All Forum Posts by: Joe Aiola

Might have to consider cash for keys. Don't know how much room there is in the deal, but I bet they would be willing to move for the right price. 

Sorry to hear that you're in this position - best of luck!

Hey guys!

Does anybody have, or knows someone who has, experience with corporate housing? I'm trying to avoid listing units on websites (CHBO, Furnished Finder, AirBnb, etc.). In ideal scenario, those websites would be a back up plan. I'm really looking to have relationships with companies in the area who use corporate housing often to minimize vacancies. 

Would love to talk to somebody who's already doing this!

Thanks!

@Ramon Flores I've seen agents work together if they are under the same brokerage, but it's not all that common. You'll see way more referrals. For example, if you were working with an agent in CA but wanted to start looking in NY, you're agent could refer to me. Since they brought me a client that I didn't have before, they would get a referral bonus once we did a deal. An agent can refer to any brokerage.

With that said, you probably wouldn't want to take any commission away from an agent if you're doing long-distance. They'll be doing a lot of work for you, so you want to make sure that they're happy. Plus, if you have a good relationship, maybe they'll send you deals first. Or go check on your properties from time to time. They'll be less inclined to work hard for you if they're doing all the work but losing some commission just because you have your license as well.

@Leigh Harris Glad to hear you're getting into investing! Congrats on getting started - most people don't even get this far! Here's my two cents...

Rehab numbers are tricky for a newbie. Books and podcasts are a great way to get a general idea, but they still won't make you feel 100% confident because renovation costs vary based on the market you are in. Hearing what somebody pays in New York isn't going to help you a ton. If I were you, I would be doing a few things:

1. Look at your competition to see the types of finishes they're using. Carpet or hardwood for the floor? Granite or formica countertops? Vinyl or clapboard siding? Once you know what's being used, you could now look up the prices (hardwood floor on Home Depot, for example) and call contractors in the area to give a rough quote (ask a flooring contractor how much he would charge to install X sqft of hardwood, for example). You'll now have an idea of material and labor costs for a flooring, in this example.

2. Talk to investors in the area. They're doing it already! There's nobody better to learn from.

3. To piggy back of number 2, partner with those other investors. Find and bring them a deal and you'll be able to learn so much through one project.

Hope this helps! Best of luck.

@Ramon Flores I just got my license last month and can tell you that the MLS is a game changer. Your typical agent probably won't use the MLS like an investor would. So, my advice is to either make sure you have a great agent (one who only works with investors or invests themselves), or to get the license yourself.

The license doesn't take long to get and, if you're serious about real estate, the fees are minimal. 1 or 2 deals and you've earned your money back.

Hey guys!

Anybody flipping in Peekskill, NY? I've been looking at that market lately and seeing some signs of a turn around. Would love to connect with other people in that market to learn more.

Thanks!

@John Hickey thanks for the reply! You mentioned the meet up to my brother the other week, but we were unable to make it. I'm a project manager in Greenwich, so it's not often I can leave the job site. 

I've read part of that thread you linked, but it's not a bad idea to read through the whole thing. I'll get right on that.

Also, I see you're from Chappaqua. I work in Mount Kisco from about 4-8, Monday-Friday. Would love to meet up and chat if you have the time. You around next week at all? Hopefully we can work something out.

Have been watching Newburgh for a few months now and it's definitely sparking some interest. I've made a few connections with realtors but looking to talk to more people about the area to better understand the market. Keeping an eye on the Washington Heights area, as it seems there is a ton of investing potential there.

Looking for people who have street specific knowledge, a gauge on an estimated price per square foot for a rehab, or an understanding of the historical society rules with renovations. 

Responses are greatly appreciated. Thank you.

@Judy Parker I'm sorry to hear the deal didn't go as smoothly as you planned! Hopefully the toughest part is behind you and it's all smooth sailing from here. 

Thank you for the information about Allyssa and the Rockland Real Estate Investors Association. My brother, @Nicholas Aiola, actually uses Allyssa as his agent and only has great things to say. 

Thank you again for the replies and the info. Hope to see you at a future REIA meetup!

@Judy Parker Thanks Judy! Congrats on the multi-family in Stony Point. Was that an off market deal or did you find it on the MLS?