All Forum Posts by: Christian Gibbs

Quote from @Adam Bartomeo:

Barryville is a small town with limited sources of income. It is hard to find tenants in an area like this. The tenants in this area often trash the place because they are lower income tenants. You should have sold this place a long time ago. Now, you are entering winter and hardly anyone will want to buy or rent from Dec - April. You should be focused on price. Renting as a vacation rental might work during hunting season but there really isn't much to do there that would attract vacationers in the winter. You should sell!

Quote from @Drew Sygit:

@Christian Gibbs appears you're throwing good money after bad:(

How did you come to own this house?

Recommend you do a LOT of research on both rental and sales markets to figure out your best options. 

 It was our first house that we bought in 2016 while we had a rent stabilized apartment in NYC. It’s tripled in value and with a 4.25% interest rate it’s hard to let it go. We’ve had renters in it for most of the time after we moved out in 2020 . Just at a slow period now . We lived there during Covid and it was great during that time and as a second home  . Also there is a Camp Fimco going in down the hill that has a water park . However the town is fighting it and half the town prefer it to stay an idyllic river getaway in the Western Catskills which I understand . 

It’s 2.5 hrs from nyc and 20 minutes from the original Woodstock / bethel woods. 

But I hear ya . My wife would agree with you . She wants to take the profit and pay capital gains and the take the remaining ! and throw it at our principle on our SD property.

I’d prefer to 1031 the property or Air B and B it .

 We became accidental landlords when  we decided to move back  to San Diego. 

Learning as we go since we had the house anyways .

With long drives I discovered Bigger Pockets and it has lit a fire under  my tuckus to get more properties and keep the ball rolling 

Thanks for the advice -

More data analysis and research for whatever we 1031 into next will definitely be a priority .

Best-

C. Gibbs

Quote from @Drew Sygit:

@Christian Gibbs appears you're throwing good money after bad:(

How did you come to own this house?

Recommend you do a LOT of research on both rental and sales markets to figure out your best options. 

Thank you Andy-

we are currently done with the repairs  and theu agreed to waive her their  as of now and is not charging us any money as she realizes she hasn’t been able to rent it .

Also there is no contract ,  which after reading more and more on property managers is essential. However , she has been fair in agreeing to waive any fee of any sort right now while it empty.

What is the incentive for property managers to get a tenant placed?

I’ve read some property managers charge a fee equal to one months rent for placing a tenant .Is this standard?

While others just stick to the percentage fee.

I appreciate your feedback 

Thanks again-

Christian 

Quote from @John Mason:

Christian this may help give more perspectives

https://www.biggerpockets.com/forums/925/topics/1145785-begi...

Also maybe a good idea to touch base with Property Management companies and Realtors who

do MTR placements, I know that you have to pay them a  fee but 85 %  is better than 0% , am I right?  

I use Facebook groups a lot but vet the contacts  that I find there  with caution..

we do have a property manager at moment .
She has had no luck yet finding viable qualified tenants unfortunately . 
She also has an unorthodox way of charging .
While  we were getting the property ready after last tenants ( they left it a shambles ), she charged $500 a month. She realizes after we paid her and contractors she hired over $5,000 to get it painted , cleaned etc that we are out of money and she agreed to not charge us anymore but is still somewhat helping us and showing to potential renters .
We have discussed different terms as I told her from her on out we can’t afford the monthly rate anymore . 
 Might be time to look at other options ..
We have good communication and they are very knowledgeable but might be over extended working on other properties .

Well- I have a home in upstate NY that  has been empty for 4 months now ( 3 bedroom, 2 bath).

We live in San Diego . Hired a property manager but she has had no luck renting it and now it’s winter .

Don’t want to sell it ( the upstate NY place) Would rather rent it out long term as we got rid of all the furniture for the last tenants ..

Has 3 acres and I own another 3 or so acres next to it .

I have it on  Zillow Rentals and post to my facebook, Facebook groups , but maybe I should post other places like “ Apartments.com”

If I don’t rent it soon my wife will want to sell it .  

Any advice on what to do next would be great . We have a $80,000 mortgage left on it , $10,000 debt for a roof at 10% interest and a Heloc ( fixed rate from a small country bank )of $34,000.

Sell it and eat capital gain taxes ?

1031 to something out here in California ?

Not sure how much 1031 intermediary would cost ..

I think we’re looking at $25,000 in capital gains if we sell it .

We have a 4.25% interest rate on it .

Last tenants were renting it for $2399.00

at $2100 no worthy applicants yet .

Stressed a bit!

Thanks in advance!

Avid listener of all things Bigger  Pockets !

Christian

Quote from @John Mason:

Chiristian MTR is an option also? 

yes definitely an option .Right now it’s unfurnished however .  Thanks for feedback . It’s kind of a seasonal area ( close to Delaware River , rafting etc ).
There is skiing near by though for winter but the tourism definitely slows down in winter.
There are a couple hospitals within 30 minutes though so could be a good option.

Hi everyone-

We haven’t been able to get renters for our 3 bedroom, 2 bath property in Barryville, NY

Now that we are entering into November we are worried that it will be vacant for the winter.

Property manager has mentioned AirBNB / STR as an option but with property being empty for 4-5 months now ( long story - last tenants left it in shambles). we are debating whether to sell it as funds are scarce.

I’m currently using zillow and posting on FB.

Any other resources anyone can recommend for a rural community ?

Thank you! Love BiggerPockets! 

Christian

Thanks Adam .

This is great .

Will do what both you and John suggested .

I am hoping the bank uses a third party appraiser.

I assume there would be laws against them using an “in house “ appraiser..

I just know they're not going to want to gibe up getting that $250 a month from us ( PMI).

Much appreciated -

Christian 

Quote from @John Burke:

You can ask a real estate agent to run comps for you and if the value is there, order an appraisal through the lender. 

Th ask John - that is a great idea.
Much appreciated-
Best - Christian