Hi polibrands, don't box yourself into REO's, there aren't many good REO's that you'll have access to. I would concentrate more on short sales and estate sales. There are good deals out there but you need an agent that's experienced in flipping and finding flip candidates, then be prepared to put in a lot of offers. Hopefully you are using 100% cash, if you are and bid correctly expect about one in 30 offers to get accepted. Establish the maximum price you'll bid for a property and stick to it, It's easy to chase a property and eat away yoor safety margin. Good luck, I think your timing as good because the Long Island market should be a rising one this year.
Tom Brady SFR, e-PRO, SRES, GREEN, BPOR
Licensed Real Estate Salesperson
Notary Public, Retired N.Y.P.D. Lt.
#1 Listing & Selling Brokerage in NY
Charles Rutenberg Realty, Inc.
255 Executive Drive - Suite 104
Plainview, New York 11803