All Forum Posts by: Gary Bonds

Hello all! I'm looking to invest in STR's REMOTELY. Any advice on how to get the STR furnished, decorated, etc., remotely? Deliveries need to be accepted. Who would typically take care of these?

Any best practices when attempting to secure business funding from a bank, in the form of a loan or credit? When they ask the nature of my business, do I advise that I'm a real estate investor? Being that my business is brand new, do I project business profit when they ask for the annual business income?

Hello all! I'm new to the forum as well as real estate investing and looking for some advice as I figure out my strategy.

I'm located in upstate New York (albany area) and currently live in my first home (single family) which I purchased almost one year ago with very little down.  I have less than 10% equity built up in the home, so there's not much leverage there.  I would like to invest in my second property later this year or early next year.  I've been approved for a $250k conventional loan, however, I don't have $60k laying around for a down payment (multiple lenders are requiring between 20% - 25% down since this will be an investment property).  Realistically, I'd feel comfortable spending no more than $15k - $20k of my own money.  That means I can only afford a $70k - $80k loan when factoring in closing cost.  

Initially I thought my strategy would be to buy and hold a turn-key multi-family unit in a "B" area here in upstate NY. That is until I ran the numbers and realized that I'm priced out of that market. It seems I'll only be able to afford mostly vacant run-down properties in "C" areas here in upstate NY. With that said, I think I need to reevaluate my strategy. If I'm adamant about investing in my own backyard (upstate NY), and all I'm eligible for are mostly vacant run-down properties in "C" areas, then does it make more sense to scrap the "turn-key" strategy and invest in a property in a "C" area and employ the BRRR strategy?