All Forum Posts by: Lei Marte

Hi all,

I grew up in the Bronx and somehow the prices of multi-families seems to be calling me back!

I am analyzing an opportunity that has had several price cuts in the area I grew up in.  It's below $1M for a 7-unit, but it seems most if not all are rent stabilized.  Even with the low rents, the property seems to break-even monthly on Mortgage and Taxes, however, I am not sure what the maintenance and utilities looks like.  I am used to investing in MA where you can push literally all the costs on to the tenants, but what are landlords responsible for here in NYC?  I believe heating costs fall on the landlord, does anyone have an idea of what it costs to heat 1-2bd apartments with heating oil/steam heat?

I would likely house-hack and I am willing to put up my fair share of the mortgage, however, I am wondering it utilities and maintenance would turn the whole equation upside-down.  It's a brick pre-war building if that helps.  Any NYC multi-fam investors that can provide some advice??

Best,

Lei

Hi BP Forums,

I live in a highly competitive and high cost of living area in the north east (Boston area) and I own my own condo which I hope to rent out in the future.  The plan was to move into a house hacking situation, but multi's are few and far between.  I just graduated college in 2018 so I am barely getting started.

As an alternative, I have been looking to increase my cash flow and grow a portfolio in other states.  PA is one of the states that have come across my radar.  Some properties out there boast 7-9% cap rates, which are unheard of in my market.  I also read that PA is one of the most landlord friendly states.  Barrier's to entry seem to be low, it's not too far for me to be able to drive down on a weekend, and returns seem healthy.  

Do we have any lehigh valley investors or agents on here who can provide some on the ground perspective?  I can look at the data until I am blue in the face, nothing beats first-hand experience.  Are cap rates really that good?  Does the state penalize out of state landlords via higher taxes?  Stats say that the area population has grown faster than the state avg, and median income has grown but not as much as the avg. The stats are a mixed bag, so I am looking for some perspective here.  

Thanks!

Lei

Hi All,

I recently bought a condo in the Salem Neck/Collin's Cove area of Salem after falling head over heels in love with the city 3 years ago.  I plan to live in it while I remodel, and get it to market rate rent in 1-2 years time.  This is just the beginning for me. 

Now that I have a much lower cost of living than I did in the city, I am looking to put my extra income to good use by executing fix-and-flips in my immediate area, house-hacking, and investing in multi-family properties all around Salem/the North Shore.  I love the North Shore and I see a lot of potential in it.

I would love to chat with local investors and agents about their experiences investing in Salem.  I am especially keen on understanding how to execute a fix-and-flip with as little personal money as possible, including how to raise local capital and having an airtight analysis.

I look forward to connecting with people!

Best,

Lei

Hi Kevin,

I just moved to Salem from Quincy because I have been in love with the city for years and I found an excellent deal on Bridge st!  I actually recognize this deal because me and my fiancee loved the way the property turned out so much when we saw it that it stuck in our head.  You and your team did an excellent job!

I would love to chat more with you about how this deal worked out--I only dream of being able to create this much value! I am interested in buy + hold rental properties, but I have recently been getting more interested in BRRRR and Fix + Flip as means to generate cash to reinvest.

Thanks for your time!

Lei