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Long Island
Hi Pat
I am also very new to this game. I recently went to my first REI meeting. i made contact with Susan Musto from Jordan Capital. ([email protected]) I only meet her once, have not user the service...just passing along the contact info. I will say they are pricey ( that's why they call it hard money) and you would need to have skin in the game. Typically 20%
Good Luck
Originally posted by @John G.:
Hi Pat
I am also very new to this game. I recently went to my first REI meeting. i made contact with Susan Musto from Jordan Capital. ([email protected]) I only meet her once, have not user the service...just passing along the contact info. I will say they are pricey ( that's why they call it hard money) and you would need to have skin in the game. Typically 20%
Good Luck
Thanks for the contact John. I work in the Long Island area and I am trying to get a list of decent hard money lenders. I will be in contact with Susan Musto.
Welcome to Bigger Pockets. It is great to see you hear.
@Patrick Donohue - Is there a market for a 6 bedroom in that neighborhood? What is the square footage of the house?
Update on that property. It was sold the next week (to someone else).i have yet to drive by and see the progress. The market is 4-6 bedroom sfr or 2 fam residences. 6 bedroom may be 3 over 3 and may have been with holding?It would be my first fix and flip so I hesitated on making an offer without money. Thanks for the contact and the interest .
@Patrick Donohue Hello Patrick,
How has your progress been since you started a few months ago? What areas of Long Island are you desiring to invest? I too am a new investor and LI can be challenging but still doable. Maybe we can build a working relationship. All the best to you. And welcome to BP and investing!
@John M Pierrowhat are your areas of interest on Long Island?
Best to all!
hello I am looking into real estate investments on long island. right now I'm looking to build my knowledge and network with experienced investors. I'm looking into buy and hold, fix and flip (brrrr) and also wholesaling. I'm interested in talking with anyone and looking to learn as much as possible to benefit my future.
What REI strategies (flip, buy and hold, etc) is profitable here on Long Island? With the numbers I have run on buy and hold in Huntington it isn't profitable month the month because of property cost and taxes. What have other people found are successful strategies for Long Island?
How is everyone doing in Long Island in regard to finding deals?
Deals are hard to find because they go so quickly but they are out there. I agree with the cost of high taxes it's hard to make a profit but not impossible. I look for house under 7k in taxes in the better neighborhoods but have found they go super quick and most want asking price. I'm currently looking for my next deal but nothing yet, just a few offers out there. It's a waiting game really. I put in an offer $92k (asking is $159k) but it has foundation problems, they counter $158, I rejected n the next day I see they dropped the price $144 so I submitted my offer again. Same numbers. Let's see what happens. Since I'm an agent I just submit my own offers so I don't have to explain my 'low ball offers'
Originally posted by @Maria Marrero:
Deals are hard to find because they go so quickly but they are out there. I agree with the cost of high taxes it's hard to make a profit but not impossible. I look for house under 7k in taxes in the better neighborhoods but have found they go super quick and most want asking price. I'm currently looking for my next deal but nothing yet, just a few offers out there. It's a waiting game really. I put in an offer $92k (asking is $159k) but it has foundation problems, they counter $158, I rejected n the next day I see they dropped the price $144 so I submitted my offer again. Same numbers. Let's see what happens. Since I'm an agent I just submit my own offers so I don't have to explain my 'low ball offers'
Originally posted by @Maria Marrero:
Deals are hard to find because they go so quickly but they are out there. I agree with the cost of high taxes it's hard to make a profit but not impossible. I look for house under 7k in taxes in the better neighborhoods but have found they go super quick and most want asking price. I'm currently looking for my next deal but nothing yet, just a few offers out there. It's a waiting game really. I put in an offer $92k (asking is $159k) but it has foundation problems, they counter $158, I rejected n the next day I see they dropped the price $144 so I submitted my offer again. Same numbers. Let's see what happens. Since I'm an agent I just submit my own offers so I don't have to explain my 'low ball offers'
Hi Maria,
What was the outcome of that offer? Did it work out for you?
Hello, I'm a new investor looking to start my first deal here in long island where I live. My plan is to get a FHA Morgate to get into a multi family property that I can house hack. Get my tenants to cover my monthly expenses plus some cash flow. My questions are: what are the most effective ways to find: FHA 203K lenders and Brokers that work with investors.
I’m also looking to join local REIAs, any recommendations for the south Nassau County region.
Thanks in advance.
Hello everyone, I am new to real estate investing and trying to work with the bigger pockets brrrr calculator to find a good deal in Nassau county. I’m finding that because I don’t know some of the numbers it’s challenging to come out with an accurate analysis. How did you find your first deal? What helped in your analysis? I would love to discuss deals with others here on Long Island. Here to gain knowledge.
I'll just add myself to the list of people trying to find hope in long island REI
Hey there. I am form Suffolk County, NY. I am trying to find my first deal either on Long Island or the middle states. If anyone has experience or connections, send any information my way.
Quote from @Patrick Donohue:
Hello I was looking for a hard money loan in Long Island New York. The deal asking price $160000 6 bed 2 bath. Bank owned and boarded up so probably needs a lot of work. A home two blocks away sold for$340000 4 bed 2 bath. In December . Another home sold for $275000 3 bed 1 bath. I haven't looked at the home yet. Any thoughts out there. This would be my first fix and flip.
Find out your (ARV) After repair value from recently renovated 6 bed 2 baths in your area, and then subtract that by the cost of repair and acquistion price. If this leaves you with a profit you are happy with over the x time it takes you to fix and flip the property, it is a good deal. In terms of receiving hard money, there are many lenders you can find with a quick google search that lend to first time flippers at much less than 20%, that is quite high.
Most work like this:
- Rates: 9% to 13% (Most Deals are 11-12%)
- Terms: up to 36 Months (Most Deals are 6-12 months)
- Fees: 2-4 points(%) of loan amount paid at closing (Most Deals are 3 points(%))
- Minimum Loan Amount: $50,000 (For loans less than $250,000 we charge $2,500 minimum)
- Max Loan: 65%-70% of After Repair Value(ARV)
- 100% Rehab Financing Available (Require 20% of purchase price down payment or cross-collateral)
- Closing Timeframe: 48 Hours - 3 Weeks (Most Deals are 2 Weeks
- We have private lending partners throughout the entire United States that cover the following states: AL, AZ, AR, CA, CO, CT, DE, FL, GA, HI, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NY, NC, OH, OK, OR, PA, RI, TN, TX, UT, VA, WA, WV, WI, WY.
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