All Forum Posts by: Kiernan LaFaver

As far as ROI, there are a few givens that will always give the majority or even dollar for dollar back, such as landscaping, flooring, updated kitchen and bathrooms, and security systems. Those are always a huge YES. In my personal opinion, I wouldn't be as worried with some of the niche items, like a surround sound system, smart features, sauna. I work with a lot of buyers and most of the times they do not care about these items. I've noticed some demographics, such as older generations, don't necessarily care for all of the bells and whistles. I do agree that mechanical upgrades are a good idea if necessary, those are almost always a safe bet for ROI and resale-ability. It seems like landscaping/exterior is a large aspect of this property, so in that case I would put a good chunk of my efforts there

I have heard good things about PMA, Property Management Alliance. I work with a colleague that used to be a manager type prior to getting into Sales and assured me they are reputable!

Syracuse NY for sure! Fairly consistent rents for properties spanning realistically in the 100-250 range, with a healthy mix of SFH and MFH. Mattydale (a suburb of the area) was recently named one of the most "affordable" places in the country that young people are moving to. Additionally, once micron (a large microchip processing plant) is up and running (construction is underway) there are expected to be nearly 50,000 additional jobs created in the immediate areas. Happy to chat more about this market as a possibility.

Same kind of deal in the Syracuse area as well, about an hour-ish south! Watertown is most known for Fort Drum, a military base that the city is largely built around. With there being a base there, there is always a good amount of tenant turnover from contract workers stationed there. I agree with Joe, I do think that micron will be felt in the Watertown area as well, maybe not quite to the extent that the greater Syracuse area will but still. I’m not as familiar with the tenant market up that way, but if you’re interested in the Syracuse area, multi families are endless possibilities! 

It’s never a bad time to invest! There’s a large university and several hospitals that lend itself nicely to a consistent tenant pool. I do believe the city has/is passing ordinances for how many unrelated people can live in a single unit, so that is something to keep in mind. Even if the amount of investors has increased there over the past few years, that shouldn’t have any impact on your decision! It’s what works for you and if the numbers are productive for your goals 

Depending on what you qualify “upstate” as (I’m in the Syracuse area) people are always looking for vacation rentals on the water, primarily Oneida lake and Lake Ontario especially in the summer time

Hello all. Have any Agents on here used the BP Featured Agent lead service? Had a call with a sales rep and they bundle 25 leads at a time, and have mentioned they would refund a lead that gives incorrect info. I have only found posts about this from a few years ago, and with mixed reviews. I am looking into growing my investor clientele, and would appreciate anybody that has any experience with this or can give any insight. Thanks in advance! 

I’d be happy to be a resource! Can I ask why single family and not potentially a multifamily to pull higher rent? 

Awesome to hear, somewhat in the same boat myself. If you’re looking to escalate as quickly as possible, it may be worth looking into a multi family and rent one side, and live out of the other. That way you have a primary residence plus rental income and gaining equity. If that isn’t your thing, possibly consider looking into an area that is going to appreciate. If you can get into a building that needs a little bit of TLC, but is in a good part of town that’s also a great way to build up equity quickly after renovation 

REITs and etf funds can be a pretty passive way to get into it. I, and likely most people on here, would recommend finding a mentor in your area that has sor hands on experience with REI or property management. Think contractors, landlords, etc. possibly even finding some form of part time job with a contractor or property management company is also a good way to get hands on learning and property management can pay fairly well once you get systems down