All Forum Posts by: Cerwin Haynes

I believe you have to consider the market you choose to invest in. I know that many investors like single family units for the appreciation. And some will even offer some of their tenants the opportunity to buy the house they live in, which turns owners into home loan lenders (they convert rent payments into mortgage payments, and release themselves from having to care for the property). I think that's a wonderful strategy down-the-line.

Me... I believe multifamilies are the way to go, especially if cash flow is your #1 goal (as it is mine). For example: Instead of buying three single families, which each needing financing and management, you can buy one three-unit property which can be financed and managed. If a single family goes vacant, that property has zero income. If a unit in a three unit goes vacant, you can still cover mortgage payments and expenses with income from the other two units. 

I call Orange/Dutchess/Ulster Counties the Middle Earth of New York state: not quite upstate, but just outside the NYC tri-state area.

@Jordan Sutherland

I'm a buy-and-hold guy. Cash flow is key for me, because of my personal goal is to be free from having a job in 5 years or less. I'd love some appreciation too, but that's not the overall reality of the market I'm invest in (house prices in Syracuse overall dont change much). So my goal is to find properties that A. cash flow from day one, B. achieve or come close to the 2% Rule Brandon uses on here, and C. are in neighborhoods where I can attract decent to good tenants.

I see a lot of different angles of advice thrown to you here. I'd say to you that the first thing is to decide your overall goals as to what you want out of investing in buy and holds. How long would you want to hold onto yours? Do you want to eventually move up into commercial properties? Are you looking to retire early?

hey @Sebastian Villa, welcome.

I lived in Syracuse for several years (originally from NYC) and bought my first property on the westside as owner-occupant. Alexis Bliss of Keller Williams was my agent, and she owns several units herself: she's someone you want to talk with definitely. PM me if you'd like her contact info.

@Anthony Johnson I just moved to LA from Syracuse. I own a 2unit there, bought it for a shade under 55k. There's many 2 units in the city that can go in the 40k range (though the neighborhoods can be a little rough - it depends). Let me know if you'd like to talk a bit more.

@Audra De Falco I'm from the NYC area too. Holla at me if you want.

Nah man that all soinds solid. Heck, it may not take you 10 years depending on how you forward. Going to the REI mtgs is a good source (I never went b/c i worked evenings).

I got a connect on here who wholesales if you want more info. From what I understand, he has a network of investors who buy houses to fix and either flip em or rent them out. Knowing what parameters these investors are looking for, he goes into mostly uninhabited homes and tries to negotiate a sale with the owner.

But anyways - might I suggest The Millionaire Real Estate Investor by Gary Keller if you haven't read it already? It comes in audio format too.

Hey Eric, welcome. 

There's definitely some syracuse people on here. Technically, I'm one since i made my first purchase there, but I spend my time in LA now. 

Do you know what your strategy is yet? There's people on here who wholesale, flip, and buy-and-hold (that's me). There's different ways to go about it. Everyone also has their big "why" - for me, it's to eventually exit the rat race and have ultimate freedom. 

Hey Nasir (cool name, my oldest nephew has the same name).

I know a guy who, like you, is from the Bronx and has decided to wholesale in Syracuse. Email me for his info.

It's and older, small city where there's alot of abandoned houses. The wholesaler I know says the key for him is to get in and view many houses as possibe. For myself, I'm a buy-and-hold investor (I have a 2-unit owner-occupy property on a developing part of the Westside).

This sounds like a somewhat convoluted situated that got real messy.

If I understand this correctly, you sublet your apt to two people, with a friend handling the affairs for you. Doesnt sound like either you or him screened properly for sub-leasers - you have to act like a landlord and find people who are most likely to pay rent on time every month. You said that person A was always late - that's was an initial red flag right there. It also sounds like person B was the responsible one(?) and they left, leaving you with two non-paying subletters in A and C.

It's the landlord's responsibility to evict, but *you* have been paying him or her every month on time, and its still your apt. So why would he/she evict? I agree with Greg that you'll need a special lawyer thats well-versed in subletting to advise you. Verbal agreements are legally binding, but you'll need a paper trail (payments/receipts) for proof.

As far as the eviction goes, if I were you, I would talk to the landlord and let him know you will not renew the lease after July. Once July ends, the landlord will need to serve a Notice to Quit which gives all tenants 30 days to move. 

Hi Robert.

I was born and raised in and right outside NYC. I also spent several years living upstate in Syracuse, and that's where I bought my first property as an owner-occupant last September. 

I'm sure there's a lot of folks here that can help when it comes to investing within NYC. Personally, it wouldn't be for me: "professional" tenants, a city thats very tenant-friendly, and higher barriers of entry vs, say, upstate NY (Oddly enough, my property manager works with a bunch of owners from NYC). Anyways, if NYC is your goal, aim to network w/those who invest within and throughout the tri-state area.

Take care!

C