All Forum Posts by: Jake Garay

Join us for an exclusive evening of networking with some of the most prominent real estate investors from the Hudson Valley region. This invitation-only event is your chance to connect with seasoned investors, exchange ideas, and build valuable relationships over great food and drinks.

Whether you're looking to expand your portfolio, discover new opportunities, or simply connect with like-minded professionals, this is an event you won’t want to miss.

Details:

• Date: Wednesday, September 25th
• Time: 6:00 PM – 9:00 PM
• Location: Hudson Valley (Venue details to follow upon RSVP)
• Cost: Free to attend

Because this is a private, invitation-only event, RSVP is required.
To secure your spot, please contact Jake Garay at:
📞 914.772.2603
✉️ [email protected]

Spots are limited, so be sure to reserve your place early. We look forward to seeing you there!

Please join us for an evening of food, drinks and networking amongst prominent real estate investors throughout the Hudson Valley region. In addition to networking, there will be a live Q&A panel discussion with industry experts to answer any questions YOU may have. There is no cost to attend our event. Because this is invitation only, you must R.S.V.P. to Jake Garay 914.772.2603 / [email protected] for more information. 

Quote from @Kathy Diamond:

Quote from @Bill O'Donnell:

@Colin M.

Second Wednesday each month there is a Meetup in Maroneys pub right by the pok train station. Good place to meet local investors, brokers, etc..

Casual, but a great place to network. 6pm

@Bill, is the meetup still active?

Hi Kathy, the meet up at Mahoney's is still active, they are having their next one next week actually. My team and I also host invitation only investor networking events that are not publicly advertised, if you're interested in attending feel free to shoot me a message and I'm happy to share the details of our next event. 

@Samantha Cash Thank you!!!

Hi Colin, I am both a real estate broker and an investor here in Poughkeepsie. I'd be more than happy to discuss the local market here and answer any questions you may have regarding current prices, rents, returns, etc. 

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Poughkeepsie.

Purchase price: $166,500
Cash invested: $25,000

I purchased this small 2 family property in July of 2020. The property features 2 1 bedroom apartments.

What made you interested in investing in this type of deal?

What interested me the most in this property was the opportunity to renovate the property and increase rents.

How did you find this deal and how did you negotiate it?

I found this property on the MLS and negotiated the purchase myself.

How did you finance this deal?

30 Year Fixed Rate Mortgage.

How did you add value to the deal?

I fully renovated each unit. New floors, new kitchen, quartz countertops, new lighting fixtures and new bathrooms.

What was the outcome?

I took the property from a monthly rental income of $800 per unit to $1,400 per unit. This property cashflows nicely each month.

Lessons learned? Challenges?

Renovation turnaround time was much longer than originally anticipated. Next project I will hire a project manager to oversee the entire project and expedite the process.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I am a broker so I represented myself. Steve Chance from PrimeLending was the loan officer on the transaction and did a phenomenal job throughout the entire process.

Yes, it’s true. They recently purchased Sprout Creek Farm, just announced a $2 million addition to their sports facilities, and just last month opened 5 brand new dormitories. They are expanding their campus on the other side of route 9, with a major renovation on their “Steel plant” art center, and recently purchased a large warehouse which they’ve converted to classrooms and studios. They also announced a doctorate program for physical therapy to accompany their new physician program that began this year. My girlfriend is a senior at Marist College and has shown me multiple letters to faculty and staff from the president laying out these plans, and they have already begun raising money through alumni, the board of trustees, and grants. I’ve also spoken with professors and faculty about these plans. Just take a drive by their campus and you will see work and expansion being done everywhere. 

Personally, I can't speak much to the happenings of Newburgh as I haven't worked there much the last 12 months. I have however paid close attention to what is going on in Poughkeepsie and have noticed a drastic change beginning to take place, as well as a difference in the stigma of how we view Poughkeepsie vs. how out-of-towners view the area. 

Dutchess County as a whole in the last 12 months has seen an increase in people from out of the area moving in, specifically being driven by New York City, Westchester, and Putnam County. In the last 12 months, 45% of all single-family home sales were purchased by people coming from Westchester, Putnam, NYC or out of state. Of all homes purchased in DC in the past year priced $300,000+, 1 in every 4 buyers came from NYC alone. There is a large influx of people looking to decrease their cost of living as well as increase their quality of life moving in from these high expense areas, and I suspect that trend to increase with the new tax law capping deductions at $10,000 for property taxes. We saw this trend begin with Beacon, which has gone crazy the last 36 months, and we are now seeing what was the "Beacon buyer" looking alternatively at Poughkeepsie. 

The way we view Poughkeepsie being from the area, and the way a NYC or Westchester buyer views it are entirely different. As an agent, I have met numerous buyers who have taken the train from Grand Central and walk to the houses they want to see, and they have felt perfectly comfortable doing so, and loved the ability to walk around, visit our local culinary restaurants and sightsee. That is not to mention the massive commercial investments happening throughout Poughkeepsie right now.  For one, the "addition" on Vassar Hospital is an unprecedented investment in the medical field. They are essentially building a NYC-magnitude hospital to compete with any major hospital within 90 miles. They are flying in doctors from all across the world, and will bring in numerous high-paying jobs that the area desperately needs. On top of that, there is the brand new Main St apartment building, the One Dutchess Ave project at the old Dutton Lumber site currently under construction, as well as the new Waterclub building, and the luxury apartments that are set to begin construction soon adjacent to that. There are also the Bellefield at Hyde Park & Hudson Heritage Projects side by side across from the Culinary. Marist College is also working on doubling their enrollment to achieve University status within the next 4-5 years. There are also plans to redevelop the area surrounding the train station & the Rip Van Winkle House. 

In my opinion, based on the information I have been seeing, Poughkeepsie is situated very nicely to have a resurgence in the coming years. To have nearly $2 billion in commercial development being spent in the coming years is sure to have a large economic impact on the local housing market. We are seeing appreciation in the market, and as I said before a big change in how the area is viewed by out of town people. I can't speak to the specifics of Newburgh but I can imagine with the introduction of the casino, the elements at play and the development in Dutchess, and the continued expansion at Stewart will all bode well for the Newburgh market as well. 

Does anyone know of a good lender who is either located in Georgia or will lend in Georgia? I need to find a lender for a 24 property portfolio. Thanks. 

@Brett Snodgrass Thank you! I appreciate the welcome. I'm definitely excited about browsing the forums and hearing everyone's stories and successes.