All Forum Posts by: Joseph Salegna

@Bertram Scroggins. I grew up there. Any part you are looking at? Certain areas are pretty expensive. You could get away with a 2 family house or multi in that area and taxes are not as high but prices arent cheap either and it can take 6 months or more to remove a tenant

@Bertram Scroggins. I live in Nassau county and my taxes are approx 18k per year. You’d have to charge at least 3500 if not 4500 per month rent to make the numbers work. Unless you bought a section 8 or foreclosure 

@Bertram Scroggins. I live on Long Island and property taxes are one of the highest in the country. Very hard to make numbers work here 

@Tim Miner - Where are you looking to do? I may be interested

@Gray Valdez - There's an ongoing thread about Morris Invest. I suggest checking it out

@Zachary Puteri - I live on Long Island. Happy to connect. 

@Account Closed for less then 5 units i would look at comps for recent sales in the area as well as the avg rent in the area. The biggest expenses are going to be the mortgage and the taxes. BP has a calculator that would calculate your cash flow and returns. Go tools and select rental property calculator. 

PS - i dont invest in NY

@John Gach Have you considered opening a Self Directed IRA or Solo 401k? You could roll over the 401k into one of these products and avoid the 10% penalty? There are plenty of providers on BP that could help.

@Account Closed. I'm not far from there. How many units? I haven't purchaed any MF yet but I do suggest making sure you get the financials from the seller and verify the rent rolls and expenses to make sure the numbers work

@Account Closed - Where are you thinking? I am on long island and I can tell you prices and taxes are pretty high here. I'm sure to could probably find something but would be hard to make the numbers work I think.