All Forum Posts by: John Bucci

This is why they call it PASSIVE income. It's the best! 

As others have said, all about weighing the option of paying a handyman vs driving out yourself. Depends on your skill set, time, job, life, family, etc. 

Yeah some sort of criteria based on your goals is always a good idea. Otherwise you won't know a good deal when you see one. And a "good" deal is different for everyone... But definitely agree with Frank, analysis paralysis can be your biggest enemy. Pick a path, put your head down, and go for it. 

Hi Aaron, I think it's important to consider your goals when determining if a market makes sense. And keep in mind what works for me, Kris, Frank, or Grant Cardone might not apply to you. You mentioned "putting your money to work" in PK, well if you have a decent job, and want to invest some $ in a place that (probably) will appreciate over the next 10-15 years, and you can get in with historically low interest rates, and make a few $/month or worst case break even, then what are you waiting for? Your tax return will look better from the paper losses as well. 

Do you value being able to go spend the weekend in a market, learn it for yourself, and connect with people there? Then choose something close by. 

Is the goal to quit your job in 3 years? Then maybe you need higher cash flow, which generally comes with more risk, and more reward. If you're thinking longgg term then the worst thing you can do is wait, wait, wait IMO. Buying an ok deal tomorrow could be better than buying a great deal in 5 years when you consider all factors. 

Just a few thoughts and things I consider for myself all the time. Lol 

@Frank Gucciardo Not sure what happened to the thread, was it really deleted? weird. I still like all the action I'm seeing in and around Newburgh. Nice projects being built, and some new businesses. Stuff is still moving. Some owner occupants pushing prices by paying more to live-in rather than pure investment.... NYC prices? c'mon, the nicest renovated 2 beds in NB go around 1600/ mo, I've never heard of an NYC studio that cheap in my life. Lol

@Kris Mead the idea of searching for "the next" beacon, or the next anywhere is so tough.. I think when most people benefit from big appreciation it almost happens by accident. I.e they move to Seattle for a job and 5 years later their house tripled. Or buy in Beacon for a little cash flow and it pops off.... By the time you realize what's going on it's probably going to be too late. Unless you get in when it's still sketchy and feels really risky. I feel like people talk about appreciation but act like they're waiting until they know its a guarantee. That's contradictory IMO. What do you think?

I agree with you both prices are high, but I'm seeing that EVERYWHERE. Low inventory, plenty of money, cheap interest rates, and more investors than probably ever before. That's probably the same story from the Bronx up to Albany. 

I also lost a bunch of previous reports that I had run recently. Anyone else experience this with the new calculators?

Someone tag some bigger pockets moderators plz. 

Where in Westchester?

Hey Aaron, yes I know a few lenders you could speak with. Feel free to shoot me a message and we can discuss a bit more.

Everyone goes thru this phase of "how do those buyers make that work?!?" around here. A lot of the buyers are older, wealthy/ high income types that are parking cash in a "safe" place (class A market) and don't care if they break even/ make a little/ lose a little. The tax benefits, debt pay down, and historic appreciation will make up for it over time. 

Or they pay cash and have no mortgage = cash flow. 

As others have stated, competing with owner occupants is also tough and makes the market more competitive.

Hey @Matt Ten congrats on your first property! Where is it located, I assume a bit north since I see well and septic?

Curious, did you bring contractors, plumbers, etc to walk thru the property before purchasing to get estimates for your rehab budget? I doubt anyone on here will be able to interpret and price these items out without further testing, as they can vary greatly and are not stock repairs (like replacing countertops or a new water heater). Especially for items like well and septic.

On the bright side, if you own the thing now it should be easy to get some experts out there and inspect these things for you and get the REAL #'s, rather than speculation. 

Originally posted by @Art Perkitny:

@Chaya N. Newburgh definitely has some rougher areas and the data shows a decrease in both total population and home values over the past decade, which is something to consider before investing there. 

Nonetheless, I provide you with this map below that shows the risks grades for the city on an A to F scale based on a number of indicators such as poverty rate, household incomes, and educational attainment. Since you stated that you want to avoid bad tenants and neighborhoods, I would stick to the C and above areas. This will confine you to the northern part of town, near the college and possibly the far west region of the town. 

Hope this helps!

Hi Art, 

Unfortunately this map doesn't quite paint the proper picture here. Some of the areas in red are actually some of the better parts of town to invest. I think in cities like this, Baltimore, etc. the crime statistics and heat maps tend to be skewed. 

As others mentioned, best thing to do is spend time exploring for yourself.