All Forum Posts by: Adrie Moses-bailey

  I agree, finding deals in NYC is like searching for a needle in a hay field and when you do find them they are so overpriced they are impossible to move on anyhow

 I think You are right, OOS has its own logistical challenges bu as I have connections all over the east coast I will be trying to lean on them more to see what can come of it. I really want the cf at this point in my life, No point hanging my hat on appreciation that may not materialize for years

Hey guys, I am a newbie from NYC looking to do my first deal trying to build Cash flow.I realize I live in literally the second or third worst place in the country for that! I have been crawling the MLS in my local market and the minute I see a potential deal its gone. I have not tried looking offmarket through direct mail at this point. I did however figure that I might be better off looking in other markets where the numbers make better sense. So I went ahead and pulled up some statistics of metro areas with numbers that make more sense but I am finding a lot of markets where, while the prices should make sense for purchase, there are worrying signs like decreasing population and falling home values. My question then is how do you guys do market research and what sort of criteria do you look for, should I care about population trends and such things?

John, I am a newbie myself but I am an avid modeler so take anything with a grain of salt. The turnkey guys are trying to sell you a property so they are likely to underestimate costs that you would incur. Its up to you to have your own model with your own ideas of what expenses should be and use that to sanity check what the turnkey guys are saying. If you don't have any clue what percentages or other inputs to put into calculators then congratulations on discovering an opportunity to expand your knowledge base. If you are absolutely lost I cannot recommend enough "The book on rental property investing" by Brandon turner for a comprehensive crash course on the basics and the bigger pockets podcast where you will learn a ton simply through listening to people with experience.

You did really good work on the rehab too!

 Im thinking that same thing about paying, ive learned more from free resources from bigger pockets and the books I have read. I actually think cashflow might be near impossible in NYC barring a very unique alignment of circumstances and am looking now in mount vernon, Schenectady, trenton and nearby. Places I can drive through because starting off I'm not sure I would want to trust my first investment to a property management firm who wouldn't care near as much about it as I do

Thanks Karen, I actuallt forgot to reach out to them. Ill look there and see if I can get some help too!

Hey guys, I am just starting out, I have a background in Finance and a good idea how to run the numbers but am looking for a mentor in the NYC area to show me how to work this tough market or at least to talk to investors and find what pockets they invest in inside/outside the city. I want cash flow and I know most people in NYC are looking for appreciation causing home prices to be crazy high. So I looked at joining my local REIA which I thought was free. I may be simply inexperienced here but is this reasonable? It just sounds a lot to me like a guru bootcamp. What are your thoughts? Advice welcome

http://www.reianyc.org/memberships

Don't take advice from anyone who doesn't have what you want including me. But if you can get a partner who can get a mortgage in their name you are fine to invest with them. scenario, my friend bob has lots of money but no time, i have no money but lots of time, bob foots the bill I do the work and me and bob split the profits, maybe bob gets 70% so I can entice bob to put the money up and I get 30%. So what I just got 30% of a great deal which is still better than 100% of no deal and because I put nothing down my return on investment is unlimited. (Point is it can be possible once you start to think creatively, Brandon Turner is a big fan of change your thinking from "Can it be done?" to "How can it be done?") I am not 100% sure on this but i don't think private money lenders care as much about your student debt if the deal is good enough since they understand you aren't paying the mortgage (Your tenants are and they are only putting up 80% of the value anyhow so if the deal is worth only 90% of what you pay for it and you suck and they need to foreclose and sale well they still make 10% or the deal would have to fall hard for them to lose their principal).Also you can absolutely get a mortgage with student debt. I have student debt but also a great credit score and strong job income, banks want to lend you money dude. 

 Thanks so much, happy to be a part!