All Forum Posts by: Kiernan LaFaver

Yes as Trevor said, highly dependent on where you are in NY. Different counties do things differently. I’m in Syracuse and have good relationships with a few real estate attorneys if you’d like assistance within the area

Personally, I think choice 2 (the smaller project) is more ideal here. NY isn’t known for being “cheap”. Labor and material costs have increased greatly since the pandemic. Longer projects…higher labor costs.  You would likely get a quicker turn around on the smaller project that appeals to a wider pool of buyers. Time is money and the less time your capital is tied up, the better. Especially in an unfamiliar market. Could you do multiple properties in the time it takes you to do the single larger project? Hope this helps! 

You may be able to qualify for a DSCR loan, but those terms and rates tend to be not very favorable compared to a typical conventional or FHA loan. Is it a single unit or multi family? If it's a multi family you may be able to qualify for an investment specific loan type. There are hard money lenders as well, which is essentially a sub for cash, but these are typically shorter terms with higher interest rates

Welcome to the investing world! Obviously make sure that potential rents cover the majority, if not all, of the mortgage payment and other expenses. If you’re owner occupying, you’ll qualify for different loan types than you would if it was purely an investment property. Do you plan on renting to friends and family or complete strangers? If it’s a completely separate unit in a multifamily, typically tenants are responsible for utilities to streamline your costs as much as possible. Also should have some ideal about what your timeline is and what your main goal is. Is your main goal to have a primary residence for the foreseeable future or is your goal to get as much cash flow as possible…those two aren’t always the same thing. I’m in the Syracuse area and would be happy to answer any questions if you have them! 

From a strictly "side gig" position, I would recommend going with the home inspector license. As a "part time" agent that has the goal to be full time, I'm noticing it is very time and energy intensive in order to make real money. You would be able to inspect your own properties and have a better idea of what you're capable of and get a better idea of rehab budget if one is needed.

Have you looked into the Syracuse area at all? Lots of student housing available for the BRRRR and regular buy and hold. Potentially worth a look if you're struggling to find property in the Oneonta area

Hey Somesh! 
I know it's a little outside of the two areas you gave, but I'm in Syracuse NY and there is lots of opportunity for any type of investing if you happen to be looking out this way…BRRRR, buy and hold, fix and flip you name it. I have several lenders that I like to work with as well. Please let me know if you have any interest in this area and I'd be happy to discuss with you! Good luck!

I would shop around for rates and customer service if possible. Some questions to ask include:

-what is there repeat business with clients like?

-do they have loans specifically for investors (ie/fix and flip, DSCR, etc) and what are qualifications for said loans?

-WHO is actually going to be servicing the loan?

-do they have broker specific programs that strengthen your offer compared to other brokers? Ex//can they pre underwrite you prior to writing an offer? Can they back up your offer with cash? 

Hope this helps! 

Quote from @Pamela Maduro:

Quote from @Kiernan LaFaver:

Welcome Pamela! I agree, NY can be a tough market, especially regarding tenants since ny is very tenant friendly. I'm in the Syracuse area which is very popular with investors due to hospitals, universities etc. I agree, BRRRR can be difficult if you're not local with the rehab. If out of state, I think mid to long term rental is more of the play and may be worth looking into a reliable property manager. I'd be happy to have further discussions if you'd like to know more about the area!

Kiernan that would be great! We are eager to make the move and start our portfolio, just normal nerves to get started. Are you an agent or an investor?

I’m currently an agent. My plan is to have 3-4 properties myself within 10 years or so. I enjoy working with investors because I’m also learning how to invest myself when I help investors like yourself! Would be happy to have further discussions and talk about what our area offers if you’re interested

Quote from @Pamela Maduro:

Quote from @Kiernan LaFaver:

Welcome Pamela! I agree, NY can be a tough market, especially regarding tenants since ny is very tenant friendly. I'm in the Syracuse area which is very popular with investors due to hospitals, universities etc. I agree, BRRRR can be difficult if you're not local with the rehab. If out of state, I think mid to long term rental is more of the play and may be worth looking into a reliable property manager. I'd be happy to have further discussions if you'd like to know more about the area!

Kiernan that would be great! We are eager to make the move and start our portfolio, just normal nerves to get started. Are you an agent or an investor?

I am currently an agent. My plan is to have 3-4 rental properties within 10 years or so. I like working with investors like yourself because it also educates me about the process for when I’m financially ready to dive into the investing world myself!