All Forum Posts by: Barry Sanders

You have to include the utility costs in the rental price. I wouldnt worry about there being excess usage. If so you can start off as a month to month and adjust the rent price as needed 

i would say its better to partner because it cuts down the time it takes to scale as well as the learning curve. But not something to get into lightly

welcome to BP, youre already off to a good start. Stay motivated

-agree with @Aaron wade 

-avoid the lifestyle creep

-while youre paying off your loans try to save up 100k and educate yourself 

-best investment will be a house hack where you live for free but you need education to be able to buy right

 Networking will help you gain that knowledge faster.

-the downside of house hacking is you need to deal with tenants, may be worthwile to partner with another local until you get the hang of this

The money you save by house hacking should be invested passively either into syndications, note buying or hard money lending.

You will need to own many properties to replace that sizeable income. Its better to know how much money you need to live the lifestyle you want and work backwards.  

You will also need long term investments such as rentals to be as passive as possible. This can be self storage multifamily or retail. DONT RUSH TAKE YOUR TIME 

welcome to bp, the furnished apartment space is great especially if you can get contracts with medical institutions or companies that  relocate their employees.  Good luck

You can do 5% down up to 4 family with freddie mac conventional loans or an fha loan with 3.75% down 

Are you looking for appreciation or cashflow? 

I would say the biggest factor is job growth. Where ever unemployment is low or decreasing (census.gov) dept of labor statistics bls.gov  

This will tell you if a city will be growing and if it has the jobs to support the growth

If you want to predict it even farther out you would have to look for markets near other booming markets where people move once theyre priced out of the core market

@Davere Currie what is your long term goal/ what are you trying to get from your investments? Determining that may help others show you the path of least resistance. I can also guarantee that as you learn more your goals will also change. NYC is a tough market to do alone but fortunately there are many people open to partnering up 

i agree with @sean lasher census.gov data will be most accurate but for the most time sensitive you will probably need to talk to a realtor or property manager. There are also quarterly reports released by different brokerages 

Hi Jordan,

Welcome to BP. What areas in long island are you sourcing deals?