New Investor in Staten Island, NY

[Adam Scheetz]

Good Day Everyone,

I'm Adam, I'm new to Staten Island and the NY market and I am interested in small Multi-family units, foreclosures, and value added properties. Eveything here is ridiculously overpriced and draped in regulations it seems so I've expanded my sights outside of the area.

Locations of interest include; Northern VA, Pennsylvania, Florida, Georgia, NC, and SC.

Plan:

Small/Medium sized multi family properties 4-10 units. 2/1 up to 3/2 if available.

Purchase price under $450,000 with a minimum of $100 cash flow per door after expenses but a target of above $250 per door after expenses.

Cash on cash should be above 10% with 15%+ as target

Properties would be managed by local management company or Live-in manager.

My plan, criteria, and areas of focus change with more knowledge gained. But what hasn't changed is my need to partner with with others more experienced than myself. I'm really in need of experienced analyzers and people good at analyzing whether a deal is beneficial or not. I'm very extroverted and good at talking on the phone to people, talking to and meeting new folks, organizational planning, and research. I look forward to meeting many of you all and hopefully helping in some way.

Thanks,

Adam Scheetz

[Charles Molluzzo]

Hi Adam,

Welcome to Bigger Pockets!  I am originally from Staten Island, but I have not lived there for more than a decade and I do not know the local market there, except to know that it is quite expensive. 

I am local to the DC area now, and I think that you might be able to find some deals far out from DC in Northern Virginia, but nothing multifamily at that price point.  If you want multifamily, you are better off looking in another market.

Given that your areas of interest are not local, I would also recommend reading David Greene's book Long Distance Real Estate Investing. 

In the meantime, good luck networking and try to find a relationship where you can use your strengths.  There is probably an introverted number cruncher out there that would love to have some help dealing with people! Good luck!