Lior Lustig with Shimon Solomon
Today me and Shimon Solomon, the # 2 contractor all over New York and the surrounding area, went to see a super interesting asset to Flip, sold from the bank at Foreclosure, the most prestigious area on Long Island - golf courses, yachts and tens of millions of dollars near the water. We currently live seven minutes drive away, and this property is within walking distance of the charming promenade so it is suitable for tourist rentals. In the summer we always go there for shows and restaurants on the water.
The block of the specific property is among the best in the area and is in an area where prices are still reasonable and pleasant in the 650 thousand for renovated property. As mentioned, the area is super touristy and there is a huge demand for AirBNB.
My goal in this property is either residential because there are also the best schools in the United States and this is a lovely area to enjoy living there, in which case to create two AirBNB units - one in Graz and one in the basement, or alternatively flip with investors - buy cash, renovate and then Ro Refinance, return money to investors and leave with a great property for regular rentals + AirBNB, or a sale with significant profit because there is a large space between the purchase price and ARV.
The numbers:
I was able to reach a contract with the bank for $ 1,000 with refinancing financing - the so-called 380K Loan.
If it is made with investors, we will make an offer of 325 $ 1,000 cash with the goal of pushing the price even further down after the insufficiency.
The main problems that are currently visible - mold - are to replace shitrac walls and insulation and some days, cracks in the walls (a supporting wall is needed), replacing the small roofs, rebuilding the front porch.
So, as mentioned earlier, I brought with me the cannon contractor number # 2 in all of Queens, Brooklyn Manhattan, and the area known as the "Charming Sky" for appreciation and you can see the property tour in the attached videos. (Any work you have in the Queens and Brooklyn area, name it your guy !!!)
If we go on the residential option, anyone who comes to visit the New York Jacuzzi and a free night at the AirBNB unit is upon us. (Yacht meanwhile you guys :)
We would love to hear your opinion on the property.
