All Forum Posts by: Kiernan LaFaver

Seems like it needs to be determined what’s most important to her. Is it her enjoyment as a priority or is she primarily looking out for the family? If it’s primarily her, flip for immediate cash. However, brrrr, especially in stable areas can be consistent over the long term and for generations to come. Can you do two rental properties with the 400,000 in your market? If you can do two properties, that would be quite the consistent income stream PLUS building equity. If she’s like most grandmothers/mothers, she’d likely opt for the second one that benefits her a little in the meantime but her family greatly in the long run

Hey Anthony! I’m in the Syracuse area. Not yet a landlord but I have lived in the SU area for the past 6 years. To my knowledge, there is no “zoning districts” that students are regulated to live in, such as some other college towns in Ny. Student rental properties are either going to be R1 for single unit or permitted as multi family residence. I’m not familiar with any sort of restriction on how many students are allowed to live in each property, but for obvious reasons should use number of rooms as a guideline. I haven’t really heard of any occupancy restrictions being enforced by the city. You’re correct, there’s a large portion of houses that are not listed on the rental registry, and therefore legally aren’t allowed to collect rent or have any case when trying to evict tenants (at least pertaining to the City). The rental registry application is $150 and is good for 3 years. Happy to help with any other questions!

Hey Luke! I have an agent colleague in the Rochester area that deals frequently with investors. I’d be happy to share his info!

Hey Tony! It’s never too late to get into this space. Objectively, it doesn’t seem like waiting for rates to come down would make a huge impact in the current economy. Rates are only expected to drop to the 6%ish range by the end of the year if everything goes according to plan. But what happens after that? For all we know, interest rates may not significantly change for quite some time. And honestly, a few 1/100ths of a percentage doesn’t make a huge difference in the monthly note. Does the return now (rental income, asset appreciation, etc) outweigh the potential for rates to slightly drop in the unknown future? That’s a personal question, but time is money! If you have a 10 year plan, it seems like you may need to be more aggressive in order to get notable returns in that relatively short period of time 

I’d first suggest figuring out what your goals/strategy is. Finding properties that are ready to go, or need some love and rehab? Are you cash flow oriented, appreciation oriented, looking at resale value, etc. 

what class markets/neighborhoods are you considering? Various classes have different property values, tenant pools, turnover ratios, etc  I’ll posit a link below as this can get to be a lengthy note  https://www.realtymogul.com/knowledge-center/article/what-is...

Are you looking into short term, mid term, or long term rentals? This is going to affect your purchase price, turnover ratio, maintenance expenses, etc. it also may impact your exit strategy when it’s time to sell the property. 

Are you planning on living in your first property? This will impact your loan program, down payment, terms and conditions. 
I’m happy to be a resource as you start out! 

I’m in the CNY region as well! Syracuse more specifically. I think right now is a great time to get investing in the area. Syracuse is one of the top locations that Gen Z’ers are moving to in recent reports. The area in the grand scheme of things is very affordable, and with the likelihood of micron coming housing and rent prices are expected to boom! There’s also plenty of property managers to help you remotely manage the property if you do end up moving. I’d be happy to have further discussion with you and answer any questions you may have!

I second @Stephen Schmitt with Quickline Capital! They’re a national brand but have an office in east Syracuse (about 20ish minutes from tipp hill)

Welcome Corine! There are a few things I could suggest to focus on as you start out:

1) what’s your goal? Are you looking for a property that cash flows immediately, a location that has good appreciation, or a combination of both? Appreciation and cash flow (in addition to sale price) are all important factors when it comes time to resale and exit that particular property. 

2) what class neighborhoods do you wish to invest in? There are different “classes” that have different incomes, emograohics, characteristics, etc. I’ll attach a link as this is pretty in depth https://www.realtymogul.com/knowledge-center/article/what-is...

3) what’s your property buy box, ie// the characteristics you want in a property? Do you need a certain amount of cash flow, are renovations required, how many bedrooms, etc

4)who’s your ideal tenant, if you’re renting out? Is it families, students, contract workers? This will likely determine whether short/mid/long term rentals are favorable in that specific area. 

5) there’s so many things! But they all are managable. If you’re on this forum you’re in the right place. I’m sure others will comment on this post and add some of the variables I’ve left out. I’m happy to be a resource as you start out! 

Hey Erin! I second the OCREIC. I’ve been to both their zoom meetings and monthly in person meetings. Very laid back but also informative at the same time. I’d be happy to help you get introduced to the group!

Welcome Ernesto! That’s a very loaded question, as it’s highly specific to your situation. Here’s a few things to think about as you look for your first home:

A) do you have the cash to do a flip? 
B) what’s the duplex market like in your area? Is it possible to live in one side and rent out the other? If so, does the rental income give you any extra cash flow, or at least cover the large majority of the mortgage/expenses?

C) do you mind living in the same building as someone else? 
D) which of these two strategies would have the better resale potential? You won’t be living here forever, so ideally having an exit strategy is key to figure out how to maximize your money when time to sell