All Forum Posts by: Daniel Clark

Hey Charles, I’m in the same boat on SI (not a ferry pun) and I’ve gone back and forth on this so many times, but I’ve come to the conclusion that it makes zero sense to buy on SI or in NYC unless you plan to personally live in the property for more than 5 years. Househacking doesn’t even work here. So why force it, if it isn’t there. Technology has provided us so many opportunities to expand our net and invest out of state. I would gut the rent for now and focus on investing your capital in another market. I also recommend picking up a copy of David’s Greene’s Long Distance Real Estate Investing, great read. Maybe if our market dips in the next few years, you can take another’s look at SI.

Best,

Dan

Thanks @Allan Bishop Jr. and @Raphael Collazo! Louisville seems an interesting market, will certainly take a look. I also see the pros to commercial for sure. Love the idea of repositioning apartment buildings and letting the income dictate the appreciation. My thoughts on holding off are mostly influenced by higher commercial interest rates. Will have to do some deal analysis in the region and see how fourplexes w/conventional loan compare to some smaller apartment buildings w/commercial loan. Brandon Turner and David Greene's books (Long Distance Investing...awesome read!) mainly focused on the former, but super interested in the Dave Lindhal and Brian Murphy books on apartments. Much appreciated!

Noted! I'll take a deeper dive into commercial.

@Account Closed I'm looking to buy and hold through the next market cycle, and BRRRR to have liquid capital on hand. Long term, I'm focusing on triplex/fourplexes until I can make the jump to larger multi-family/apartment complexes. I've thought about getting in on a syndication, but like the challenge and learning experience of taking the lead on my own project. Definitely have an open mind though...

For the 5-15 unit, I assume that will take me in the realm of a commercial loan...think that will be an issue for a first time buyer? Thanks!

Thanks @Russell Brazil and @William Matory. I think holding off on the VA Loan is going to be the plan. The expensive local market (high price to rent ratio) and the two different residency requirements (VA & Work), make it difficult.

Will look to spend capital out of state and will suck it up as a renter for now...

Hello BP, I've found myself in a rather fortunate predicament and could use some guidance from experienced investors.

I'll be coming home from a 10-month military deployment with approximately 100k tax free income in the bank.

I've been feverishly educating myself on all things real estate investing and I'm confident that it's the best investment vehicle suited for me.

There are a lot of options on the table, so here are a few parameters:

- VA Loan eligible, but...

- NYC resident with NYC residency requirement for work

- Focused on OOM investing (particular interest in Rust Belt for a variety of reasons: Pitt, Cleveland, Cincy etc.)

- Student loans paid off. Zero debt overall and credit in good standing (thank you Uncle Sam)

My first instinct is to house hack with the VA loan, but with the residency requirement for work, the NYC market severely limits me from finding a deal that makes any sense. 700k+ cash flow negative duplexes in Staten Island don't do the trick for me!

If I put off using the VA Loan until it makes sense (perhaps after a correction to the NYC market), my immediate plan would be to find a cash flowing 4-plex in the Mid-West and BRRRR it. I also have a very solid biz partner which could help speed up the scale process.

What would you guys suggest? How would you get started in my situation?

Thanks and exited to join this community!

Best,

Dan