All Forum Posts by: Michael O.

Darryl – I’m familiar with the property on Tanners and I’m not surprised it turned into a bidding war. Those taxes are insanely high though. It’ll be interesting to see what happens to prices as owners begin to feel the full impact of the new $10k limit.

Craig – sounds like you must be pretty busy, best of luck with the new properties. I agree and once you find a prospect there’s typically a bunch of competing offers. I wonder if people are looking at the math or simply buying anything they can get their hands on and banking entirely on price appreciation.

@James Caruso Western Suffolk seems attractive for a pure investment property. I like some areas in and around Ronkonkoma and Huntington but have also found myself searching in Middle Island recently. If an opportunity to house hack a MF came up I'd stick to Nassau and would consider pretty much any town with a decent school district. I see myself growing and investing out of state eventually, just not at this point in time. What kind of CoC returns do start getting excited about when looking on LI?

@Craig Schneider Congrats on the recent sales. Were you able to utilize a 1031? How long do you typically hold on to good cash flowing properties before exiting? I’ve looked at Shirley and Mastic as well but came to the same conclusion, they’re not for me.

Hello BP - first time poster here!

I'm curious as to what my fellow LI buy and hold investors search for in a prospective investment. Recently, it has been hard to find enticing prospects and I'm beginning to think that I should lower my required return expectations given where we currently sit in the market cycle if I want to continue investing on LI.

I'm still relatively new to RE investing. I've had success with my first buy and hold property in Suffolk county. It was a targeted purchase using the principles laid out in HOLD: How to Find, Buy, and Rent Houses for Wealth. The property delivers an 8-10% annual cash on cash return and has ridden the recent market upswing and appreciated about 25-30% in value since purchase (March 2016). 

That being said, I've been searching for something that would deliver a similar cash on cash return (not concerned with appreciation as that would just be icing on the cake) located in Suffolk/Nassau. Any input from fellow BP'ers would be greatly appreciated!