All Forum Posts by: Andrew Baisley

Answering from my phone, so will be brief:

I calculated using as many actuals as possible. Actual asking price, rents, property taxes, etc.

I would see the property in person first and have an inspection. I'm only an hour away.

This would be buy and hold for the long term. 30% down.

Also, all utilities are separately metered.

Sorry for the briefness. Fat fingers, small keyboard.

I'm looking at a three family in Kingston, NY. Filled with tenants on month to month agreements. The owner recently passed away and his kids are unloading this and a few other properties.

Asking: $145,000
Monthly income: $2,335 (1br is $685, 2br is $800, 3br is $850)

I could probably bring those up slightly, but wouldn't want to if they were good tenants.

New roof put on 3 years ago. Haven't done any further inspection yet. Neighborhood is decent.

I'm putting the cash ROI with 30% down at 5K in immediate improvements at about 20%. Total ROI at about 23%. Monthly cash flow per door is $279.

This would be my first deal. Any thoughts?

Thanks guys.

That makes a lot of sense Albert Hasson, especially because we both have enough cash for individual down payments, great credit and full time jobs.

Quick question about investing with a partner...

If we avoid forming an LLC or S-Corp for the first few deals, to perserve access to conventional financing, will the bank look at both of our assets or do we have to just choose one person for each mortgage?

Assume that we've worked out the terms of our partnership in writing (this question isn't really about that - understand the downsides, risk and liability issues). We plan to form a corporation once our options for conventional financing dry up and we'll move the titles over to those when the time is right.

Question is: if we're each putting up 50% of the money, how will the bank view that under conventional financing for a non owner occupied 2-4 family.

Thanks in advance!

Pete Nater
I certainly would (I live in Queens), but don't want to be a slumlord and not sure that there are smaller properties in these areas that can cash flow. Maybe Bronx, but property taxes in Westchester are insane.

http://www.ifunding.co/

Has anyone ever worked with these guys? Any feedback?

I just came across them looking at the NYC Real Estate Tech Startup meetup. They are demo'ing next week to that group.

David Niles: I wish Buffalo was closer to me down in the city. I think it's a great investment market, but I need something closer to home, as I really prefer to be more hands on.

Congrats, Nick Leboeuf, on your first purchase. I have yet to make mine, but keeping an eye out a bit further south, from Newburgh up to Kingston. Taxes are a killer in the tri-state area.

How difficult do you guys find it to fill multi-fam's in the smaller cities? Do you have any trouble finding quality tenants?

Welcome to BP from a fellow New Yorker. Where are you looking to develop, Syracuse?

Would anyone care to share some tips for getting to know a new (or new to me) investment market?

I'm looking very seriously at the Poughkeepsie, NY area, but I haven't spent a ton of time there. Before I do anything, I want to spend several days or weeks getting to know the place.

I've heard some tips before, but wanted to know if you could add to them!

- Look at the cars. Nicer, newer cars mean more disposable income.
- Look at the lawns, exterior paint and yard junk. Cleaner yards and homes means more disposable income.
- Talk to mail carriers - they know the streets
- Don't just drive around. Park your car, get out and walk the streets. You'll see things that you would miss just driving by.
- While you're walking around, chat up the neighbors. Maybe tell them that you're thinking of relocating to the neighborhood with your family and see what they say.

What am I missing?

Thanks!