All Forum Posts by: Kyle Reece

You sound a lot like me, I'm 30 and have 6 units. I used to work as an electrician and I have my NYS Real Estate Brokers license. I invest locally but have been learning out of state investing and BRRRR recently from books by David Greene and hope to scale up my investing with those methods. If you want to talk, I'm free.

I'm new to BP but I've had issues building a team since my area is very remote. I have a four-plex and am about to close on a duplex in Clinton county NY. The only 2 property management companies that advertise here, one has a very outdated website and I worry if they don't put much effort in their business they won't in mine either. The other is fully booked and not taking any more clients.

I have done property management personally and professionally since 2014 but not as a business. My goal is to start brrr properties this year and want to set up my buy and holds to scale as I gain more. 

My question is this. Does anyone know of a good property manager in northern NY or does anyone own a property management company, that is looking to expand to this area?

Plattsburgh has an excellent rental market and if there is a gap to fill with a good property management company, with some help I could fill that gap. I have my NYS real estate broker's license and could hire and train property managers under my license. If some have a successful business in place they could copy and paste to set up another location here. That could work if no one has any recommendations for a PM up here.

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $165,000
Cash invested: $6,500

Income was $3,000 when first purchased.

What made you interested in investing in this type of deal?

Matched property criteria and cashflow was too good not to jump.

How did you find this deal and how did you negotiate it?

Open market, another agent in my office had the listing.

How did you finance this deal?

FHA

How did you add value to the deal?

Found the deal, did analysis, was buyers agent for purchase, and managed property after.

What was the outcome?

Purchased, still own today income is up to $3,500 per month.

Lessons learned? Challenges?

How to screen tenets, how to handle fees, animals, contractors, and trouble tenets.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Tim Halladay, Victory Funding, Mortgage broker

Jim Langley, Langley Insurance, Insurance Broker