All Forum Posts by: Craig Schneider

People typically miss the Village taxes in their total taxes. Also, make sure the person you are buying it from is giving you the actual taxes and not including any exemptions. 

I personally had no luck in that area, I am also not a hands-on manager. If you are and plan on making sure the garbage is out correctly and snow is removed from the sidewalks it may work. Just factor your time spent as a management fee in your NOI.

Is this property in the Village?

What are you assuming for rent for each unit?

Did you talk to any of the neighbors? I would want to make sure they are happy and not calling the town on you.

Have you been through a residential eviction?

Hey James,

I have a bunch of rentals on the Island.  

How many bedrooms are in each unit?

Being in Nassau did you get a copy of the tax letter sent out to see what the taxes are going to be in five years with the new plan?  I have seen some in which taxes are going to increase as much as $5,000. 

Certain areas require an owner to live in one of the units, check the CO to confirm. 

Let me know if you have any other questions. 

Hi,

I am a buy and hold investor on the Island.  My holdings are mainly in Suffolk County due to the lower taxes then Nassau.  Send me a message and we can setup a talk.

Comps Inc provides all the comps on and off the MLS. Typically, agents have access to MLS only. How do you plan on deciding if an Agent is knowledge in that future ARV?

Go to mynassauproperty to find out the sq ft of the homes.

Glen Cove is that the Township of North Hempstead?

Hey Eric,

I would suggest Comps Inc.  Their service is really good and you can do your own research and not rely on anyone else.  Long Island Board of Realtors has about 25,000 members, finding the right one that will help you is like picking a needle out of a haystack. 

I ended up doing 2 properties in a 1031 and purchasing a 14 unit in Huntington.  Typically in Suffolk, we do not sell any cashflow properties.  

We have been looking for more properties, they are very hard to come by.  

I owned a couple of properties in Nassau and recently sold them and purchased in Suffolk due to the higher taxes in Nassau.  

Shirley and Mastic have not been for me, if it is for you, I would wait for the downturn and you can pick those up for $50K each.  

James.  

It is the same in most places in regards to MLS. On Long Island, lots of deals we see do not hit MLS, buy and sell. The commercial properties we are looking for are more of the Costar and Loopnet listings. You are 100% correct, the better deals come from reviewing off-market properties and the only way to do it is building a team.

Peter,

Thanks for the info.  We rather be the owners vs silent investors at this time.  If something changes we will keep you in mind. 

On Long Island, I have my own team which has been a large reason for my success. 

I must get an offer a month to invest in Phili, which makes me feel the market is a bit overheated.  

As I keep researching I will update you guys.  

Garrett thanks for the offer.