All Forum Posts by: Dziko Thunde

How is your RE business? D'you invest in Gettysburg only?

Ok. Thanks for advice!

Has anybody dealt with Investors Edge and gotten 100% financing after paying $3995 membership fee?

Quote from @Alexandra Helms:

Quote from @Dziko Thunde:

@Alexandra Helms Quite a quick reply and clear one too. Sad that NY isn't taking advantage of expensive hotels to get most of the US traffick to stay on US side and just do a day visit to Canada side and come back.

I don't know why small towns change their STR rules and make restrictions. Gettysburg, PA in (Nov, I think) 2021 changed rules for STRs. They designated certain streets not for STRs and others for STRs. That time I was looking at getting 201 S Washington (a 5 unit rental) and S Washington wasn't designated as STR and Gettysburg City said that I had to go thru the process of applying for zoning licence which is followed by a hearing with the neighbors as the jury who would hand me the verdict - yes/no.

I like analyzing markets and observing them for a number of months/years. And a local resident is usually very helpful. Thanks very much for your time and information. I'll definitely visit Niagara Falls. Heard lots about it since I was a kid.

In earlier posts you said you are an aspiring investor. How are you doing investment wise?

@Dziko Thunde Thank you for asking. Sadly, I remain only an aspiring investor still, haha. Working on my financial fundamentals, namely saving enough free capital to invest. I've gathered more knowledge than I can implement with all the BP content and other materials, lol. I personally don't like the idea of using OPM as is often recommended for people without their own capital. So, it will be a long road for me. 

 Seems like you are taking too long on the aiming. You gat pull the trigger. Experience is another thing - it shapes and challenges the knowledge you acquired and you always find yourself wanting of knowledge because each day is a new day with different challenges and demands as is each deal. I wonder if people become experienced in real estate - unless they stop growing. With growth comes new challenges and new experiences. I think real estate investors in the game just become confident as to handle new challenges and they call that being experienced - Just like parenting: you think you are experienced with changing diapers, but the child is growing-kindergaten-grade one-baseball/soccer- soon teenage and the jazz goes on - grandparent

Quote from @Andrew C.:

I have an STR in Niagara Falls and it does pretty well based on the purchase price. The winter months, it's pretty much empty but the summer months makes up for it. I did get grandfathered in and the area where I bought is in a nice part of town. I've considered areas close to the Falls, but sellers seem to price it a lot higher assuming the buyer can make it up renting it short term. When I purchased my property, I had read all the exciting developments in the works...indoor waterpark, shops, new hotels, restaurants, etc., but was severely disappointed when I went recently with my family. There have definitely been some upgrades in the park itself and there were some new restaurants/hotels and they did try to make the streets nicer. While I didn't like feeling I was in Time Square on the Canadian side of Niagara Falls, the New York side felt completely dead. There was also a large plot of land when it looks like something maybe in underconstruction but stopped....

I really do hope Niagara Falls revitalizes.  It has so much potential.

 I think the development of the place is in the vision of the leaders. Gettysburg PA is a very attractive place and attracts a lot of tourist that now many retired people have started buying houses to live there and the prices of houses have gone out outside the Downtown. When you are there, you don't think of it as middle-of-no-where but an exciting place with acres and acres of civil war memories but in fact it's just in the rural PA - fields and forests/game land. I wonder why Niagara NY can't take advantage of the tourism industry and be one of the richest Boroughs in NY. I once bought a house in Essington (Tinicum Township) - 5 minutes from Philadelphia Airport and I learn that the small Tinicum Township had a lot of income from the airport economy: hotels, crashpads, parkings etc

Quote from @Alexandra Helms:

@Dziko Thunde

Here is a video published by a local agent (though I believe he actually moved out of the area) a couple of years ago that you might find helpful - "https://youtu.be/LPNIl_vLkWc?si=YIvGsOYgpS-buwek"

Devonte breaks it down good. A lot going on with the City government. If before getting a permit you have to dance around for Code Dept officials/ city gov and crime is thru the roof, investments will definitely be low whether real estate or other, but it should be benefiting the city officials to keep things that way. Kind of the mentality of the war torn countries like Angola/DR Congo - where leadership thinks "get them conflicts going and get them blood diamonds making us rich". I see some stuff he was talking about in Baltimore like around zip 21218 where you have St John Hopkins University and other universities. To me this and surrounding areas should have been attractive and booming area - Baltimore Inner Harbor is close by - but it's not.

@Alexandra Helms Quite a quick reply and clear one too. Sad that NY isn't taking advantage of expensive hotels to get most of the US traffick to stay on US side and just do a day visit to Canada side and come back.

I don't know why small towns change their STR rules and make restrictions. Gettysburg, PA in (Nov, I think) 2021 changed rules for STRs. They designated certain streets not for STRs and others for STRs. That time I was looking at getting 201 S Washington (a 5 unit rental) and S Washington wasn't designated as STR and Gettysburg City said that I had to go thru the process of applying for zoning licence which is followed by a hearing with the neighbors as the jury who would hand me the verdict - yes/no.

I like analyzing markets and observing them for a number of months/years. And a local resident is usually very helpful. Thanks very much for your time and information. I'll definitely visit Niagara Falls. Heard lots about it since I was a kid.

In earlier posts you said you are an aspiring investor. How are you doing investment wise?

My concentration for AirBnB is Gettyburg PA and Cape May NJ. 

But just got fascinated with Niagara because I wanted to visit.

Gettysburg PA is an all year tourist place and Cape May iNJ s quite good for AirBnB. I'm still struggling to get my first AirBnB but values are rising, gross annual yield is mainly above 10%

@Alexandra Helms Just seem odd to me that US side isn't much of tourist area in winter than the other side. Or I'm missing something - followed threads about the conversation from different folk, though.

I wanted to get to visit Niagara Falls - Canada side for the week of Christmas to New Year and been looking at the hotels. Didn't work out because I still have a project hanging in Upper Chichester (Philadelphia, PA). So, I just thought summer would be great. Looked up hotels and I see $350-600 per room per night for 2 adults and 3 kids. Then I thought about AirBnB on the US side and started analyzing the whole area in terms of real estate and STR and following threads.

- Someone talked about crime and hard tenants (who don't pay - usually inherited ones)

- not many economic opportunities to attract pool of people and boost area etc

I'm looking at houses on both sides (Canada and USA) US, they are cheaper like 731 Pine Ave, Niagara FAlls NY 14301 going for $270,000 (5/2, 2700sq ft) but on Can side, it's like houses are in the US$400K - smaller sq ft. Canada side, you have for example 5333 College Cres. Niagara ON for C$370K or US$256K,  only 932sq ft.

Why such differences?

Are STRs viable in Niagara - US side? 

1441 Byrd Ave, Niagara Falls NY 14303 (3/2 1832 sq ft) is an AirBnB and is for sale both on Zillow and Rabbu. Pics show like it's just an ordinary house - well taken care of like 731 Pine Ave. Rabbu ways annual revenue for Byrd is $43,125, which is 13.3 annual gross yield. 

In my take, I'd buy Pine (which is 5/2 2700sq ft) than Byrd (3/2 1832sq ft)

- But the price differences may be due to desirability of neighbourhoods (someone takes about crime in Niagara NY)

Also, 353 Buffalo Ave, Niagara Falls NY 14303 (5/4,5 3255sq ft) is selling as an AirBnB for $749,900 on Rabbu> Ann rev @ $63,755 and gross yield at 8.5%. This is a beautiful house - rehabbed/looking new and fresh - walking distance to the water etc, yet low gross yield  compared to Byrd (???)

Gross yield for most AIrBnBs in Niagara is 10% and under compared to neighboring areas (though only 1441 Byrd Ave has a 15% gross anual yield. 

So, how good is Niagara Falls, NY for STR?

So, here are my questions, if you have time to answer (not in a hurry)

Can you help me complete the unforeseeable on a fix and flip deal. 

I run into a foundation issue and needs about $8,000 to $12,000 and I need some more money to do 3 other parts of the projects and get a draw from the lender's escrow and complete the rehab.

Total rehab would take 3-4 weeks to complete and I will be able to get from escrow to repay the loan as I am planning to do things different, instead of hiring a general contractor, getting hourly labour and supervising and working with them.