All Forum Posts by: Eric A.

@Abel Curiel sorry if this is veering slightly off topic, but what are you seeing in terms of the rental market in Jackson heights?  Have rents dropped since COVID? Rental listings lingering longer on the market? I have a 1/1 rental unit in JH and just wondering if I’m gonna take a hit when the current tenant’s lease is up in April.

 Hi Steve, if you look hard enough there are a handful of co-ops that allow immediate sublet. I already own a rental unit in the building in question. 

Hi Michael, price point is between 220k and 270k. I prefer to put down 25%. Thanks.

Co-op apartments are probably a very NYC specific property type. Any folks out there know of any lenders still making investor loans on co-op apartments? My normal lender discontinued these since Covid hit, and I haven't had much luck outside of a few 60 LTV options, which aren't gonna cut it. Thanks.

@Chris Martin thanks for your thoughts.  Doesn't have to be Fairview, that was one example.  But to answer your question, the primary angle would be a house in the mountains with stunning views and secluded, maybe a hot tub + fire pit, private acreage type of thing.  A real getaway that maybe even people living in Asheville would do weekends in. That would be the main draw.  Less than 30 minutes to the action in Asheville for those out of towners that want the best of both worlds.  The professional Airbnb property managers in the area tell me 200 nights might even be conservative for a house with stunning views.  I'll do some more due diligence.  Anybody have any other favorite awesome mountain towns within 45 minutes of Asheville? I personally like Brevard, but might be a bit too far away?

What do the locals think of purchasing a house in the mountains just outside Asheville, say in Fairview, and doing short-term rentals/Airbnb exclusively?  In my limited research, it seems a 4 bedroom house can fetch something like $300/night and average 200 nights a year occupancy.  Even paying a 25% property manager fee, my back of the envelope math tells me that's a pretty good return on a $400k house?  What do people think?

@Saj Johnson I actually invest locally but I have family in St. Louis so I’ve been considering investing there for that reason. 

@ALYSSA Feliciano agree with all of the advice in this thread, but I also want to come at it from a slightly different angle, once you have your list of potential cities. I think it was either Robert Kiyosaki or Tom Wheelright’s book that gave the advice to “invest where you travel to”. What does this mean?

When you own a rental property out of state and you travel to visit it, all your travel expenses are business deductions (obviously with certain rules so talk to a CPA before taking business travel deductions). So if you had friends or family in one of the cities on your list, you can arrange your visits in such a way that you can visit your loved ones in a very tax efficient manner! Hope that helps!

Congrats @Erwin Miciano you’re well on your way. Nice work getting your foot in the door in a highly competitive market!

@Erin Dorsey Robinson I'd say specific to REI, the fastest way to make $1 million is to buy properties in gentrifying areas of a major coastal city (SF, LA, NYC, etc). You'd have to do your homework and get in basically right after the first gentrifyers move in. I know people that bought condos in Brooklyn in 2010 for around $600k that were worth $1.4mm by 2016. Obviously that's in the past but there always a gentrifying area somewhere.