In Search For New Markets

[Aron Shreiber]

Gals and Gents,

I have read a lot in the past BP articles and listened to many BP podcasts, it's a pleasure becoming part of the crowd.

Let me introduce myself, I am active in the NYC market, I buy a lot of class C properties rehab / convert, rent them out, I have done rinse and repeat many many projects and I am seeing nice returns, not always fully recoup my full investment but I am generally finishing all in at around a 9 or 10 cap!

I am still very active in this market (and will probably continue doing so until I have a replacement market..), but NYC is a tough market to operate especially when tenants become trouble.. would say standard eviction timeline is currently around 18 months, it's a nightmare when it happens that's why we are very well set up and we make sure to have a good relationship with tenants, (we can talk about NYC a different time,) bottom line it is a market with practically no vacancies, and crazy good rents, but very challenging to operate.

All being said, I am looking to evolve into different markets, problem is I have no idea how evaluate a market and what I need to consider and how to even do market research on anything outside of NYC.. so, I would appreciate for some input on how to find deals, understand and underwrite different markets.

 I am looking for populated desirable areas with no rent control laws..

[Jonathan Greene]

I would look for markets where you have a competitive advantage. Even with your experience, a new market can be a bear to build a team to replicate what you already do. Where else have you lived and where do your closest friends and family live, maybe someone you wouldn't mind partnering a little with for boots on the ground?