All Forum Posts by: Bill O'Donnell

@Vincent Sottile

There is already a wcrei group meeting in Mamaroneck. Find them on Meetup.com

There are plenty of places in the counties I mentioned that have solid rental markets, including a few cities. Haverstraw, peekskill, Beacon, Newburgh, Poughkeepsie, Kingston, even Albany.

I personally chose to move to Fishkill and I am an investor in Newburgh. 60 miles to NYC on i87 with two bus terminal an airport and access to metro North. Is it Brooklyn,no. But it costs less and I can make the numbers work.

I no longer commute to the city, but I did for years. You could if you want to, or you could invest up here and stay in the city..

Bottom line, fix your financials, study your options, and then make a move..

@Jesy Carnero

Congratulations.

Get a good local attorney and/or title company. Look for liens, second position mortgages, unpaid taxes/fees.

Depending on how you bid,courthouse, hubzu, auction.com, or whatever. Be sure to understand the timelines. Both for opportunities to back out if a problem arises, as well as being timely with inspection, funds, diligence..

In my area we see surprises with water bills. Hoa fees unpaid. Mechanic liens, and occasionally second mortgages.

Assuming all is ok. You will be on a timeline to closing. Make sure you have your funds ready. If borrowing, consider a backup source in case your bank/money lender drops the ball.

Finally, get your team together so you are ready to get going as soon as possible after close. Contractors, handymen, realtors whomever you will need to make it rentable/salable. The first deal is often the slowest to finish, but time is the enemy so get finished and rented or sold asap.

@Dave Meyer

New York has passed a relatively new tenant law. One aspect of the law is that the most we can change for a credit/background check is $20.

I have been unable to find a source that can do it for that..perhaps bp could be that source?

@Carmine LaPietra

Ny recently passed a new tenant/landlord law.

Familiarize yourself with it before making a decision. Not landlord friendly is an understatement.

@John F. Hebert

I agree that you need to reduce your debt.

After that, I'd suggest looking north of Westchester county. Plenty of relatively affordable property in orange county, dutchess county, even parts of Putnam county.

@Phil Vongsavang

If its in your name, consider how to handle taxes..

@Catherine C.

Tiny house...

Camper hookup.

Airbnb yurt..

@Jamie Brayton

When generating the leads, do so as a llc that is new.

If you want to pass the deal on, simply sell the lkc to the buyer .the llc would be in contract, not you. By being in a lucrative contract, the llc, and the deal, should be marketable.

I'm neither a realtor nor an attorney, but I believe this would work.

@Ilya Polyakov

He might be impeached in the house.

He won't be removed by the Senate.

And even if I am wrong, I'm not, people forget that Pence would move into his seat.

Little to no change.

Electing a socialist on the other hand...