All Forum Posts by: Rich Becker

Maria Marrero I sent you a direct message, not sure if it worked through this app though!

Mark Nolan thanks for the welcome, Mark! Keep in touch. Maria Marrero nice! I may need an agent shortly so we should definitely connect. I am curious to hear your input around your area. I am specifically interested in SB.

Shawn Ackerman that's right across the street from me. I found the site I think, but doesn't seem like it's updated. https://www.nassaucountyny.gov/1863/Upcoming-Auctions

James Northrup hi James, I can see the future in ENY. Can you describe what extra costs or regulations you have to deal being in the city vs. investing in places such as Nassau/Suffolk?

Hi Chris Washington welcome and sounds interesting. I am actively seeking a place near SBU, and am curious to hear your strategy. I am assuming you can find the right mix of students to fill the house with for a fee. Either way, lets connect and if the time comes we can talk further.

Chris Ntwali I am having hard time with the DM via this app, but I'll be attending the LI REIA next Tuesday at the Hilton on 110 in Melville. If you can, DM me so I can respond. Otherwise, a quick google search of LIREA will provide you with a lot of information.

Shawn Ackerman they have monthly meetings at the Hilton in Melville on 110. I am going to check it out next Tuesday the 21st. No, I haven't gone to any auctions yet. What's your experience with the auctions? Are they at the court house foreclosure auctions?

Michael Poat Hi Mike-I love the SBU idea-actually is one of my favorite investing locations on LI for the main reason of foreign (mainly SE Asian) students coming over for room and board. We know people are more liberal with their $ budgets when it comes to college. Plus, you open yourself to a share house situation that has the possibility for higher rent rather than trying to get over $3k in rent from a single family. Most the properties I've seen around SBU are on the market are approximately $375-399k, so there could be ways to get positive cash flow. We should link up and share ideas since we have similar goals. Best, Rich

Shawn Ackerman no worries I actually checked out the LIREIA this week. Have you heard good things about the organization?

Apoorva K. Thanks for the information. Just by following the basic rules of thumb, it's hard for me to imagine any of my desired properties making sense. For example, 2% rule (monthly rent being 2% of the of the purchase price) on a $300k home rent would need to be $6k a month. Are the prices just too inflated in LI? In my view you'd need a 2 family home to make any property look somewhat economical. I understand this is just a general rule, but is there something I am not considering? Is the assumption of gradual appreciation necessary?