All Forum Posts by: KC Conti

Highly recommend Lucky Duck Services, find them on Facebook. Owner is a master electrician by trade for the city of rochester. He just started a general contracting business last year.

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Upstate New York, New York

Lucky Duck Services, find them on Facebook. The owner is a master electrician by trade but started a general contracting company last year.

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Upstate New York, New York

Thanks! Now when you say 5-10, do you mean pick 5-10 different state locations and narrow it down from there?

Originally posted by @Sean Tagge:

Hello @KC Conti

First step is picking the right market I would pick 5-10 to do a macroanalysis on it then narrow it down to 3 to visit then pick the best 1-2 markets that fit your goals.

Additionally you mentioned you are worried about COVID. Here is an article that mentions the cities that have faired well and poorly through COVID.

https://www.apartmentlist.com/...

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Originally posted by @Thomas Greer:

Just to give another viewpoint - if you are looking at 1-2 properties then you only really care about how those properties perform and not about the larger economics. Weigh the benefit of investing locally with the difficulties of investing out of state (which I am not against at all). If you see a property that works for you locally, and you believe in.. go for it. Don't pass because a market report says that statewide appreciation is lackluster. I guess, what I like to say is that the variability in asset performance is extreme on the individual/micro scale. You can find solid assets in a poor performing city or bad assets in a good one.

Just a bit of "devil's advocate" and food for thought. If I lived in LA or NY...I would probably be investing in OH too!

Haha!!! Thanks Thomas! I want to start with 1-2 properties, but I really want to leave my full - time job, and do something with this full-time.

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So far the general consensus seems to be OH. It is only about 4 hours from me.

I would like to try and keep as much stuff 'in-house' as possible. My husband is a contractor by trade, and I really enjoy managing properties. Big renovations we would handle, but small regular maintenance I would need to find a local contractor.

Maybe I will plan a trip to OH and check out some areas that might be beneficial!

I really REALLY appreciate everyone's advice!

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Originally posted by @Rohan D.:

Definitely check out the roofstock website since I found it useful along my journey. I am listing some pros and cons I had mentioned in another forum about using roofstock:

Pros:
1. great analysis tools to run the numbers on a property. You get good practice analyzing properties and become more familiar with the system.

2. Many properties have disclosures and inspections already done which helps you make informed decisions

3. They sell properties which are currently occupied. so that is some sort of a safety net for many.

Cons:

1. In hot markets, delay in response can cost you. MLS to Roofstock can take anywhere from 0.5 to 1 day. Add another day for you to sign some edocs and put the offer. By then the house is gone.

2. The financial calculations they use for "Property Tax" is as if it is owner occupied (not sure if they have updated this bug). But most of us are investors, and investment properties have higher property tax percentages. This can give you misleading financial information and is something you have to account for manually in your calculations

what folks say about building a good team is absolutely important, but this process is rather organic for your first investment.

Readup about the investment strategies and make sure you are comfortable with them. (Eg: cash flow vs appreciation, buy and hold vs flips, sfh vs multifamily, handson vs passive etc) once you have identified your niche, dive deep.

Thank you so much!!!! That really helped break things down for me!

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Originally posted by @Dell J.:

Are you upstate NY? Many people invest in upstate NY and are successful with it. You can look into other states but dont just throw away your home town advantage

I am in Upstate New York. But the problem is our Governor has made it so tenants do not have to pay rent. Landlords have been out of income since March and there really is no end in sight. I backed out of a great duplex, I had my own tenants already lined up, but the problem is my attorney told me I couldn't get rid of the ones already in there.

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Thank you so much! I will look into Ohio. I am not familiar with the area, but I will definitely do some research!

@Chris Wharton

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Good Morning All,

Thank you for taking the time to read my post. I have recently paid off my house and become debt free. I am currently hustling to save as much money as I can. I would like to get a few rentals, but given Covid and the evictions restrictions in NY. I am thinking buying local is not a good idea. I have heard nothing but horror stories from other land lords who are struggling because tenants aren't making their rent (even though they are working or collecting unemployment).

I am curious about your experiences buying out of state? Does anyone have good luck with this? I have heard there are a few states that are much more landlord friendly and I would rather spend my money there.

I have found roof stock, but again I haven't seen a lot of upstanding reviews about the website. I really want to find a way to supplement my income but I don't think New York is the right state to do it in. I would appreciate any thoughts or advice.

Thanks again!

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Thank you everyone for the responses!

It sounds like my best bet, is either get equity in the property to be considered an 'owner' or not be bothered with it. Its a three year long process to be licensed then a broker, and I don't want to sell real estate. And sadly, that is a requirement. I work night shift, so I am able to do a lot of my bills and processing at work. Sleeping during the day doesn't help much with selling real estate. I just want the management aspect. I guess I will just be better off on my own with my own properties.

Thank you again for all the advice! I really appreciate it.

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All Forum Posts by: KC Conti

KC Conti has started 3 posts and replied 17 times.

Post: Recommendations for HML and Contractors in Rochester, NY?

Post: Handyman in Rochester NY

Post: Out of State Rentals

Post: Out of State Rentals

Post: Out of State Rentals

Post: Out of State Rentals

Post: Out of State Rentals

Post: Out of State Rentals

Post: Out of State Rentals

Post: Managing Properties My Own vs Others