Researching other countries is no different to researching the general real-estate sector for non real-estate investors, researching the stock market for non-stock market experienced newbies, or researching Lithuanian cabinet making for anyone but a third generation Lithuanian cabinet maker - if you've got the brains to workout how to invest in real estate successfully in the first place, you've got the brains to learn how to do it anywhere in the world - it takes a whole lot of reading, networking, common sense and Internet/spreadsheet skills.

Additionally, how do you approach a seller when taking about L/O, I've been bringing up the big advantages-no commissions or fees-no closing costs-top dollar for your home even in a down market-cash flow-I find a buyer for them-services are free to themI would love any suggestions you may have, I am confident in my skills and I know if I can reach the right h/o I can close a deal.

That's true, but I have a limited set of 'skills' - things that I do around my own house - like snaking, changing furnace filters, repairing window screens, repainting walls after a tenant leaves, etc., that I thought I'd be able to do in a rental unit (and would do, if it wasn't tied up in an LLC/IRA).

As such, if you have the skills, I tend to lean towards a fix and flip option while building capital.

Labor prices will vary based on many things:- Location- Time of Year- Skill of Contractor- Insurance/Licensing of Contractor- Finish Level- Your Negotiating Ability- Etc.That said, as Joel pointed out above, if you're paying RSMeans prices, you're way overpaying for the typical low- to mid-level rehab.

Negotiation Skills.

Discount brokers are "order takers" with no negotiating skills.

You might think that just comes from working harder longer, but not so much as smarter.I'm afraid this is getting way to long, but it will tie together....You must set up your business that is appropriate for your skills, financing capacity, the population served, the market for your product and be able to compete against the alternative opportunities your customer base may have.

It is a skill to do this stuff without creating personalized challenges with people, but learning this skill is a better way to do business in the long run.

I don't know the market on Long Island very well, but there are certain to be pockets in and around that are great for finding positive cash flow -- ultimately, finding distressed deals is a skill that works anywhere . . . you just need to know how to do it.