All Forum Posts by: Hamish Odiean Jr

Thanks, Russell

Hello BP Community,

I'm a real estate investor and looking to expand my portfolio. I've managed my own books and filed my own taxes the past few years, but with my scaling intentions, this is no longer viable. 

I would love some recommendations from the seasoned pros out there.

I'm not sure if this matters, but I'm in NYC; currently own RE in NY and Miami, but looking to invest in other cities as well.

Thanks

@Anna Hamann I'm looking in Old Mill Basin and the Flatlands area for my two family.

All this talk about Dallas has me interested in taking a look see. When I purchased in Florida I worked with a god-send of an agent. Pivotal when purchasing out of state.

I did the same a 2 years ago. I live in NY and purchased a property in Miami, FL. 

My suggestion would be to link with a REALTOR that's willing to partner with you to do the bulk of the leg work; this person may not be easy to find but when found, they're invaluable. My Realtor had the MLS send me properties that fit my criteria, and I would give him the green light on the ones I was interested in. He would go and take a look at it and give me his opinion on the quality. If he liked it, he would take pics and send to me. If I was still interested he would submit an offer for me. We were in such sync by the end that he would submit offers for me before I even saw it.

I would also suggest that, if possible, take a trip out there to check out the areas. Have your Realtor take you around. You can read as much as you want, but there's nothing like seeing the areas for yourself.

In the end it will take some patience, but you could end up with a solid investment. But, you must do your research and work with someone in the area who would guide you diligently.

Good luck

Another problem I find in NY, especially Brooklyn (an exploding market) is that its a pretty incestious market with A good bit of shady business practices. I'm currently trying to buy a 2 family for myself, not an investment, and it's tough to even get a hold of the listing agents. They hold deals for their investors, try to get away from sharing commissions and such. The MLS is a maze of misinformation and you really need an in sometimes.

I'm a licensed REALTOR and so is my mom, although we both do different things besides real estate. I'm slowly learning the ropes of this 'wild west' market, but still plan to continue to invest out of state where a slipup can be less financially damaging than a pricey market like this one. However, with all that said, if you can navigate this market, the returns can be huge.

Thanks for the info.

Apologies if this wasn't clear, but the property is local, the owner has an address that's listed in 300 miles away.

Hello,

I'm new to BP and have been blown away by the wealth of knowledge on this site. I'm a licensed Realtor, although I haven't been practicing as I've been enjoying a stable life in corporate finance; but ready to change gears.

I've recently noticed a moderately dilapidated property that doesn't appear (by all standards) to be occupied. I looked on the public record and found the name of the owner, which has an address listed in upstate NY (300+ miles away). I'd be very interested in finding this person and possibly taking this property off their hands.

If anyone has any experience with this or any advice and/or warnings/words of caution of how to proceed with this type of situation, I'd love to hear from you.