All Forum Posts by: Amy Mills

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $210,000
Cash invested: $53,000

3 bdr 1 bath sfh in a B+/A- area in Rochester.

What made you interested in investing in this type of deal?

Bought it furnished to rent out as an airbnb to utilize STR loophole to offset W2 income (husband and I are high-income earners). With cost seg and bonus depreciation, we can save around 20K in taxes.

Will eventually convert to a ltr. I'm hoping it will cashflow 1000 a month with airbnb. With ltr, I can rent out for 2100 - 2200 a month so it will still cashflow as PITI will be 1500 a month.

How did you find this deal and how did you negotiate it?

Off-market through a realtor

How did you finance this deal?

Conventional

How did you add value to the deal?

None really, but will replace roof soon.

Thanks @Jim Rivell and @Dave Poeppelmeier you both make valid points. Very helpful. I'll be doing more research before jumping in!

Thanks both for your insights! @Eric Greenberg @Alan Asriants

This one seems to be a nicer rental that has been renovated completely in the past five years, is a 4br and is renting for 2400 so I thought it would be a good deal...but maybe not...

I will look into other areas for sure...

Hi everyone, I'm looking into buying my first investment property. I own my primary home in Brooklyn, but nothing cash flows here, so as I was looking outside of NYC I stumbled upon Philly. 

I found a student rental a few blocks west of Temple U in the Cecil B Moore area. After running numbers it looks great, cash flows positive and already rented till July 2024. Some questions:

-I see a lot of rental vacancies on Zillow. Is vacancy a problem? is there too much supply?

-If I can't find a new tenant for the next school year, am I screwed? It's my understanding that in this area, there are only students and no other type of renters.

-Anything else I should keep in mind?