All Forum Posts by: Elizabeth Nolan

@Elizabeth Nolan, I certainly don't know your area, but I only see two items on your list that could potentially add any real value.

Patio space: this only applies if there is not already any type of outdoor living space.  I would not run a gas line, unless you are already out there doing work and adding the gas line only adds a couple hundred dollars to cost, at most.  

Enlarging master bath: again, this depends on the size of the bedroom itself and still being functional in its smaller format. If you downsize the bedroom to a point that buyers can't fit a king size bed with night stands, I would not do it. But if there is ample room in the bedroom and you can take a single sink to double vanity, or add a dedicated water closet, or take a 3x3 shower into a 3x5 or larger, making the bathroom more luxurious, than I could see a good ROI on that.

While the area may be very nice, the price point you are talking (and I don't know the specific market) is borderline starter home prices. If your only goal is ROI, then clean it up, put decent, but not high end, finishes in, and call it a day. Anything more is almost always done out of ego not out of maximized profit.

This is very ambitious!!! Have you considered bringing on a partner with experience in luxury flips. If I were in your shoes, I would start with a more basic project. My best projects are usually taking a dated home and cleaning it up with interior cosmetic renovations. I always stay away from anything that is a personal choice that one buyer may love an another not care for. Always remember budgets always balloon as do time lines. The bigger the project the greater potential to get off track. It looks like you have a healthy spread from purchase to ARV. I would look at your wish list here and pare it down to necessities to make the project clean bright and sellable. Things like moving electrical panels and specialty mechanicals may not return what you hope for. The biggest impact will be interior paint, trim and doors, upgraded fixtures, bathrooms and kitchens. That is where I would concentrate. Just some random thoughts as I read your post. Best of luck with your project.

As far as ROI, there are a few givens that will always give the majority or even dollar for dollar back, such as landscaping, flooring, updated kitchen and bathrooms, and security systems. Those are always a huge YES. In my personal opinion, I wouldn't be as worried with some of the niche items, like a surround sound system, smart features, sauna. I work with a lot of buyers and most of the times they do not care about these items. I've noticed some demographics, such as older generations, don't necessarily care for all of the bells and whistles. I do agree that mechanical upgrades are a good idea if necessary, those are almost always a safe bet for ROI and resale-ability. It seems like landscaping/exterior is a large aspect of this property, so in that case I would put a good chunk of my efforts there

hey @Chris Mignone, I too was looking for lenders that specialize in 203k loans on Long Island as a mean to fund my next investment property.  Ive contacted local banks and mortgage lenders but have only found one that offers the 203 loan(freedom mortgage).  However when I spoke with the representative they said it would be there first time .  I will most likely proceed with them but would love to know if you know of any expericed lenders on the Island. Thanks!