All Forum Posts by: Syed H.

I flip in LI a lot. BRRRR's aren't worth it in LI. I own all my rentals in NJ and PA for a reason. You can do it in Shirley, mastic, & wyandanch tho.

But flipping in LI and northern NJ is great. Also i believe the demand is there. 

The flips I do between $900-$1.2m in good school districts sell extremely quickly. People aren’t complaining about the $20-$30k taxes even today (I have 3 flips right now with taxes above $24k).

Cheaper houses (below $500k) also sell very quickly in mediocre to bad school districts.

I would 100% rent to him and take the prepaid rent

for your first flip, walk away. For seasoned guys, adjust your offer. More work = More Profit. Ive made the most on the properties that are an absolute POS.

 These fees do not seem about right. They are astronomical for the size of the deal. 

Have you walked the property?

If so, Do you know what to look for? 

Did you win the property because you did an “as-is” offer?

Many sellers want to sell “as-is” with no financing contingency’s or DD period. That’s fine with me, but I account for that in my purchase price. Usually, an as-is deal will sell for less than a clear co deal. 

I also walk the property and make a checklist of things I’ll need to obtain clear CO with a rough estimate in my head.

 $150-250 a door is not too low IMO, if you are taking adequate reserves, maintenance, and other expenses into account with leverage of course. 

$350/door+ is near impossible to find in a decent area after you appropriately account for all the expenses people forget. 

Sorry if I missed this, but what do you do full time? 

My advice is too get some experience in the field, build a track record (smaller deals are fine), and then find damn good deals.

There is always money for an amazing deal. I’ve never had issue raising for a home run. 

I personally think like you. I only deal with investors who can invest a big amount ($100k+). Working professionals is my investor base (doctors, lawyers; etc). I don’t like having to answer to 20 people on a deal. I’d rather answer to 2-3 tops. 

Now my scenario is also very different because my partners and I have a long track record. We are also blessed with a lot of HNWI in NYC who are starved from yield. 

Lots of details...

Dude no one knows wtf you signed. Unless you post up your exact contract, no one can tell you what will happen. Relax, your speaking to some very experienced people. 

Every made a similar point stating that just because you went with an fha loan doesn’t mean you use the fha addendum relating to the emd. The contract could literally say the opposite. 

Stop posting on a forum and go speak to your attorney and agent, because only you guys know wtf you signed. 

 Actually it isn’t generous. 10% is nothing when you have 50% below market rent units. 

Not sure how it works in the other states but NYC only has RC & RS on certain units.

FM unit rents are able to be raised any percentage you want. RS can also be destabilized after it hits the threshold and through other avenues. 

What I read was that Oregon did was make all rentals follow the rent increase guideline which is ludicrous. This will cause people to figure out loopholes and cause rents to rise even further. I bet smart developers will tear down buildings and build condos or FM Rentals like they do in NYC to hit their return requirements.