All Forum Posts by: Brandon Keany

@Andrew Syrios - That's a good point, I hadn't even considered the out of state investors aspect yet. How would you recommend going about getting that knowledge of rehab costs? The first thing that comes to mind is contacting local contractors and going to places like home depot to learn the costs of materials.

@Caleb Brown - You bring up a lot of good points and areas that one should be knowledgeable in. Two things stuck out to me though, analyzing the path of progress and then analyzing deals. The path if progress I can figure out but when it comes to analyzing deals are there any specific metrics you like to use? I'm sure they change based on what type of investing you're doing but are there general rules of thumb? 

@Joseph Ayoub - I appreciate the advice and will definitely work on developing the depth of knowledge of my markets. I do have another question based on that post though. You mentioned that having that end-to-end knowledge is usually shown by having done the process themselves. What if there was an agent that hadn't been through the process but was able to provide the knowledge and connections needed to make the deal go quicker and more smoothly? 

@David A. - I appreciate the insight, and I agree finding a good entry price for a market is critical when investing. 

@ Shawn Mcenteer - I don't have any experience currently and that's one of the many reasons I wanted to turn to this community. I could guess all day long about what I think would provide value and how I could help investors as an agent, but I wanted to get the insight from the investors themselves so that I could focus my efforts. If you don't mind me asking, what re the other options you were referring to? 

@Nick Rutkowski - Commercial, got it haha are you in the commercial space? 

Hello Everyone, 

I'm an agent on Long Island that's looking to work with investors, however being relatively new to the space I would like to know what kind of value an agent could possibly provide to an investor. 

IMO experienced investors who fix & flip, brrrr, wholesale, etc. on the regular probably aren't inclined to working with an agent since they're used to analyzing deals and have specific metrics they use to measure the viability of the investment. I could see newer investors who are buying their first property (or some of the first few) being inclined to use an agent for reassurance and guidance in different markets. 

So what's something (if anything) that an agent could do to provide value and build a working relationship with investors? 

Hey Enrique, 

As everyone else has pointed out above, the 'exodus' from NYC has been oversold. If you're looking for a place in NYC or Brooklyn there are a few things you need to consider: 

First: Establish a price point (very standard) The reason I say this is because in NYC you're going to be dealing primarily with Condos or Co-ops, this means you're going to be dealing with HOA's or other boards, and they will take a lot of time for interviews and reviewing your paperwork. So you want to save time for yourself and cross of anything thats going to waste your time.

 If you're looking for an apartment in the downtown area, there are a lot of owners that are making concessions (like 2 months free) for new tenants. If none of this sounds appealing then you also  could look in Brooklyn, where rates are going to follow the trends on long island. Inventory is low right now, and between this and low mortgage rates, house prices are high. 

Second: There is a lot of competition for existing inventory which has led into lots of bidding wars. So you need to make sure that if you hire a local agent to help you with your search, that they're adept at negotiations and know how to handle all of the above. 

Third: reading the above might make some apprehensive and nervous about looking into the market but there are deals to be found in any market and this one is no exception, it's just good to operate with clarity about what's going on so that you can act accordingly. 

Hope this helped a little bit. 

Best regards, 

Brandon Keany

Hey Bruce, 

I'm assuming you're referring to the announcement they made in 2019 for a second HQ in long Island City. The announcement initially stirred up the ideas of property value and rental ballooning even more but that was all laid to rest when Amazon pulled put of the deal. As of now, Amazon built a second office space in NYC that only brought in 1,500 of the original 25k jobs they had originally planned too. 

Hey Suraj, 

While I'm not a wholesaler I can provide you with some advice since I am on Long Island as well. 

First: check up with the laws in NY regarding wholesaling. In most cases we can't market the property itself but can promote the contract and the possibility that comes with that. 

second: Use BP to find some investors that you can connect and work with. There are other tools but BP is free and easily used. Once you find the investors and buyers, you can find the kind of properties they like. This makes not only the search more specific for you but also saves you the hassle of finding a buyer for your property later. 

Third: this is an Interesting market to get involved in with wholesaling. I would stay away from on-markets right now as the selling prices are astronomically high right now and much more then what any one investor is going to want to pay for them (usually). 

Keep in mind these are just a few starter tips to point you in the right direction. The actual process of finding profitable deals that fit an investors criteria will still require a lot of due diligence and work on your end. 

Hey Andrew, 

Welcome to the world of Real Estate. Are you from Long Island originally? 

If you're looking to break into investing the first step would be to clarify what kind of investing you want to start with. I don't know how familiar you are with Bigger pockets as a whole but there are tons of free resources covering every aspect of investing. On top of that you have groups that you can join as well, For example there's a newly formed group of wholesalers on Long Island that you could network with. 

Good Luck on your REI journey