Hey all, I've only got approximately $70,000 saved up t

>>1138693
Craigslist, maybe. Paying a real state agent is the best you can do if you can contract a cheap one you can trust.

>>1138703
This. You might find property with existing tenants.

>>1138693
You're gonna go broke fixing it.

Not doubting your /diy/ skills but renovating takes a while, by that time you could've bought something decent and started renting it asap.

>>1138728
Also this.
Fixing old house's plumbing, electrical installation, insulation, roofing/flooring is expensive as fuck on materials alone. Make sure it doesn't have a lot to fix, calculate the cost and triple it.

You're too poor to get into the rental racket in Long Island, you may break even at best but you really need to be in the position to buy the property. Also, if you buy a POS say good-bye to your 70k. THEN _maybe_ break even on the mortage. Buy it sounds like you don't have a clue so keep in mind: a fool and his money are soon parted. Stick the money in a CD and educate yourself first and then only prepare to invest what you're willing to lose outright. Housing is almost as bad as the stock market.

>>1138693
I wouldn't try it in long island. The prices are crazy high.

The two solutions I have for you are to try and find a location just outside of town, in a cheaper housing market, or save more money before investing.

You have a nice chunk of money, but it would take double that to buy the property and renovate. Depending on the condition of the home, of course.

It would also take a long time to see a meaningful return on it as well. You'd be better off investing in some low risk mutual funds and bonds.

>>1138751
Buy crackden for 21k interest free.

Sink 100k into it.

Still a shitty crackden fir less value than 21k.

Gtfo op. Don't buy a "fixer upper" unless it comes with a free shotgun and bullets

>>1139167
what if I buy a house for $199,000. Put $70,000 down, then then rent it out for $2,000 a month. It seems criminal, how there is so much money in real estate and the average apartment on Long Island goes for roughly $1,500. I pay $800 a month, but I live in one room in a house that's owned by a family.

>>1138693
there is no money in the house if you are looking for an investment. all the money is in the land and getting it developed. houses are shit easy to throw up. getting electricity, water, and a road to a plot is where all the value comes from.

>>1139203
what do you think of this advertisement. https://newyork.craigslist.org/jsy/reo/6027460913.html

$29,000 for a shitty home that needs to be renovated seems like a good deal to me.

>>1138693
Foreclosed houses are not for beginners. You'll end up with a pile of shit needing more in repairs than the house is worth unless you know what you're doing.

Just look for something decent that you're certain you can get 1% per month in rent. In the case of a 200k home that gives you 2000/mo in revenue and about 500/mo profit. More initial investment yields more monthly profit.

Btw: At 70k the most a bank will lend you is 350k.

>>1139206
i wouldn't touch that. those """"numbers"""" are a straight scam dude. c'mon...

You can get a duplex with an FHA loan, which only requires 3.5% down. You have to live there for at least a year. While you're living in one of the units, rent the other side out to subsidize your mortgage. After a year, move out and rent the other side out. Rinse and repeat.

Don't get too big too fast though, you're going to make alot if mistakes early on, those mistakes are easier to deal with if you're small. The guys who go under are the ones who are too aggressive.

You can get into foreclosures later on, but they provide less ROI, especially now that loans are so cheap.

>>1139191
Well, there are a host of other considerations. Get you a few personal finance and real estate investing books and give it a go.

I have 2 shitholes and i fucking hate my life so good luck.