Nice to meet you.

(yes yes, im dreaming arent I)Anyways any help can be greatly appreciated, nice to meet you all, seems like you are all great people and dont bash newbies at all..Im off to the library tommorow for a few hours of reading on Investing lol..

I just bought my first investment property here on Long Island - a real fixer upper, and I'm planning on flipping it for a nice ROI.

Nice note!

Nice to have you here.

I estimate that about $50-55k should make this complex really nice.

:welcome: Nice to meet ya.

But the hard part is I want to live in a nice area and nice areas tend to be much harder to get positive cash flow (assuming I imagine I'm paying myself normalized rent prices for that area).If cash flow is so important, which it is to me since I'm basically trying to build up capital for future investments, maybe it's better if I rent some place cheap with friends and buy a less expensive property in an area I don't want to live (really south when I'm trying to stay closer north).

In terms of a pre-foreclosure, if I couldn't assign the option in time, the owner is screwed, i.e. they're depending on me to get the house "sold" (seems pretty sketchy)2) Similarly, if I try to be nice and offer to let the owner try and sell it themselves, but I can exercise the option if I get it assigned, what if I sell it for say $5k, and then my assignee cannot exercise because owner in foreclosure has sold already, or enlisted agent help, etc.???

a really nice car or a 1BR (maybe a small 2BR) condo in a converted apartment building.