BRRRR or Flipping in Westchester County, NY?

Question

Hi everyone, new to BP, but have been intereted in Real estate investing for a while now. Currently, my wife and I rent a 1 bedroom apartment in Westchester county, and both have normal day jobs. I wanted to get involved in real estate and i've been thinking about what would be the best option for me. I do love the idea of flipping, and I am pretty handy regarding doing some work myself, but I don't think I'd be able to do that on the side, it would have to be an all or nothing kind of situation. I'm honestly open to either BRRRR or flipping, but my dilemma is trying to figure out what would be the best approach for my area (high prices, high taxes for the most part).

Any advice would be greatly appreciated!

Alex Horelick · Answer

Hi @Hagop Nercessian

House hacking may be a good option for you being that you are renting right now! It’s a great way to buy a property in Westchester given the high prices and you can build some instant equity with renovations via a rehab loan if you like! You can do either FHA or NY’s SONYMA loan programs for this give me shout if you want to learn more I’ve done it myself here in Sleepy Hollow.

Hagop Nercessian · Answer

Thanks for the input guys!

Abel Curiel · Answer

Hello Hagop,

Welcome to BP! This community is incredible and you have tons of resources to kick start your portfolio.

You bring up a valid point which is that house-flipping is a full-time operation.

To flip a house you need to:

1. Market to potential seller leads OR pay someone to find you a deal (Realtor or Wholesaler)

2. Convert the seller lead to schedule a meeting

3. Negotiate the deal with the seller or their representative

4. Coordinate the transaction until it closes

5. Renovate the property

6. Market it to sell it OR pay a Realtor to sell it

I would recommend you explore your options to find a house hack deal where you can 1. get in with a low down payment 2. lower your current living expenses 3. gain valuable experience 4. build equity so that you can do it again in a few years!

Start by speaking with a mortgage professional then find a local Realtor who can explain your options based on your borrowing/buying power.

Best of luck to you moving forward!

Abel