All Forum Posts by: Eric Graig

Much appreciated. Based on rents and purchase prices it doesn't look like Eastern Connecticut is going to work well for me unless I can find a property that is under $200K and even then.... 

I am looking at some properties to purchase for either AirBNB or long term rentals. What is the best way to determine the going rate for rentals? Also, is it better, worse, or does it not make a difference whether I purchase a property with existing tenants than one that I would be converting to a rental? Finally, what kind of interest rates can I expect for an investment property. I have good credit and can offer a substantial down payment.

Thanks much.

Sorry if I'm responding the wrong way. I'm not sure I've ever seen a forum that works this way.

@Bill Plymouth: I'm curious who or how you can find someone to lend money to at 10% to 20%. What could/would a lender do to assure payback?
 

I've been lurking here for a week or so, have watched a few of the videos and am interested in learning more. I live in NYC where prices are out of this world and am looking into long distance rental properties that return 6% to 12% cash-on-cash with the potential of some appreciation. Two general questions:

Are there any groups that meet locally to talk about long-distance rental property investing?

I recently read "Out of State: A Practical Guide to Long-Distance Real Estate Investing." It's an excellent book. The author talks about hooking up with a good real estate agent in the market you're interested in but agents typically represent sellers and as such their interests are not aligned with those of a buyer, particularly an out of state buyer who is interested in renting. I've heard of buyer's agents and was wondering whether people use them for long-distance investing and if so, what has been people's experience?

Your comments are much appreciated.

These are good points, much appreciated. And yes, I am interested in the right sort of partnership. The challenge of course is finding the right partner. I'm trying to recruit a real estate agent I know in the San Antonio market. This book (https://amzn.to/2U4TwBy) by RM Andrews has a lot of non-hype advice. Best case is to find an area that is at least driveable from NYC, perhaps upstate NY or Pennsylvania. Step one is to figure out how to screen locales and within locales, neighborhoods. 

I'm new to BiggerPockets and am dipping my toes into real estate. I'm trying to figure out the comparative advantages and disadvantages of real estate lending through a site like RealtyMogul or PatchofLand (others?) versus actually becoming a landlord. I live in NYC so local landlording is out of the question. I have capital available for both options. Mainly I'm interested in the comparative risks, rewards, and headaches.

Any thoughts/advice?