All Forum Posts by: Mark Wright

Quote from @Martin Vilarino:

Hello Bigger Pockets community! 

Anybody know any great real estate agents in Philly? We’re moving to Philly soon and we’re looking to buy our next home. Also, any recommendations on loan officers, home insurance, and closing lawyers? 

Thanks so much!

Martín 

I believe they just had a Philly agent on the show, Brandon Ribeiro... though I believe he did more commercial than residential.

Quote from @Christopher Pennington:

So I bought a house in upstate new york that has an in law suite near saratoga. I am wondering if i am losing out on money by renting long term?

second question I saw there is 20 acres of land across the street for sale and was wondering if I should grab it and subdivide a few acres and sell or rent out to get my money back?

the other option i have is build a 3 car garage and out a one bedroom apartment on top that ill rent for about $1500 a month.

The garage price would be about 100k to fo but could make 18k a year.

The land is $130k

What do you all think is the better strategy?

Hey Chris,

When you say Saratoga, do you mean county?  Or are you right in Saratoga Springs?

I'd shoot for an MTR there, honestly, if it's close enough to the town.
The land sounds reasonable, but am not part of the MLS for the capital region- yet.  

If you're interested in anything further north at any point (the Adirondacks), please reach out! 

As others have said, for places with tenants in place, it's common to not always get interior photos.

In general, around here at least, almost all properties that have little or no interior photos implies that the property is too ugly on the inside to show photos of...

The flip side- I've gone to see a total fixer-upper property that only had 3 listings photos.  One of the 2 houses on the lot had some fantastic characteristics that you wouldn't have known about unless scheduling a showing.

x2 what Samantha said.  If the porch is mainly there for cosmetics/convenience, it'd probably be less expensive to just do away with it.  Do you know any masons that would be willing to look at the foundation for you?  It sounds like that's the most time-sensitive problem.  

Quote from @Bryce Cutler:

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Hi everyone! 

My wife and I are looking into investing in short term rentals in vacation markets surrounding NYC (Catskills, Adirondacks, Poconos, etc) and just wanted to check if anyone here might have some insights they could share. Hoping to learn more about areas you like, the market specific hurdles you’ve encountered and anything else that you like to share would be super appreciated! Ideally, I would like to buy in the Catskills since it’s close by, a popular year round destination from the city and has a history of vacation rentals but I know there’s more and more talks of regulations so I am open to other areas and would love to hear your thoughts/experience on the area.

Would love to connect with anyone who has interest in the area and the short term world as well as agents familiar with STR who could help us in our search.

Thank you!

I can speak in regards to farther north in the Adirondacks. I'm a native of Saranac Lake (10 min. from Lake Placid) and have watched the STR market continue to climb. LP has become over saturated, in my opinion. They have restrictions in place that place limits on days per year, occupancy, etc- but it's still doable (& profitable). Outlying towns haven't encountered the same level of issues, so little to no restrictions.

One of the biggest complaints from natives is the disruption to the communities.  As a native myself, I do understand/and appreciate this.  When neighborhoods become clusters of rental units, they do have an impact on FT residents just trying to work/raise kids.  

 @Mark Wright, I really appreciate the sensible input and agree that regulations and restrictions are needed, but hope that the town works with local owners to accomplish their goals and don't just push them out.

 Thank you!  Yes, there does need to be some regulation in place so it doesn't turn into the "Wild West" of STRs.  There needs to be incentivization for FT residents as well, though.. or more pushback will continue to happen, I believe.  

Quote from @Kelii K.:

Hi everyone! 

My wife and I are looking into investing in short term rentals in vacation markets surrounding NYC (Catskills, Adirondacks, Poconos, etc) and just wanted to check if anyone here might have some insights they could share. Hoping to learn more about areas you like, the market specific hurdles you’ve encountered and anything else that you like to share would be super appreciated! Ideally, I would like to buy in the Catskills since it’s close by, a popular year round destination from the city and has a history of vacation rentals but I know there’s more and more talks of regulations so I am open to other areas and would love to hear your thoughts/experience on the area.

Would love to connect with anyone who has interest in the area and the short term world as well as agents familiar with STR who could help us in our search.

Thank you!

I can speak in regards to farther north in the Adirondacks. I'm a native of Saranac Lake (10 min. from Lake Placid) and have watched the STR market continue to climb. LP has become over saturated, in my opinion. They have restrictions in place that place limits on days per year, occupancy, etc- but it's still doable (& profitable). Outlying towns haven't encountered the same level of issues, so little to no restrictions.

One of the biggest complaints from natives is the disruption to the communities.  As a native myself, I do understand/and appreciate this.  When neighborhoods become clusters of rental units, they do have an impact on FT residents just trying to work/raise kids.  

If you're looking for farther upstate (Lake Placid/Saranac Lake area),I'd be glad to help you out.

Do you know what you'd like to do with the land specifically?

Up here, it's becoming increasingly popular to build cabins for STRs.  

Hi Wesley,

I'm a bit up farther north in Lake Placid/Saranac Lake area, & the rental market (both LTR & STR) is still doing strong. If you're interested in chatting further, feel free to shoot me a message.

I'm honestly doubtful as well that it will end in January.  It seems like every time it gets about a month or so away, it just gets extended again.  As Tim and Joseph noted, being winter definitely gives another reason to extend.  

If I may segue into a separate aspect, does anyone know what certifications are necessary for HUD as a property manager/landlord for Section 8? I'm sure it varies by state, but I'm potentially seeing if I could at least start as a property manger and then purchase a complex I currently work at. (My company is leaving by the end of the month and there is no one else lined up.)