Start my career in New York?

[Ryan Coyne]

I live on Long Island, a notoriously overpriced, overcrowded extension of New York. I had 2 failed attempts at buying my first flip last year.

1st failed attempt was because I had my mortgage broker wait until 48 hours before my closing date to start the paperwork on a rehab loan.

2nd failed attempt was when my lawyer backed out after finding out that the bank’s appraiser told me to break and enter the house to remove black mold. Which I did.

Both were absolutely my own fault. I hired a divorce lawyer to do my real estate deals and I didn’t stay on top of my mortgage broker. Worst of all, I did almost no research on any of this and just assumed everyone would do the right thing, a $10,000 mistake I won’t make again.

Anyway, in less than a year those same houses I was getting accepted offers at $185,000 are now $240-250,000. I’m a carpenter by trade and want to fix something myself but I cannot stomach buying a 1 bedroom cottage for $250,000 with a rehab loan.

My question is, should I give this a shot here in New York or go to another part of the country where single family homes aren’t so insanely priced?

If you made it this far, I appreciate you.