Hi Scott,
Have you tried the Long Island MLS? You can search the Long Island MLS for FREE at our website http://www.ghhrealestate.com. While you're there you can also search listings for Long Island short sales. Short sales can be an incredible investment potentail and we have plenty of two-family homes for sale at discounted prices right near the area you are looking at! Call us for more information GHH Realty 516-620-2511.

Hi Scott, If you're looking for investment properties, you may want to consider condos. For rentals, they're great! Legal multi-family houses in LI are not that common place and don't listen to some who will tell you "it's OK here, no one complains". You will more than likely have someone from the town show up and throw out one or more tenants if it is illegal. They are also for the most part expensive thereby killing profit. Condos are great because you don't have to concern yourself with outside maintenance - that's taken care of by the management company or homeowners association. They are also attractive rentals since most, at least many, condo developments have amenities like pools, tennis courts, etc. You just have to find good deals. If you're working a buyer broker, they could certainly assist you. If you haven't picked an agent yet, give me a call.

Ralph Windschuh
Certified Buyer Representative
Century 21 Princeton Properties
631-467-0009
rwindschuh@c21princetonproperties.com

I agree LisingBook is the tool you need and it is free of any charges, and you can customize it to suit your needs--however a realtor will have to set up the initial account for you. There are multi family homes out there to be had.
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Hi Anna, have been searching Listingbook for a way to do a search of multi family houses. How do you do it?

I agree LisingBook is the tool you need and it is free of any charges, and you can customize it to suit your needs--however a realtor will have to set up the initial account for you. There are multi family homes out there to be had.

JFTR, it is easier to get a 2 family, although the asking prices are usually pretty high if they are legal. Scott asked about multi family which I assumed is more than 2. My experience looking was in Huntington, legal twos were hard to find I didn't find any multis. I find right now in towns like Greenport and Riverhead, there are twos, but unless the owner plans on living in one apt and using the other for extra income, the income alone does not justify the price.

If you are looking for value, you would do better to find a home that needs some fixing up. Do you have a crew to do it, or do you have to pay someone? If you have to pay others, it may not be such a great value. Homes in great condition still get top dollar.

Lenders also look for Legal 2 by CO to include rental income as part of your income for a mortgage and consider a 30% vacancy rate. Quite often when a home is listed as 2 family, it is by permit, not CO. That is why it is very difficult to do on your own.

Speak to a local Realtor and be very specific of what you want. We can help you.

Carol Bromm
Prudential Douglas Elliman
1244 E. Main St., Babylon, NY 11702
631 422-8269

JR is right - 2 families are tough to come by - AT THE RIGHT PRICE. A legal 2 by c/o - prices are usually very high - however - in this market - they've come down substantially.

I'm working with an owner now who is thinking of listing his 2 family, plus land - but he wants too much for them - either separate or combined. But TIME is what will be his worst enemy, as a seller. If he prices it right - it's such a good deal.

The thing with agents is - many think, because they have a license, that they can sell any kind of real estate to any kind of buyer, which is legally true. I am licensed in New York so I could go into Donald Trump's office and try and obtain his business to buy a high rise in NYC.

The thing with the BUSINESS of being a real estate agent, is that you must devote portions of your business to certain aspects. Most agents don't do this. They just do open houses, try and get buyers, mismanage them, don't do their homework and don't follow up. And a lot of them waste their valuable time with unqualified buyers - which is such a shame.

Right now - for any agent interested :) - my partner and I have about...oh 500 leads, fsbo's, expireds, buyers (I think I have about 95 buyers on my listingbook account - 13 are active, 25 are like hanging around, and the rest I occasionally email some listings to). If you're an agent out there - and you're not making any money. And you'd like to - contact me.

Anyway - Scott - I look forward to working with you and earning your business.

Yes, I am looking to purchase the Multi Family as an investment. Financing is not an issue. I also agree with the use of a Realtor. Part of my goal with asking this question even though it appears to be cut in half, was to find a motivated realtor who helps investors find multi family properties.

To be honest I don't care where I find the properties, I care about the value the property can bring.

As for the area of interest it is the Babylon area, North Babylon, West Babylon and Deer Park. Possibly West Islip. I like to keep to the areas I know.

I agree with Tom, I also provide ListingBook accounts, and certain buyers love them, but for someone looking for a multi family, no. Before I was a realtor I found that these were hard to come by, even working WITH a realtor, to look on one's own you'll find practically nothing. If I were Scott I would first get myself 100% qualified and financed while I was looking for an agent who had did investing in multi family homes themselves, then hire them as a a buyer's agent. Good luck, Scott, you have a job ahead of you.

Hey dude. So you're looking for a 2 family - ONLY in Babylon. May I ask why? Any of the surrounding areas suitable? West Islip? N. Babylon? Deer Park? Lindy?

Just curious.

Also - why are you looking only online and not working with an agent? Why do all that work and come up with no results rather than hire a real estate agent (who you pay nothing) to represent you - and look for the properties, find them - send them to you and then make the appts, help you make the offer, etc.

the best "place" to find them is with a Realtor.

Since I've found that most people post questions on here and then never post again within their own thread - maybe you won't read this. But to those who have and will revisit this post - to me - listingbook,honestly - is NOT for investors. I'm not saying Scott is an "investor", but he's looking for a 2 family. I find listingbook to be totally inappropriate for the investor-type.

There's nothing like searching for a good deal. Listingbook is great for first-time buyers and your average "retail" buyer.

Any investor - looking for say...a 2 family home, is probably looking for something with a cash flow or, they're looking to live on one side and rent the other because
A. They can't afford a mortgage (in which case they won't get a loan - so working with them is a complete waste of time...in most cases - you can also work with them to get them qualified down the road, but they must be motivated and goal-oriented).
B. They are looking for an actual asset, rather than just a straight up liability - they want a property that produces income, while they live in it and -
C. They have intentions of living there for a while, only to buy something else down the road and keep their multifamily with a cash flow.

Scott - if you come back to read this - let me ask you - How do you plan to finance your purchase? Mortgage? Cash? Bank loan? Private loan?

If a mortgage - are you pre approved? Feel free to email me thomas.mcgiveron @ topproducer.com [remove the spaces in the email address].

Hi Scott,
I will be very happy to help you find the properties you are looking for. I have this very safe website called Listing Book and you can see entire MLS listings. If you send me your email address I can open an account for you and it's complimentary. Thanks.
Jzilpelwar@yahoo.com

Hi Scott

There are 15 - Multi Family Homes available in Babylon at this time. I would be more than happy to send you the list and updates you when new homes becomes available in the area; or your can go to http://www.mlsli.com

You can email me at Realtor@BarbaraNowak.com

Thank you
Barbara

If you send me your email information, I will be happy to provide you with a complimentary usage of Listing Book.com. It is based on the entire MLS System and is fantastic in finding whatever it is you need, right down to the smallest detail.

Email me at Gail@GailGladstone.com and I will set you up. FREE!