All Forum Posts by: Madelin Mendoza

@Cory S. Thanks for this! Do investors buy single family homes in East Point? I didn't see many multi-family, but a ton of single family homes in the 150-200k range, which is very affordable.

@Brenden Mitchum really great questions! To be honest, I'm looking to find investments that generate a cash flow of at least 2k per month to offset some other financial expenses I need to take care of. Is single family home purchases the better option? It seems like this approach is more standard in GA, but not entirely sure. I'm from Queens where multi-families are everywhere and most investors buy MFA vs single family rentals..

@Joseph Firmin Thanks!! Yes, I'm starting to do as much research about Atlanta as possible - I'm hoping to connect to a real estate agent over there and get a better insight on all the different areas. Investing for cash flow is my primary goal right now - as I mentioned above, I'm hoping I can generate 2k a month - I have no idea if this is realistic or not (I'm sure I would need to purchase more than one property to make this happen), but I'll find out soon enough haha

Looking for some insight and info on out of state investing, specifically in Atlanta, Georgia. My sister is out there who would move into one of the units and oversee the property. 

Anyone familiar with the Atlanta market? How could I spot a good deal? Any info would be helpful! First time investor and newbie to real estate.

@Ahmed Saad We first started thinking of investing in the more affordable parts of Queens like Middle Village and Glendale. When I spoke to my real estate friend, she highly recommended I consider areas near a train station. Her advice is that you cannot change the location of your home and being in close proximity to a train and in an area where there's a ton of people always looking for rentals, it could be a good investment and you can charge higher rent. So I'm hesitant to buy in areas that are mostly buses. The Southern parts of Queens I am not a fan of either and house prices haven't increased as much as other parts of Queens over the past decade or so. Areas like Woodhaven and Richmond Hill have stayed mainly the same in terms of value, from what I've heard from home owners in those areas. 

Have you not seen any properties in Corona that would be worth the investment right now or in the near future? Or other areas like Jackson Heights, Woodside, etc?

This is all very helpful! It seems a lot of investors use a "house hacking" strategy to have other tenants pay off the entire monthly expenses of the home while they live in a unit with no or very little monthly payments. I understand in my case that finding a home in Corona where we live in the unit would not allow us to do that (since it's so expensive!), but we're more than fine (and can afford) paying into the mortgage. I rather my rent money go towards my own property than someone else's and once we move to another property (which I hope would happen within 1-2 years, maybe less), the house would drive enough rental income to cover all expenses and possibly generate a positive cash flow. We also have all of our family in Corona, so our preference is this neighborhood, but I think we should be more open-minded to other parts of Queens too.

I guess I'll need to wait until I work with a realtor and see what kind of deals come in to really start calculating what my return of investment would be and if Corona is even realistic for us.

Another quick question for you all: As first-time home buyers and newbie investors (with little realtor experience), would you recommend us looking into pre-foreclosures or foreclosures? I've learned about the process and know how risky it can be. Often times you buy a property sight unseen. I also don't know enough about rehab costs in NYC and what homeowners usually end up spending with rehabs, so I don't know how much an investor usually puts into a property to get it up and running and increase the value of the home. However, I feel like these type of properties could offer good deals.

Thoughts?

Hoping to connect with real estate investors in the Corona, Queens NY area and gain some advice/insight. My husband and I will soon begin our investment search around mid-October. Neither of us are real estate savvy, but we know we want to invest in real estate and buy a multi-family home. We plan to live in one of the units and rent the rest (eventually buying a 2nd rental property and the end goal is moving into our "forever" home). We're both born and raised in Corona so we know this area very well.

I've been doing a ton of research to try and feel as prepared as possible to ensure we get a good investment. But the listings I see on Zillow and Realtor.com seem awfully steep and not many seem like it'd provide good ROI and a healthy cash-flow. But investors in this area, what are your thoughts? What would you consider a good deal in the market right now? Feeling a bit over my head here!