All Forum Posts by: Donnie Strybos

Austin, make sure you do you homework on Syracuse. Solid town but plenty of rough areas too. you can buy properties cheap but do not let that attract you to buy. Most of those homes are 100 years old and will have plenty of maintenance issue to drive you nuts. I would recommend talking to a local property manager like Frank Procopio 3153500571 with Allied. I have a duplex in Syracuse and that is who I use with good results. Very straight shooter. Also, do the math on the taxes. As you probably know, they have a tax for everything in NY and it will kick your cash flow in the teeth if your not careful. Hook-up with a real estate investor club like you may find here or on the Meetup.com site. There are plenty of them. Ask those guys, usually pretty helpful.

Lastly check-out the crime heat map for Syracuse on Trulia. Stay out of the redzones. You can buy properties cheap but tough to stay rented.

Good luck with your investments.

Donnie Strybos

Potential Properties, LLC

Andre is right. Meetup.com is one of the easiest ways to start your search. All have a little different spin to them. They do meet all over town. If your north then the ones that meet at Abels on north parmer are good. Best of luck.

Welcome Eric, best of luck in jumping back into the business. We invest heavily in KCMO and generally enjoy it. We live out of state and found the key to success is strong property management. Knowing the areas of town that you choose to invest in is key to meeting your expectations. All the best Eric and let me know if I can assist.

Regards,

Donnie Strybos

Potential Properties, LLC

Ha Greg, yeah, no doubt. Not the small sleepy town it was for sure. Those were the days. Lets do some business.

Jim, great story. Well worth the read. Those inner-city homes can be a challenge. Glad you worked the the maze. Sometime the best education is practical experience. Keep with it. 

Jason, I live in Pflugerville and know the area well. As was pointed out prior, evictions are easy in Travis county. I have done a number of them. If you want me to drive by the house and check them out, let me know. I can snap a pic or let you know what the general appearance is. Let me know if I can assist. Be happy to.

Donnie Strybos

Potential Properties, LLC

512-694-9926

Welcome Brandon. KCMO is a great, though quite diverse market. No end to the opportunities in the area.

Just be realistic about the expectations and do a gut check before diving in. We have about a dozen homes in the Kansas City MO area (KCMO). We are there because the bang for the buck / ROI / Cap rate is much better there than where I live in Austin, TX. You can buy six homes for what one cost here. You can pull in $500 - $700/ rents in KCMO per door. Be aware though that when you buy in those areas (some call it Mid-town, others call them hood homes, that when your tenant move out, they may very well take the kitchen sink, and everything else they can sell. Get strong, attentive property management that is not afraid to go into the areas and check on your properties. Get comfortable with the eviction process. So is the cash flow good, yes when its rented. Will you spend $3k -$5k rehabbing the place every 18 months, probably.

If your looking for capital appreciation, your in the wrong area of town. One last thing, don't believe Zillow or eAppraisal for the values. $17k is about right for a rehabed and occupied home.

Best of luck but know what your getting into before you do it or you'll be selling in two years for $5k and glad to get rid of it.