All Forum Posts by: Eric Telese

I am looking for a new accountant to file my 2017 taxes with. I want to chose someone who is familiar with real estate and will be able to help me with any questions I will have when looking at my first real estate investment.

Does anyone have any advice on how to find & vet an accountant? Or any referral for an accountant in the Nassau County area of Long Island. Specifically the North Shore, Glen Cove area. I want to ensure  I get somebody who will have the patience to sit down with and answer any questions their client has.

I currently have a long list of markets that I am interested in buying my first rental property in (long-distance). I don't know where to begin with my research to narrow down my desired market as there are so many metrics I want to look at. I just downloaded @Scott Trench 2017 BP Best Markets Spreadsheet and it is definitely a huge help as some of the markets I am looking at are on there.

Furthermore, I just had the idea of hiring a virtual assistant to delegate some of the research to. There was a good amount of talk of virtual assistants in 4-Hour Work-Week and @Brandon Turner seems like he utilizes them as well.

What do you all think of the idea of hiring out some market analysis? I know that the credibility and source of information is primitive in this research phase, and have never worked with a VA before. I don't want to hire it out and risk getting bad information just to save some time, but if it is valuable work then my time can definitely be spent elsewhere. I hear that they do legitimate work, but what are your opinions?

@Andrew Johnson definitely makes sense. Just read that advice in @David Greene new book Long-Distance Real Estate Investing.. Think of where you have friends/family. 

I have a very close friend who just moved to San Jose, CA, and is in their police academy. I know CA is expensive but wanted to see what they had around there. So did a property search for that area. Cheapest place is a shack for 550k! Pretty funny,

So I have some cousins in Ocala, Florida and sister in Durham area of NC which I will look at next. See if they can offer me any insight on their areas.

I think I will probably end up in a place with no ties though!

Congratulations! Very inspiring. Need to get out and get  me my first deal!

@Grant Rothenburger What sources do you find useful in analyzing job diversity, pop growth, and supply/demand (of rental properties?).. 

@Grant Rothenburger @Mike H. @Andrew Johnson thank you for your input. 

How do you all decide what exactly is the “best market for you”? Im investing out of state therefore have to chose from literally anything.. Where do I even start, schools are probably most important? Along with pop growth, job growth, unemployment rates, etc...

Any additional tools or advice to help me get going is appreciated!

@Mike H. Great point. I haven't really made my distinction of SFH or MFH. I thought that I could look at both after deciding on my market. But, I think you proved I need to specify which I want to invest in.

I used to think I wanted only MFH, but recently have been leaning towards SFH, the sustainability seems better through targeting families who will probably not move as often as singles, couples changing jobs, etc.

@Andrew Johnson That is very true. Most people probably really want one or the other. I'm sure both can thrive in the same area both having their own pros and cons.

I have recently been opening up separate tabs on realtor, one for buying, one for renting, one for the amounts of properties for sale and for rent. There are some markets that have a ton of properties for rent and some that don't have very many at all.

That leads me to my next question: Should I be weary if a market has SO many properties listed for rent? Lots of competition. Maybe many of them sit vacant for a while? The demand in that market for rentals is lacking (would have to further confirm this through market analysis)? etc. Or hey, maybe the demand in that market is awesome and these spots are being filled quickly and new ones listed so often. 

On the other hand, I wouldn't want to buy into a market with SO few rentals listed. Seems like the houses are much cheaper in these areas and I could buy in for very low money down, but is everyone living here just buying? Should I worry no one wants to rent here because of housing prices. Would i be the only rental in the area, therefore just sitting vacant? Or would I be the only rental in the area and maybe be able to fill up very quickly?

How do you all determine whether a property will rent?

I am currently analyzing many different markets and do not have a specific one set for myself. I am looking at comparable rental rates and purchase prices in each of these markets. I notice that some markets are overwhelmed with large apartment complexes with pools, gyms, etc. Do you see these properties as more desirable to potential tenants when compared with the SFH or MFH I would try to rent in that area? These complexes are appealing to the eye (mine at least). I do not know if a house would rent in these areas without severely undercutting the rents of these competitors. Of course not everybody wants to live in a big complex, and some would prefer renting a house. But how do you determine these things...

What do you all think? Avoid investing in small rentals in areas where many large complexes exist?

@Ryan Cox @Lumi Ispas @Ali Boone thank you all for the input.

I am going to look into all of the markets mentioned. 

Ali thank you for the articles I am going to read them now!