All Forum Posts by: Kevin Hunter

@Omar T Sharaf, I have a portfolio of rentals in Watertown.  DM me and I will be happy to provide some insight.  Good luck!

@Keren Adaki, I invest in NY.  If the numbers work, they work.  Bottom line. There are millions of investors that have made billions of dollars investing in New York for years.  Often times, people that don't understand rental properties from an investor point of view will point out only negatives.  Has anyone told you what a good time it would be to rent out your Long Island property as the mass exodus from major cities continues?  How about the idea that your 7 years of principal paydown and appreciation have left you in a  wonderfully advantageous position to leverage that and build your rental portfolio.

Bottom line, yes the landlord/tenant laws favor the tenant in the state of New York.  Find a liberal state in the country and you will find a state that favors the tenant.  That is just the way it goes.  I think you should follow your gut!!!  Good luck.

@Christian Estrella, try the Wilson Agency in Shelton.  They are a sub of Andover insurance.  Good luck!

@John Foresman, welcome to BP.  There is a ton of information and people to learn from on BP.  I invest in Watertown so feel free to reach out.  Good luck!!!

@Javier Rosales,  rent was $1000 a month.  Tenants paid the year up front.  Repairs were $6300.  I sold it for double what I bought it for, but remember, that was 2003-2005.  

@Jaylen Boswell, I am an active investor in Watertown.  Feel free to reach out!

As a current active duty military member who buys a house at every duty station I will give you my two cents. First, get to know the BAH rates. Who do you intend to rent to? Are you looking for two or three E-4s or E-5s to rent your place or do you want an E-7 or O-3 family. Once you determine who you want to rent to after you leave, then you can start to work your numbers. One thing that is really nice about this method is it takes a lot of the emotion out of the deal very early on.

After you identify your target renter, look at the market and where you want to find a property. That will be driven by what commute people are willing to make and what commute you think your tenants will be willing to make. During this step, I would also reach out to folks at the base that you are joining. Ask them where the (insert your desired rank here) are living.

Once you identify your target area, start running the rental comps. Figure out what the average rent price is per bedroom, or square foot, to understand what Marines in the area are paying for housing. Keep in mind that there will be variables which will affect this number, i.e.: garage, yard, pool, etc... You can also reach out to a property manager for this step. I would avoid asking your real estate agent as they can be conflicted. Reach out to a property manager that you get recommended from BP and ask them how much you can assume to get in rent.

Now that you have identified the the best area to purchase, and rent comps in that particular area, you can work your numbers backward to figure out what you can spend in order to get into that area and still maintain your goals on the backside. You need to factor in a monthly property management fee. Even if you can't possibly imagine needing a PM, plan for it. It will cost you 8-10% of that monthly rent. Capital expenses are a big one that people usually forget. Plan for 10%. Does 29P require an owner to pay any utilities? If so, factor that in.

Now that you have identified your target renter, target area, figured out what the rental comps will be, and worked your numbers backward to figure out what you can pay, you can start shopping for properties in that price range. 

Good luck. Feel free to reach out for any further discussion.

@Kevin Ferguson, I don't invest in 29 Palms, but I invest in several military towns and I am an active duty Marine.  I love military areas for stable tenant base, predictable rents due to BAH rates which you can google, and respectful tenants (I know there are always exceptions but the good far outway the bad.  Check out a post I did a while back about Jacksonville, FL, another military town and see how you can really leverage that tenant base.  Good luck!

@Adrienne Jordan, congrats on the purchase.  Sounds like a great deal, especially with no money down.  Now keep going!!

Be patient and trust the numbers.  

Oh, and worldwide pandemics aren't fun!