All Forum Posts by: John Hickey

@Soniel Estime I still get ripped off. Happens. I once thought I’d have the same contractors for ever. If their dishonest that’s will take them down.

If their disorganized that will take them down.

If their cheap with thier labor.....

Most of them if they are really good will move up out of that market eventually or they change their biz to what we do.

@Adam Fiore I’m looking at some CT cities for my next move.

Before i settled in newburgh I had spent years investigating Bridgeport, Hartford, new haven(missed the boat) and Waterbury.

If your up for it let’s keep in touch. Part of my strategy is to have support. So I buy on one block and align with other investors that buy on other blocks.

@Ivan Terrero towns of newburgh is a big area. I don’t pay much attention to it. Looks pretty nice to me. Never heard of a bad area in the town, but of course it will have some.

In 2010 newburgh city was not getting better. Started in 2015/16

@Tony Gunter

So when I started this on house I bought was

54 benkard newburgh NY 12550.

It was probably worth about 65-75. I paid 47 cash. That’s the small deal I was talking about above that wasn’t that bad a neighborhood. But I talked to a buyer last week and he said it’s still rough to him.

I sold it last year for 159 after paint and adding 1 cabinet 1 fridge and refinishing the floors. That’s a pretty low Reno price for me.

It’s worth 250 right now if I had it on the market.

This strategy is the definition of forcing appreciation. No need to hope an appraisers, misjudges on the high side.

Comps support me. Will that last foverever? As long as the neighborhood keeps moving yes. If it starts to decay no.

@Scott Mac

So yeah some people will have to move. I keep or relocate good people. Do it all the time.

As far as moving ppl yes. The problem ppl will move. It won’t solve that problem. They’re only a problem when they are close to my property.

I usually align myslef with a few of the junkies. I use them to clean up the gutters. And I talk to them frequently.

The dealers...I talk to them to. I usually give them a heads up if they’re standing in the camera field. Most people don’t realize how high def my cameras are so I’ll bring them into my office and say check this out.

Getting rid of both isn’t an overnight thing. But once you start renting out new units at top dollar they need to be gone.

Dealers and junkies aren’t going far. Once they settle in at the new bodega I look the owner up and start talking price. Try that for buyers market. Think I mentioned that but it’s good to hear twice. It’s a killer deal making strategy.

@Angelo Mart are they in Newark?

I met a big guy that does what I do last year. 300 units. Very cool guy. No bs. He was Albanian I think.

Thanks Angelo.

@Tyrone Hood

Yeah I grew up in areas like that too. Mom, brother, sister, aunts, uncles all drug addicts. Dads an alky. He’s recovered tho, and an asset to society.

So i turned that experience into a biz. I’m just talking about the buying a block side of it tho. It’s hard to buy a 1/2 block starting out If your growing up experience is in D real estate you’ll probably lean that way in the beginning. Nothing wrong with that.

@Pat Goodyear and the reason I say worst is that you can’t usually buy half a block or 500’ of buildings in an inner city if it’s decent.

When you can buy 5-10 in a row it usually means the area is interesting.

@Pat Goodyear sounds like your in a half bad area.

It needs to be the worst area.

Whatever state your in look up the most dangerous city. Then go there ask the cops what the worst area is. Then look for vacants.

If you have the worst area and lots of vacants say 50% that is what you need to start.

@Henry Lazerow

I never mentioned cutting corners tho. Think you read me wrong.

I Reno when it makes sense for me.

Sometimes I’ll buy and Reno the vacants while I’ll hold the ones with tenants as is. Then when someone screws up I’ll Reno those one by one.

But most of what’s listed above wasn’t gut Reno.