New Member Intro from NY

[Marc Maser]

Hi all, my first post here on BP. I've been reading BP books, listening to podcasts and reading the blog everyday for a couple months now. I'm a professional engineer and project manager who's been in the design/construction industry for about 13 years now. I have my own business and work part time at a local university. Just finished building our home (thru a GC) and have bought/sold two other SFH along with the acquisition of a 2,000 sf office building that houses my wife and my businesses. I' blessed that my part time job covers expenses and provides health insurance while my business provides cash to be able to invest. I live in a great area with a ton of affordable properties and a lot of opportunities to fix and flip or BRRRR method. My goal is to start this way and then scale up to larger multi families then to apartment buildings and then to commercial property. Eventually I'll be an actual developer, demolishing vacant structures and building amenities to improve local communities. My immediate goal is just to start and I'm so excited to finally post my first post and introduce myself. Can't wait to get to know all of you! Marc

[John Hickey]

Xavier Mc holder I've bought 2 2 family houses in newburgh in the last few months. I paid 47k for the first and it is rented as a 1 family. After expenses I'm doing about 15%. When the tenant moves out I'll put in about 15k and it will rent out for 25k a year.

The other was vacant. It's in a very rough area. It needs light rehab, but all new plumbing, kitchens and baths. I paid 16k I'm thinking it will need 40k. That will rent for 20k a year right now but I have big plans for that neighborhood.

I'm working on a mixed use package as well and it's mostly clustered around the same area as the vacant property. The cap rate on that is 20%. That's a great number but it's got 4 vacant properties and rough collection of tenants so that will be work.

I like Newburgh for cash flow, I am buying there because I'm counting on appreciation. I wouldn't say it's for everyone. I've heard plenty of horror stories of investors getting burnt there. If your experienced with buying and rehabbing in rough areas then you should be fine.