All Forum Posts by: Brian Smolin

@Michael Giordano to be completely honest the tri state is a very difficult market to invest in unless you have the connections to get the off market deals. I did a live in flip for my first property in Long Beach. Bought in 2016 ans sold this January bc the market was getting crazy and capitalized on the inflated prices. Other than this I would steer clear of NY. It’s way to tenant friendly, the returns are too low and you need too much capital to enter the market.

If you are looking at SFHs there is no such thing as the 1% rule on LI. If you are looking for multi family. You won’t find anything less than a million.

I primarily focus on tier 2 and 3 cities in New England where I am able to pick up multi family for 100k a door or less, get 10% cash on cash going in and annualized returns at disposal of 25%.

If I could give you any advice it would be find a market outside of NY that you like and buy there. Don’t listen to the people that say you need to be within an hr of your asset. They can’t be more wrong, if you have a good PM it doesn’t matter where you live.

@Jessica Costa how has your experience been with this property manager. I’m currently looking for one in the area ans would love some recommendations ans if you have been satisfied with his work.

Can someone provide a free references for a good property manager in the Fitchburg area.

I currently own buildings in Manchester NH, I live in New York and was presented an opportunity to pick up a 14 unit in Fitchburg.

I’m not familiar with the market but from what research I have done it seems like a good market so good redevelopment of main st going on. Need help on understanding to good vs bad areas. Building is located at the end of main as it turns into lunenburg.

I currently invest in Manchester NH, looking at a few properties in Fitchburg, one asset is a mixed use directly on main st. What are the good vs bad areas of the city? 

@Bryan Benavides 203k are complete nightmares. I used one on my first home. Getting the bank to release the funds is awful. And don’t even think about doing the work yourself. If I could do it again I would go hard money bc they are truly built for speed, make the required updates and refinance to a traditional loan

Hi All, 

I recently completed my live in flip with a combination of the BRRR method and currently house hacking the property.

I want my next investment to be multi-family buildings, I don't have much desire to go the single-family route as in the tri-state area you can't find anything that cashflows. 

I have been looking in markets like Cleveland, Columbus, South Florida as they seem or offer higher cap rates and I'm able to get a decent offering of properties in the 1.5MM rage. 

I recently found a few buildings, 6 & 8 Units in areas of Brooklyn NY that are fully rent-stabilized and occupied. What I cant seem to figure out is what happens when the current tenants leave?

As units vacate and updates are made am I then allowed to increase the rents of the units to market price or will i always be restricted by the laws governing rent stabilization in the area? 

I'm also not looking for a short tern play, my investments are all minimum 5yr hold periods. 

Any feedback on this would be greatly appreciated. 

Thanks, 

Brian