I agree, I live approximately 15 minutes away from Shirley/Mastic, so I'm pretty familiar with it.

Just like pretty much any other repair, once you buy the property you're inheriting all that's right and wrong with it.

Hi there, I would like to understand the deal flow better - it seems pretty straightforward on the surface- but wanna know more details.My situation - I have a few long term rentals that are slight positive cash flow.

Future tenant states:  "she has had a handshake agreement with current landlord and they let them move out pretty much whenever."

This was something pretty out of the ordinary for the attorneys (the bank’s and ours), and it took more than five months from accepted offer to closing.

Hi Moises, Numbers look pretty good.

Tenant base is pretty descent, and price/rent ratio is pretty descent. 

@Kristine Pedersen I would confirm this with some of the full time lenders on here, but I am pretty sure you cannot refinance a 203k loan within the first year of ownership in to a non FHA product.

That said, this space is much more expensive new construction and larger than anything we’ve dealt with and pretty much anything else on the strip doesn’t compare.

Good idea, but.....I'm pretty sure that the owners just want to sell and not do anything like that.Part of why it's cheap.