available but you have to watch out for rent stabilized. Fixer uppers are also all over the place and as always near subways stations make great rentals. Some lines are better than others as there are a lot of commuters. 

There  are a lot of single fam that you can rent and hold even with the large purchase price the low taxes and less oversight make it a better area. My advice is to keep a lot of money in hand for when you get a professional tenant. Evictions in NYC are rough and depending on the setup you will be required to provide heat, electricity while they don't pay you a cent for months on end. So you better be prepared to cover those costs. 

If you buy in the boroughs I can guarantee someone will want to rent what you have. In certain areas the driveway or driveway with a garage can rented separately and for a lot. Places like LIC, Astoria, Park slope Bay Ridge will make your head spin when you factor in what you can charge for that parking space. Places near public schools and hospitals can make you a fortune if you can fit two or more cars. 

@Fotios Filacouris is correct. You have to look to get the least expensive property that may require the least amount of rehab in an area that commands enough rent to cover, insurance, mortgage, taxes and everything else. Your not going to make much month but as more people are pushing from Queens to Nassau and Nassau to Suffolk the closer you are to Queens seems to be the better rent you can get. Looking at property near the LIRR is usually a good bet to as most people work in the city. The closer the commute the more convenient, the closer a person is especially if they can walk to the LIRR stop the more the more the rent can be. 

Unfortunately there is an initiative to destroy LI by creating multi-family apartments near the LIRR stops. Suburban LI in Nassau is being swallowed up fast by these large apartment buildings in some areas. On the plus side if one was sitting on this type of property and it was free and clear it could be a gold mine, a good time to take the profit and but in a better state. You can always hedge your bets around areas that feature convenience to commuters. 

Another way to maybe break into the market would mean working with partners, that has a lot of interesting things associated with it  but it can help you raise money for a multi-family something. 

With anything LI now you're going to have to keep in mind the new tax structure. It will gouge your wallet deeply unless you know how to make it work for you. I have not found out how yet and I am weary on purchasing anything else in this market. 

Unless you have a ton of money I can't see how LI can be made to work, especially now with the tax insanity. You can defiantly buy if you have a lot of money but it will be difficult to break even.  You can buy affordable, rent it, break a little more than even, pray you get good tenants that stay a decade and then see how much the value of the property rose, then you can dress it up and sell it for a profit. LI property has been going up and up as Queens pushes into Nassau and Nassau pushes into Western Suffolk. Those who purchased 20-30  years ago in Western Nassau near the border with Queens are sitting on a gold mine. 

The best way to own is to house hack, get a 2 fam with permit and town or village oversight, yes they cost more but the rental can mitigate your expenses with the rental income. A 2 fam with permit almost always have to be owner occupied which prevents you from buying it and renting both apartments. If you want single fam houses, some towns require a permit so that you can rent it taking another little slice off your profit. 

I think that after super storm Sandy it was one of the best times for investors and flippers as there were a lot of homes that came to the market. There were some great deals with those who had very deeps pockets because it was not just a rehab, you also in some areas were required to knock down, then rebuild fresh or lift and then rehab. For investors who wanted to sit on the house and rent it there were the additional expenses of water insurance.   

I hope that someone who is familiar with the area can answer this question so that we can all learn about this. I also hope that your able to clear it up and publish the details. 

Russell Santos - have you been able to do any wholesaling in LI?