All Forum Posts by: Brian Bassano

Rough deal figures -

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Purchase Price: $980,000

Down Payment: $196,000 (20%)

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Rental Income: $7,950/mo

Parking Income: $450/mo

Total Income: $8,400/mo

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P&I: $3,975/mo (4.5%)

Taxes & Insurance: $1,500/mo

R&M + Utilities: $1,000/mo

Reserves: $400/mo

Total Expenses: $6,875/mo

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Est. Cash Flow: $1,525/mo

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Not a home run, but a great start! Glad to start building a track record without losing money.

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Notes:

1) I am self-managing for now.

2) I plan on raising rents after renovations are complete (est. within 6 months).

@Scott Wolf Thanks! It is in Portchester, NY. I am fixing up the vacant units and common areas now. Next purchase is whenever I find another good deal.

@Scott Schreiber Thank you!

@Eder Aldana Thanks Eder. It took almost 3 years of searching..

@Francis Morris Yes sir!

@Shoshana Shulman Thanks Shoshana. That's right, it's hard to find a deal in Westchester between the high prices and cash offers.

@Matthew Irish-Jones Thanks Matthew. Its in Portchester, about 10 mins from Purchase. I did my bachelors at Manhattanville College, about 2 mins from Purchase.

@Gregory DeRosso Standby for numbers.

Thank you! @Toni Hardy @Jared W Smith

Just closed my first deal! Four-family house in Westchester, cash flowing around $1500/month. Thank you BP community for the continued motivation.

Hey BP,

With rising interest rates, and Trump's proposed tax plan to cap or eliminate the mortgage interest deduction, are you expecting prices to fall? Do you think it is a risky time to purchase? Do you think it is prudent or foolish to wait and monitor from the sidelines?

I am currently looking at a small 2BR condo in Westchester, NY. Before I pull the trigger, I thought I'd ask you guys to share any and all thoughts about the market.

How is the current market environment influencing your decisions?

I am looking for my first move in Westchester also. I haven't found those kind of numbers in small multifamily deals on the MLS.

Given other factors like location and HOA board guidelines, if those numbers hold to be accurate as you move forward, I wouldn't hesitate.

Hey Matt,

Biggerpockets has a great rental property calculator that I run numbers through before I analyze further using my own spreadsheet.

Just out of curiosity, why did you choose 3-5 unit multifamily?

Welcome to BP.

Brian

@Mateusz Prawdzik search for 'Yonkers & Westchester County Real Estate Networking Meetup' in the forums and you should find it. For some reason it won't let me link you to it.

I am interested in Buy & Hold Multifamily Rentals for the time being. Eventually I would like to move up to bigger apartment complexes and possibly fix and flips. What about you?

I am always interested in learning more about RE investing.

Hey Shanel,

I have seen meetups in White Plains. I do not know about Mount Vernon. The closest one seems to be in Yonkers next month led by @Account Closed.

Brian

Hey @Matthew Rodriguez,

@Natalia Collini has some good points. You have to weigh a few factors ( personal values/goals, tenant tolerance, available capital, etc.)

I live in White Plains and would love to invest in this city, but the numbers just don't work for me. I am looking at surrounding areas with lower prices ( Yonkers, Mount Vernon, Bronx, etc.) The Bronx's property taxes are significantly lower than Westchester's.

Especially that I'm also just starting up, I am willing to tolerate tenant and maintenance related headaches for a higher return, in order to build my portfolio.

Let me know if you'd like to connect more and learn together.

Welcome to BP!