All Forum Posts by: Matt B.

I am looking to purchase a vacation home/investment property in Rhode Island. I am currently in NY, my initial idea was to use home equity loan or LOC from my current home for the down payment. 1. Is this a good idea? 2. Should I use a bank in NY or RI for the loan/financing? Any one have any recommendations for lenders etc. in the Narragansett area? Thanks in advance...

@TJ Walker, as someone who lives in LI also, I am always looking at how to invest out of state while trying to not listen to the people who say it can’t or shouldn’t be done. I just finished the second of @David Greene podcasts and they definitely give you the confidence to know if can be done successfully. I haven’t done any deals but if you ever want to meet up feel free to PM me to kick ideas around. I don’t know what other ideas I can offer but would love to see how your evaluating markets. Any thoughts on staying semi-local (Hartford, Providence, Philadelphia) where the taxes may make it less cost prohibitive than NY? I’ve heard Hartford is not good but maybe someone else can pitch in with info about areas within a few hours of NY that might be better to break into.

Dennis Regn where else are you looking for properties, how have you been financing the purchase and rehabs? I’m interested in the same areas and getting started, PM me if you’re available to talk. I’ve found some potentials but haven’t been able to start and would like to hear your thoughts.

I have been driving for dollars and have lists of addresses, mainly in Eastern LI, primarily, Brookhaven, Islip, Riverhead, etc. and finding a lot that could have potential in Smithtown, Ronkonkoma, Bayport/Blue Point, Medford, Riverhead, etc. is anyone successfully flipping or buy and hold in these areas? Are taxes too prohibitive? Once I have the lists what is working best for someone who has been successful, tax assessors office, knocking on neighbors doors, mailings? I’m always looking out for other properties but I’d also love to see what criteria other people are looking for and how you’d analyze a deal so I can change how I’m viewing these properties or what to look out for. Thanks in advance...

@Joe Villeneuve @Michael P. @Michael Totman Great discussion, so what should you be aiming for, what does everyone consider to be “acceptable” or good for a cash on cash return whether your first deal or 100th?

Thanks everyone, I appreciate the fast response!

After listening to the @Brandon Turner webinar about buying your first investment in 90 days I'm inspired to take action but need advice.

I have bought and sold mhy personal residences in the past but want to purchase my first investment property/vacation rental using the equity from my current home.  

- If I were to do a cash-out refi in NY to buy an out of state property what questions do i need to ask? 

- Are there alternative funding options that are better?  

- The area I am looking in allows for summer beach vacation rentals as well as academic year rentals for the nearby college, is anyone currently doing something this and if so, how early are you marketing the property? How difficult is it to keep it occupied?

- What else should be aware of before starting this?

Any help is greatly appreciated

I'm looking to find who I can contact in Suffolk County, NY-- specifically Brookhaven and Islip to find property owner information for boarded up houses and rundown properties that I've found driving for dollars. I believe it's the tax assessor's office in both but if anyone has any info on other resources to track them down it would be appreciated. Also, if loft anyone who has done this, how helpful are the offices if you have multiple properties you're trying to search? Thanks in advance...

Thanks for the help, great advice and ideas, I'll start there... Thanks...

I'm looking to find who I can contact in Suffolk County, NY-- specifically Brookhaven and Islip to find property owner information for boarded up houses and rundown properties that I've found driving for dollars. I believe it's the tax assessor's office in both but if anyone has any info on other resources to track them down it would be appreciated. Also, if loft anyone who has done this, how helpful are the offices if you have multiple properties you're trying to search? Thanks in advance!