Are you planning to build, hold, or flip the land?

If this is a long term hold you'll want to have finishes that match comps, but are also still very durable for tenants.

I’ve been listening to the BiggerPockets podcast daily on my commute and finally decided to jump into the forums to learn, connect, and start taking action.A little about me:I work as a Substation Design Engineer and currently live near the Jersey Shore.I’m focused on learning about house hacking, buy-and-hold rentals, and creative financing strategies.Right now, my biggest challenges are:Understanding the best financing options for a first-time investor.Finding a solid market near me that aligns with my budget and goals.Learning how to analyze deals with confidence.If anyone has tips, resources, or experiences they’d be willing to share, I’d love to hear them!

Hello Dana, For that purchase price in Brooklyn, NY, you could be looking at considerable unknown expenses at this point.If the property is occupied, you'll have to factor in attorney fees and holding costs while you wait to gain access to the property.Furthermore, you could be facing additional costs related to title issues: open permits, violations, liens, judgements, etc.

Buying the land right (at a good price) will determine the end result of cash flow (if building the home to keep) especially as you factor in Holding costs and Builder fees. 

Goal is long term rental buy and hold.

I buy and hold.

Cannot confirm as of yet.Not sure the best route, thinking I should consult with a RE lawyer, and talk to the city tax office if I can 't get a hold of the owner before the property goes into the 5 year delinquency.Thanks!

We decided to quit buying rentals to hold, and instead, the units that we typically would rehab and hold, we are going to rehab and sell.

As a percentage closing cost as percentage goes down as value increases but we will 15X to account for closing costsNo cash flow per OP.2% market appreciation equated to 30% + 15% = 45% 3% market appreciation equates to 45% + 15% = 60%4% market appreciation equates to 60% + 15% = 75%Recognize in virtually all markets the cash flow increases with hold length especially if a fixed rate loan.