Long Island Investing

[Michael Locicero]

Hey everyone my name is Mike, I'm 25,  and I am trying to break into the real estate market here on Long Island where I live. With prices being so high for real estate on long island I believe there is a strong rental market to be tapped in to. On the contrary, it will also be very expensive to purchase a property. Does anyone here have experience finding deals and becoming a successful real estate investor on Long Island? And if so what do you recommend I do to start my investment portfolio? Thank you very much for your response and help in advance it is greatly appreciated!!!

[Fotios Filacouris]

@Michael Locicero - I first got into the market after Sandy and house hacked my way into a home (Cape) that eventually increased over 200K in value over the course of 4 years.

The key to investing in Long Island is finding older homes that need rehab in some of the lower income parts of Nassau. These homes can still command a high enough rent per month to cover 1% of the mortgage (safe estimate). If you couple that with relatively cheaper taxes and a 20% downpayment, you can have a sustainable investment.

I bought in Bellmore and was lucky initially (under 300K) for 4 Bedroom 2 bath home outside of floodzone. You can do it if you keep your eye on the market and are ready to buy.

Best of luck!