Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
×
Take Your Forum Experience
to the Next Level
Create a free account and join over 3 million investors sharing
their journeys and helping each other succeed.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
Already a member?  Login here
Rehabbing & House Flipping
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 2 months ago on . Most recent reply

User Stats

16
Posts
14
Votes
Dana Hagans
  • New to Real Estate
  • New York
14
Votes |
16
Posts

Potential House Flip in Brooklyn, New York

Dana Hagans
  • New to Real Estate
  • New York
Posted

Hey BP community, I'm looking into a potential flip in New York, and would love some insight from experienced investors. I'm looking to use a Fannie Mae Renovation Loan. The property is a single family home that is on sale for $179,000. I'm estimating renovation costs at around $150,000. ARV seems to be in the range of $735,000. I'd love to hear from those who have flipped in New York—what unexpected costs should I prepare for? Any contractor recommendations or lender suggestions for short-term financing? Also, how is the current demand for flips in the area? Any insights, red flags, or advice would be greatly appreciated!

  • Dana Hagans
  • Most Popular Reply

    User Stats

    2,655
    Posts
    1,414
    Votes
    Tom S.
    • Real Estate Investor
    • Burlington, VT
    1,414
    Votes |
    2,655
    Posts
    Tom S.
    • Real Estate Investor
    • Burlington, VT
    Replied

    I would say if those are the true numbers, the place would have sold instantly already.

    Purchase of $179k and rehab of $150k to get a value of $735k is almost unheard of.

    Main red flag is that something else major is wrong with the property.  

    Loading replies...