All Forum Posts by: Andrew C.

 Are you referring to long term rentals when you said the gross rental yield is around 6-8%?  Just want to clarify since Andrew Steffens says it's double that.

@Angelo Proto You mentioned wanting to offset your W2 income by investing in STRs...so I think you would have to have an STR that is closer to where you live. I'm not a CPA so I don't really know how the rules work though. NYC has pretty much banned short term rentals. Some parts of NJ could work, Hudson Valley, maybe Long Island. I don't think it necessarily has to be a "vacation" spot. Short term rentals can work in urban areas too...people travel for many reasons. Of course, make sure you research whether there are restrictions.

I'm also curious as to how the market is doing especially in the MA/Boston area.  I thought there were restrictions enacted recently which made it difficult to operate STRs.  Also, the prices in the Boston metro area seem pretty high so not sure the numbers make sense unless you already own a property.  Please provide more info.

I regret not being able to buy more.  My STRs have outperformed my LTRs.  Never have to deal with evictions/non-payments and it brings in more revenue.

@Stephanie Jacobson Wow!  I heard about Micron going there but didn't realize it was such a hot market now.  Has the Syracuse housing market appreciated that much already?  I thought Micron construction hadn't even started and it didn't seem like the first plant would be completed until 2026.  I will have to say that I am tempted by the potential...I mean there's a lot of money going into that area.  Do you think it would be a good investment if your focus was more on appreciation rather than cash flow?

Have you checked on AirDna or similar sites to see whether short term rentals make sense in Binghamton?  I think @Stephanie Jacobson is the one to ask about Binghamton...I think she mentioned short-term rentals in nearby Finger Lakes area but I'm not sure about in the city of Binghamton.  Seems like most people do student housing there. I have short term rentals in Buffalo but it's a bigger city with more events as well as proximity to Niagara Falls, etc.  

From what I've heard, Evolve really doesn't offer much.  I would look for a local property manager.   You can check to see if any other hosts near you offer co-hosting services.  That's how I found  mine.

I'm not sure what neighborhoods in Queens and Nassau you're looking into but it may be tough to find a 2-family in that price range.  But more importantly, would that be a neighborhood you want to live?  Since you mention working long hours including nights and weekends, do you want to live somewhere that adds to your commute?  I've struggled with the same dilemma as you.  I also have young kids so having a good school district is important to me.  So for now, I have a co-op in a neighborhood I want to live in and invest long distance (Buffalo).  I have been looking into a house hack recently as my family is outgrowing our co-op...but it's quite expensive in Queens/Nassau as I'm sure you know. 

Fellow New Yorker and I've bought my properties long distance sight unseen.  I think if you can, it doesn't hurt to go in person to see the property and to meet the team you'll be working with, however I think it's possible to do it from a distance also.  I get videos/pictures from the realtor.  There is an inspection from an independent inspector (if you're getting a mortgage) and on top of that, an appraiser goes out to appraise the property.  The most important thing is to work with people you can trust.  Make sure to do your due diligence with that and get references with other investors who have worked with them.  I haven't done an extensive rehab though as most of the properties did not need too much work.  That part might add a bit more risk so if you have the ability,  maybe it's best to go in person.  

 I don't know about misleading as every Real Estate Tax strategy podcast/blog post etc with a CPA seems to talk about cost segregation and RE professional constantly.  I'm sure there are more intricacies that this post didn't get into.  It's probably true for the blog post/podcasts as well since I'm not sure if this strategy works for everyone.

What I wonder is if it makes sense for me as most of my properties are lower cost ($200k range).  Also, as others have mentioned, you get the upfront depreciation but will get less of the deduction in subsequent years.  I guess if you plan to continually buying and doing cost segs...maybe that works?  Also @Taylor Jones...is the cost seg expensive and time consuming?  Thx

I live in NYC and also invest long distance. I've considered a multi family in Queens but the numbers just don't seem to work as they are well over $1million. Okay, using an FHA mortgage helps with the lower down payment but now your monthly payment with PMI is much higher. Your monthly PITI will be $10k plus and your rental income maybe $6k (assuming it's a 3 unit and you live in one). Maybe it can work in some neighborhoods in NYC but not if you have kids and want to be in a good school district.