All Forum Posts by: Michael Anspach

If winters are mild.  How about going with a wall mounted heat pump system.  LG or Daikin or Mitsubishi.  They are effiicent, and provide heating and cooling.  Then just use propane for cooking.  I currently use propane at my house on long Island for cooking.  Don't love it, but better than electric and my neighborhood doesn't have natural gas.  It costs me about $100/yr for 100lb tank rental and gas usage.  

was with multiple backup offers before I could even get in to see it.  Bummer.  

@dylanlong

@sydneychase

Dylan, Just found this house and am trying to get into it to see scope of work.  Threw it out there as curios if others had any stories or ideas on water damage/mold houses.

Sydney, Would have to be cash deal.  Not sure yet of scope of work as I haven't been to house yet.  If I was looking, I would buy this house as it is in a perfect location.  Great town, last house on dead end street.  End of street backs up to back of HS Athletic field.  Initially posted this up there to see if anyone had any info on water damage/mold renovations.

Looking for some professional opinions and info on the following potential flip:

SFR, Excellent neighborhood, 5bed, 3 bath.

Vacant home with frozen pipe, water damage and now mold.  Would have to be purchased cash.

Asking price $300,000.  Taxes are $12k per year.  Closing costs have to assume $20k for this area.  Due to NY closings, etc, have to figure 9-12months for this to happen.

While awaiting recent comps from my agent who is familiar with this area, wondering what you guys think. My initial thought is ARV is $460,000-$500,000. Was looking for feedback on any water damage/mold issues anybody has come across.

TIA, let me know if you need any more info.

Hi Mike,

I too am from Long Island, smithtown also and very interested in RE.  I know this post is old, have you been able to find anything yet?  Also, were you able to connect with Junaid?

hi John,

I know this post is late but wanted to welcome you to BP and to follow up and see how you are making out with your endeavor on Long Island?  I'm from smithtown and very interested in RE investment.  

Hi Chris,

Welcome to BP.   I know I'm late to this post but figured a drop a welcome from a fellow long islander interested in RE.

Welcome. Wishing you best of luck.

Thank you guys. I'm leaning towards this not being the best investment for a first time investor. However, the following are the numbers I have been given. (Nothing has been verified)
Income:
Unit A - 1,650 - 2BR
Unit B - 1,100 - 1BR
Unit C - 1,350 - 2BR

Expenses:
House Electric Meter: 350/yr
Taxes 8,200
Fuel: 3,800
Landscaping: 550
Water: 350

Asking price: 399,000 (Seems way high for comps in area; haven't run any numbers yet). Last sold in 2007 for $381,000. Prior to that was 2003 for $265,500.

I have not seen this property yet and it is located 21miles...about 1/2hr from my house and the following is city data where the house is located:
Population: 3,348
Households: 942
Family households: 766 (81.3%)
Non-Family households: 176 (18.7%)

White Population: 2,758 (82.5%)
Black Population: 177 (5.3%)
Asian Population: 26 (0.8%)
Multirace Population: 20 (0.6%)

Median household income: $90,807
Median house or condo value: $297,614
Median contract rent: $1,152
Unemployment: 3.8%
Residents below the poverty level: 6.6%
Median resident age: 30
Males: 51.3%
Females: 48.7%

Thanks guys.