All Forum Posts by: Brian Ploszay

For sure, the rates have gone down the last 3 years.  

I somewhat disagree with his advice.   People who buy real estate investments tend to be older, rather than younger.  25 year olds rarely have the financial strength to purchase properties.  

But you're a newbie.  Start small with a limited amount of capital.   See how the investment performs and if you like the work.   I tell new investors that rentals (residential) are not passive investments.  

I think one of the challenges if that you live in NYC, where real estate prices are very high - and there are few properties that cash flow.   If you leave the area, there are challenges with running properties that are far away.  

Starting out small works well with keeping another job.   Buy a smaller building and hold it.

This is probably illegal because it is a fire hazard.   Do not do this if they have children.

Seems like you have a major leak.  Replacing the unit will cost way more.  See if the contractor can come out again.   Be patient, you'll do well with being a landlord.  There are just some months when your cash flow declines.

I am from your state.  It is legal to have a non-smoking policy for your tenants.  To be fair to your tenants, smokers need a place.   Maybe they have balconies.   Else they will be loitering in front of your building.  

Smokers in my rentals never really caused a problem.  Painting an apartment generally locks out the smell.  

Banks have paid contractors to bring the properties up to marketable condition before a sale.   They generally do this for middle class houses, and they sell the cheaper properties in as-is condition.   Unfortunately for us investors, the distress pipeline has been shutting down.

A partner of mine lives in Tucson - and I went on a real estate tour there.  On the whole, I like it.  The wages are not that high, but it is propped up by retirees settling there and the University.   I predict that region will continue to grow.  Investing in your backyard seems like a good way to start out.

The housing shortage is acute in Southern California.   So addition to the housing stock is welcome.  I do not think that this will negatively impact your home value immediately.   This development  will bring more outside people to Valencia.  Certainly local businesses will be happy.   By the way, I am a fierce critic of Southern California's inability to add density housing.  The result has been an artificial constraint in building the supply of housing that is needed.  And the prices are outrageous. 

Taxes generally go up over time.  So do rents.  Sometimes you can pass that along, especially if it is a strong rental market.   Go for it, if you can do it.

In my market, we can protest real estate taxes, but the results generally are not significant.