All Forum Posts by: Kiko Mattoso

Hey @Kiko Mattoso, were you able to get the first year deduction on that 70K? Did you do a cost segregation?

Your CoC is the amount of income made on a property annually in relation to the amount invested into the same property.

Check out this BP blog post - https://www.biggerpockets.com/...

If you're wanting to stay fairly local, look for properties that have sat on the market for a while, attend local auctions, check FSBO and Zillow for FSBO properties. I found one of mine just driving around - A woman had a sign in her yard just to see if anyone was interested. Go to local REI groups, socialize on here with other investors or wholesalers. There are so many different avenues to finding property! Focus on the STR niche, if you're good at it, and go from there. Don't settle for 10% CoC return - There are plenty out there with 20%, 30%, 40%.

If your main focus is monthly cash flow, you may want to reach out to landlords who are sick and tired of dealing with long term rental tenants. The moratorium on evictions during covid, left many frustrated (at least in my area). If the property is in an area that supports STR, you may be able to lease or even lease/option it with the agreement you will be able to sublet the units. It's a win for the owner because you will be managing the property for them without charging them 10%, they won't have to deal with tenants, they will get their rent on time every month, STR is far less wear and tear on the property than LTR and will cashflow better, you and they won't have to deal with traditional landlord/tenant laws as STR's don't have the same rights as LTRs, it's a win for you because you don't have to come up with a huge down payment, pay closing costs, high interest rates, broker fees, etc and if 65% occupancy leaves enough monthly cashflow for you, then it's a deal. We have a training on the Boston AREIA site and it works everywhere if you are interested dm me and I will share it. The training is free to watch. The speaker is selling a course (as many do), but, if you are comfortable with STR's the training should give you quite a few golden nuggets you can use without buying the course. In any case, you can use this strategy until this market is in a better place to buy/hold. And, always see if an owner will entertain terms.

Hey @Kiko Mattoso, I don't think that 11-12% CoC is that bad really. It is making you a bit of cash and you have an appreciating asset.

Don't be afraid to look outside your area for the better deal. I try and find places that aren't in terrible shape so I don't have to do to much work.

I guess you have to first decide where you might be interested in buying. Narrow it down. You don't have to stay in NY but could try and stay a little closer to home.