All Forum Posts by: Brian R.

I feel that turnkey real estate investing gets looked down on a bit and I know it's not as "full" or involved a way to invest in real estate but I am curious to know if anyone here has advice about a person/company who does turnkey real estate investments in upstate NY.

The reason I am thinking upstate is the low cost of entry. I have about 60k in savings and strong credit but I will not qualify for a loan since I have no income (recent college grad). I am not interested in partnering with anyone and am looking to pay cash for a turn key investment.

Are there other markets I might consider given all of this? I live in NYC and while I know and agree with advice given here about searching in a two hour radius, I don't have a car and I'm too young to rent one.

Any advice would be welcome, come one come all!

Thanks for even just reading this.

I am planning on being there!

@Ankit Duggal , What is attacking me to Rochester is that there are properties priced sub 50k which I like for two reasons, 1] cheaper purchase prices means I could invest with less of my own money while still getting a 30yr fixed loan, and 2] if everything goes wrong that could it's cheap enough where I could [with the help of family] purchase it outright and not risk foreclosure. To me there is peace of mind in this because I really want my first investment to be a low stakes as possible.

What I also like about Rochester, is there seems to be a strong rental market. So demand plus affordable investment options makes Rochester look appealing. All of that said, I am not opposed to looking elsewhere but that is what has caught my attention so far.

I am trying to keep returns high and risk low [I know that's what everyone wants,] but I would prefer stability and safety for my first investment as I am learning the ropes.

Any thoughts on other markets I might consider? Also, how do you feel about investing far from where you live vs. near by? I live in Manhattan so that's not so easy for me.

Thanks alot Ankit!

Brian

My name is Brian and I live in New York City. I am having trouble/analysis paralysis on finding a rental market to focus my efforts on. I grow up in Southern NJ/Philadelphia and part of me wants to invest there. NYC is too pricey for me to enter and I am not sure where I should invest.. I would appreciate thoughts. I was thinking Rochester, NY but that's hours away and I feel for my first investment it might serve me well to be closer to the investment. The trouble I am facing is after having run the numbers on investments in Rochester I can't find anything like there in NJ, Philly, or more southern parts of New York State. I would love to get some pointers on places that might be worth looking into.

Thank you! Brian

It's on my calendar and I have every intention of being there!

I live in NYC but want to invest out of the city itself, it's too expense here and Condo Common Charges making getting a good return tough. So that leads me to looking in surrounding areas where I could invest. Any thoughts on where? [strong rental, properties under 100k, within 30/45min commute to NYC]?

Thanks for sharing your insight!

Brian

@Pete Nater You all seem to have pulled off a great event.

I'd like to throw my vote in for another too! I just joined BP so I obviously didn't know about it, but I will be there next time. Please keep me posted!

Brian

@Joel Owens Thanks for the reply. Do you have a series of numbers/formula you use to project cashflow/expenses on duplexes? What I'm really looking for is a formula to trickle the numbers through and see what comes out at the end after accounting for it all. I might be a bit naive thinking there's one stop size fits all for this, but I really want to have my first investment be as sound as possible.

Thanks again Joel, Brian

I am finding myself in analysis paralysis! I do however want to make sure I am covering all of my bases. I wanted to see what categories of expenses you all plan for in your buy and hold strategies. I have been playing with:

GROSS RENT

-15% Vacancy

-12% Managment

-10% CapEx/Reserve fund

-13% Repairs

= 50% of gross rent

- PITI

= Cashflow

This is my first investment property, I'm looking in Rochester, NY mostly duplexes. Running my numbers like this shows around a 15% cash-on-cash return. I want to be conservative in my projections and surprised if things work out better.

Are there any other categories of expenses or contingencies I should be planning for?

How do you run your numbers when looking at a potential investment?

Thank you ALL!

@Andrew S. @Phil Z. @Greg Meech Thank you all three for your comments. I think you are all right and I would be well served by investing some more time in learning how I can obtain financing. I think I've thrown the towel in prematurely.

Brian