All Forum Posts by: Luke M.

Hey Nik,

As much as I hate to say it, take a look at Jersey and Staten Island. In St George, Staten Island (right by the ferry), you can find triplexes for $300,000. Last year you could find them for $220,000. The rents are actually pretty good. Now, there is some crime, but there are a few little sub markets that may be worth your time. I just tried to get my hands on a Chase REO out there for $127,000 for a flip, but couldn't lock it up. Now, take these following comments with a grain of salt...

They are putting the US's biggest Ferris wheel along with 350,000sf of outlet mall space in St George to finish in 2016. This should at least cause some more police presence and I've heard from a friend it's already getting cleaned up. Also, they're increasing the ferry service to every 30 min for 24 hours.

The downside, is you have to live in SI for a while. The up side, is your taxes will be way cheaper than jersey which can be as high as 8k a year for a 300k duplex. But, if you're so inclined to live in jersey (shudder), there are parts of Jersey City that may be worth your while.

Also, buying something that hasn't been updated in 20-30 years but still rentable and financeable will benefit you as you can rehab each unit as a tenant moves out, increase your rents, and force some appreciation.

@Jay R.

@Jay R.

@Jay R.I know this post is old but I'm working on trying to put together a flip deal in Brooklyn as well. I live in Clinton Hill, and I'm mainly focusing on Bed-Stuy and Bushwick. I'll be at the meetup at Pranna on Tuesday, maybe I'll see you there.

Looking forward to it!

I agree that this is a regional norm. I have a few rentals in the Bartlett/Cordova suburbs of Memphis, and it's normal that tenants provide their own. Plus, if you have a house vacant in a lesser area, I suppose you'd have a slightly less chance of vandalism and theft when vacant.

Eric Liu Thanks a ton for that article. I've been getting a little disorganized as I add more properties, and I want to shift into multi-family eventually.

I just found this article too.

http://www.vanewsblog.com/2013/10/va-vendee-financing-reader-question/

No word on the loan portion yet, but the listings are up...

http://listings.vrmco.com/

Thanks for all of the great info!

I keep getting turned down, but I've been told some local banks will sometimes entertain it.

It's located in San Diego, California, and I live in Brooklyn. It's rented well and has about 60% in equity. Any tips or suggestions?

That's the one.