All Forum Posts by: Account Closed

I'm confused. I did some research on the topic but can't really find an answer. How are you making money as a landlord if your paying a mortgage, taxes, etc ? Wouldn't the money your tenants pay you go to the house? (utilites, etc) and not so much into your pocket? Basically, how do you as a landlord get paid to live your own regular life?

@ArktaviousSally thank you sooooo much for actually answering the direct question I was actually asling. That's what I wanted to know, thank you

Sadly, I don't know anything about Wholesaling, thats why I put this up to see if people felt like that exact 4 step process is correct. The article seems too easy but like I said I have no clue : /

I found this article on [REMOVED] explaining the four steps of wholesaling. Although it seems pretty legit, I had to post and get feedback.

[COPYRIGHTED MATERIAL REMOVED. POSTER IS DESCRIBING WHOLESALING]

Yay? nay? All opinions are welcomed

So, it's understood that I need to save up a "massive" amount of money in order to even think about a flip but I know my area (Central Islip Suffolk County) very well as well as its surrounding areas and am itching to learn and experience how to flip local foreclosed homes. I read an infographic here that shows the steps
to flipping. I have the first step, Research, covered now all i need is the Network and (scared to say this but) Investor(s) (because I'm dead broke)
I would just at least like to experience and learn how to flip. Especially the very detailed like realistic costs, etc. So I'm asking if someone in Suffolk or Nassau is planning to flip and needs some help on the project, I'm all hands. A closed mouth don't get fed so bare with me here.

I'm also still having a hard time understanding how you can flip a house with no money if you have an investor. How do you get your investor to trust you? Especially if this is your first flip. How do you even find an investor? And you will need some sort of money to have an investor correct?
-Hate to sound desperate but........I'm desperate

Hey thanks for commenting. Great to see more from Long Island. I hope the best for
your goals within real estate on Long Island. I will try to keep updating on anything new in Suffolk County. Best wishes.

So everyone who posted in response to my question helped me out 1,000% and I'm hoping maybe I can be some help for some others.
I live in Central Islip, NY ( raised in L.I.) and can possibly help in any questions about Ci, Brentwood, Hauppauge and surrounding areas. I went to pre-k all the way through high school in CI and can tell you a lot about the area, the changes, what to expect, what usually goes on there, etc.

You are all sooo helpful I really appreciate all the feedback. It was just a simple question but all the info I read I really appreciate.

I'm really trying to buy a house now to live in and flip within time. I understand I will still need to give a down payment when approved for a mortgage but I found plenty of foreclosed homes for under $5,000, do I still need to take out a mortgage on a $1,000-$5,00 home?

Also, is it possible to get a loan for a home under $5,000?