Newbie In NY With Some Questions
Hi, I'm so glad I found this forum! This is my situation. I have some sources of cash. I'm mainly looking to see if I can buy foreclosures and rehab them and then sell them at a higher profit, but I don't know if this is the best option for a newbie. Also, I really don't know if NY and vicinity is the best area for me, but I really want to invest in areas that I can check out myself. I've done various searches on the TCI boards as well. Just wondering what are the recommendations for best type of thing to start with. I also dont' really want to deal with banks if I dont have to. Please all suggestions welcome.
Thanks in advance!
Also I'm hearing mixed reviews on what books are good to start with. Thanks!
rabs,
Welcome. My first question to you would be whether you have construction/building/home remodeling experience? If you do, that's great and you may be able to find deals because you can do the rehab. If you don't, I don't know whether it would be wise to jump right into rehabs when you are a relative newbie.
I see alot of people using the word "foreclosure" intead of "motivated seller". Now don't get me wrong, I'm not against making money from the foreclosure market, but there are alot more deals out there than just foreclosures. Find a truly "motivated seller" (i.e. divorce, lost job, forced relocation, health issues, death in family, etc.) and provided you've gained some REI knowledge you'll be making deals. Good Luck.
Dave
[addsig]
i dont know if Flushing is in Manhatten or not, but i have heard the home depot in chelsea offers very informatvie classes just about every night on fixing and rehabbing apartments/condos/co-ops. and its free. they might have a plumbing class one night and a carpentry class the next all relating to housing in the city.
also in my experience when your looking for foreclosures or pre-foreclosures almost all are in need of repair to some extent. so its good to know how to fix these things anyways. the amount of money to be made in manhatten is serious. the avrg price 3bd is what? a little over a mill.[ Edited by ZinOrganization on Date 12/23/2004 ]
thanks for your responses.. flushing is in queens..and i guess i am interested in queens, nassau, suffolk, adn i guess some parts of jersey..the prices here are ridiculously high....
i personally don't have any construction or rehab experience...i was thinking of either hiring someone for that or partnering with someone who can help me with that...
let's say i have some cash available ...what would be the best thing to start off with..if i dont have to deal with banks..that would be best..
it seems like you have a phobia with banks. if your going to be in this buisiness dealing with banks is going to beneficial for you. so get over it! also unless you have deep pockets and want to risk all your money, how are you going to pay for these rehabes? i suggest you read everything you possibly can on these forums untill you are comfortable with what you know possibly get a starter course offered by Jeff Kaller, or Ron Legrand. Mr. Lock offers a great starter manual on this site. check out ebay too. sub contracting out everything is fine but if you dont know what needs to be done yourself then these contractors will empty your pockets.
i you don't have exp. in rehabbing it can be a pain. don't depend on others to do the work and treat you fairly. if you don't have rehabb. knowledge the subs. will know and "clean your plow". know what your doing before you start.......km
Thanks for the information guys. I actually had some cash from my dad that he was willing to let me invest - that's why I was saying that I could perhaps avoid banks. Given that I don't have knowledge of rehabbing, I guess I'll stay out of that for now at least rather than get ripped off!
Thanks for the information guys. I actually had some cash from my dad that he was willing to let me invest - that's why I was saying that I could perhaps avoid banks. Given that I don't have knowledge of rehabbing, I guess I'll stay out of that for now at least rather than get ripped off!