All Forum Posts by: David Kiszka

@Anthony Vannello The book I would recommend is Richest Man in Babylon. This is not a real estate book per say but will teach you valuable lessons about money and business. Start by building a strong foundation, only invest in what you know, and make your money work for you will bring you success in real estate investing. Million Real Estate Investor would be a great next read where they break down some of the steps you can use to build your real estate empire. Best of luck.

@Merri Chocola All depends if they want to be active or passive. They can go the syndication route and invest anywhere and live anywhere while investing passively. If they want to be a little more active they can invest where this live and use property management. The size/number of homes they could purchase will entirely depend on where they want to buy. A more active approach would be house hacking and BRRRR their own purchase. For me I am going the most active route. I live upstate New York where we have good rents, little home value depreciation, and stable job market. Buildings are definitely more expensive but they are stable and always in demand. New York is not the most landlord friendly state but that has not scared me away. Good legal representation and strong background checks on tenants is essential. Best of luck to you and your friend.

I wanted my son to be able to have choices so he did not have to take a job if he did not want to. I’ve always had a entrepreneurial mindset but scared to go for it. Now I am working as an agent and saving commission check to buy my own investments. Once i get my brokers license I’ll be able to do property management as well and leave my 9-5 job. 

@Account Closed If you are deciding to invest close to home or a few hours away you will still need a great team in either place. Using a buyers agent will not cost you anything to find the property. After you find a property that works for your numbers, make sure you find a good property manager who has either a list of contractors they use for repairs or might even have some on payroll. This will cost you a little more but if you are trying to do this passively, you do not want to spend a day trying to track down a plumber to snake a toilet on short notice. Work property management fees into your budget and you will not be disappointed when you find the right one. Best of luck. 

@Saurabh Verma The Capital Distrcit area of New York has excellent rental property opportunities. There are many smaller multi families in the cities of Albany, Schenectady, and Troy that a new investor can get into without having to go the commercial route with 5+ units. Rent collect is an issue right now for some owners but now is a great time to start looking. Begin your search and narrow down what area you like, what you are looking for, and what you can afford. Feel free to reach out if I can be of any other assistance. Best of luck.

@Kyle Knowles As others have said house hacking a great way to get started even if you have more starting cash then most first time home buyers. If your area does not have a large amount of 2-4 unit properties on the market right now, you can also buy a single family home in an area with good appreciation and rent the rooms out. This will give you experience as a landlord and get your foot in the door for the investment property business. When you are ready to make another deal you can hold onto the house as a single family rental or sell and roll into another property. Best of luck and feel free to reach out if you have any questions. 

@Kristen Blevins This is will really depend on where the property is located. I am assuming the property is in CA but will be the same where the property is. Depending on what direction the city planning/zoning boards are looking to go will determine what can be done. I am based in NY and some zoning is grandfathered in and some needs to be addressed immediately. I have tried to turn a duplex into a quad in my hometown and the red tape involved would double the rehab price and made it not worth it to me. Your best bet is to contact the city planning/zoning board as see if you can get it approved for 2-family. This is not legal advice but as an agent I would never want a client buying a property just to find out later on the can not operate the building as they believed they would be able to. Hope this helps and best of luck for your clients. 

@James Brown. Check with an attorney as to what your local laws are currently. Currently in New York state it is hard to get tenants out even if they are not paying their rent when the property is sold. I would also suggest marketing sure you have checked the rent roll provided by the seller and a tenant estoppel letter showing proof that the tenants are truly good paying tenants. If all checks out keeps them there as your work on the units. As you fix them up offer them to the current tenants at the new higher rent. Most tenants will appreciate what you have done and would love to move into a fixed up unit. Best of luck. 

@Kingsley Okwerekwu. If you are buying an hour away and the property sounds like it is going to be a lot of work, I would suggest making sure your team is already in place there. Find a good general contractor and have them walk the site with you. For your first deal you will not have the experience to tell by pictures what the true scope of work will be. Even in person a skilled tradesperson will be needed to tell you what will need to be done. 99% of agents will never put a picture of a cracked foundation on the MLS. It will be listed in the property disclosure and even they you will need someone with a construction background to give you an idea of what it is going to cost. In my opinion, for your first investment, you should be very hands on during the acquisition and take steps back as you gain experience. Best of luck and fell free to reach out if you have more questions.

@Jake Ernst As an agent myself, I ALWAYS ask questions to make sure the client is really ready to buy. This is not just on paper (pre-qual letter, debt:income, cash for closing etc) it also mentally. Right now agents are very busy and might not have time if you are not truly ready to buy. That being said, if you are set and ready to pull the trigger, find another agent. I would suggest finding an agent on the BiggerPockets website that services your area. Sometimes when an agent is very popular in the area they will also become very busy and may have to work on deals that will pay a larger commission. Check out other agents on BP in your area that a may be starting out and are hungry for your business. Best of luck and feel free to reach out if you have more queastions.