All Forum Posts by: Damon Bodine

@Drawyan Zhang 

  Welcome to BP!   Looking forward to hearing more about your experiences investing out of NYC.   I'm working on learning the same myself.   

Hi @Raul Tirado 

Welcome to the site. Some thoughts here.   

You have a a myriad of options in NYC to post your apartment.  Zillow, Trulia, Hotpads, Rentlinx, Zumper, Renthop etc to name a few.   There are literally hundreds.  Also most agents in NYC will agree to show your apartment on a CYOF (collect your own fee) basis if the neighborhood is desirable.   

As far as vetting the tenant.  Here are some suggestions.   

-Income 35-50x the monthly rent.  
-Last two bank statements 
-Last two years tax returns
-Letter of employment 
- You can require a credit check and criminal background check.  
- Verifying rental history with previous landlord

@Matthew Spiegel 

Awesome welcome to the site Matt!  I'm sure you're going to do great.   Would love to talk more.  

@Max Galka 

 Welcome to BP!  Hope you find this community helpful.   I definitely have.   I just got done browsing around the revaluate website.  Awesome!   Very useful information!   

Hi Barry,

It sounds like you guys are going to do really good on the Bedstuy deal.  You guys should qualify for a 1031 exchange which will be really nice in this situation.   

Personally I think in NYC cash is king.  I've seen plenty of 6-8 multi family units that list end up selling far south of the listing price.   I guess it really depends how motivated the seller is.  I've also seen a number of good deals that can only be purchased in cash.   For one reason or another banks won't lend to the building.    

I've always been a fan of investing in your backyard.   I see insane deals happening in ACRIS every day.   I've heard the southern markets are great as well and are growing quickly.   However I wonder if vacancy is more of an issue there than it is in NYC.  Obviously long term vacancy here should almost never happen.      

I've always held the mindset that if you can buy a property in a truly emerging area you'll be in good shape.  In NYC the key seems to be parking yourself closer to areas with a lot of new development in the pipeline.  

NYC is definitely cracking down on airbnb.   Not to say that it doesn't happen all of the time.   

I'll agree with the above poster, shorter term rentals are very plausible.   I guess it really depends on how in demand the rental is and how flexible your time in NYC is.  Lots of options in the market here.   However i'd be wary of trying Air BNB for the long term. 

Its all in the off market deals for NYC  especially Brooklyn, Queens.   There is plenty of $$$$ to be made on fix and flips, buy and holds, etc.   I see it all the time.  Smart investors will pay a commission/finders fee  to those who are keyed into the off market and can bring them winning deals.  Whether that is a tuned in agent, bird dog, wholesaler, etc.         

My knowledge base honestly is more Brooklyn/Queens/Manhattan.  I've sought out investment property in SI for investor clients before but its not my speciality.  Overall I think Staten Island is great because of the lower financial barriers to entry.  

Awesome  welcome to the site!   I think Staten Island has so much potential to grow in the next few years.