All Forum Posts by: Stephanie Minor

Are there any turn key companies in Rhode Island? I have not been able to locate one!

Any insight would be very much appreciated. 

Thanks!

I was told by a realtor that lenders are more inclined to ask why a buyer moves from a single family purchase to a multi-unit purchase than the other way around. Has anyone found this to be true?

and the thing that's kept me out of Ossining sadly is...taxes?

Hi @Christopher Oliver,

Thank you! I may get in touch. How far south from Peekskill are you familiar with/do you prefer to use your skills mainly in that area?

Hi @Christopher Leon and @John Thedford,

Thank you for the responses! I am going to see what she says - in real estate, I think being at fault of conflict of interest can mean many things, from the mundane to the severe. It's actually the neglect that bothers me more - I can't really think of a way someone can be neglectful in a mundane way when it comes to law and/or real estate.

To answer your question, John, she was a real estate attorney previously, but is currently a licensed real estate agent. I wouldn't necessarily take legal advice from her, but I guess I'll have to see what the story is and if/how much that storyline can bleed over into effecting her ability to be a trustworthy agent. 

I know that being disbarred is not a good thing, and she's listed as "disbarred (resigned)" so I believe she "resigned" from law because she didn't want to fight the charges against her - or I'm likening it to something like being dishonorably discharged from the military...

Thank you @Sue Kelly! A well-written anecdote! If the rent works (maybe below market, but still cash flowing), and the tenants are good, I guess I'll just have to be patient. :P

Thanks for all your input guys! It's nice to hear the names of familiar places and listen to what other people in this strange place are thinking and doing. 

@Angel Rosado I did go to a meet up in the city, which was amazing! @Brandon Turner spoke! Keep up the hard work, and we'll get there!

@Justin Wright I love Ossining. I think it's a wonderful hidden gem. I have found that many of the readily available properties are two-unit homes, when I'm looking to start off with a 3-unit. I wouldn't mind moving there someday though :)

@John Merryman it's hard to know how much a prison will (or will not) affect home values. I grew up in Connecticut with a prison in town, but home values (and taxes) stayed strong because the school system was so good. Ossining is not a shining star when it comes to schools, but you never know what may happen as things develop. 

I also like Peekskill and would totally be willing to move there myself one day. I would look to invest there now if it were just a litttttle farther south. Since I will be living in my investment and have a job in the city, I think the commute would push me to the breaking point. The prices are very appealing though, and I would look into it more if I were you. 

Hi Everyone,

I recently found a real estate agent I think I would work really well together. She has a plethora of knowledge in many aspects of real estate (law, mortgage brokerage, investing), and actually listens to what I'm looking for. 

However, an internet search reveals that she no longer practices real estate law because she resigned/was disbarred for "engaging in conflict of interest in a real estate transaction and neglect." 

What is your take on that? I'm one of those people who like to give others the benefit of the doubt, and I'm mostly likely going to ask her about it flat out - what are some responses from her I should be weary of if she acts as my buyers agent? 

Hi all,

I'm starting out by looking for a triplex to house hack in Westchester County, NY. The housing market here is expensive and all over the place - high price, high taxes; high price, low taxes; and even low price, high taxes. The lower price, low taxes tend to be ones I wouldn't feel comfortable in location-wise - most of these areas just don't make me feel safe.

There are homes in these areas are high price, low taxes. I can move a little farther south (which I know is getting into New York City), but even in the areas of the Bronx where I wouldn't feel comfortable for example, I'm priced out of my comfort zone. 

I'll be going with an FHA loan, so putting little down would still be possible on these more expensive homes, but how do other investors in Westchester (or in other similar markets) know when they're getting into that "danger zone."

For example, should I go for a higher priced house with lower taxes?

On a related note, what do you do if you buy, the rents are under market, and the tenants may be month-to-month, but they never move out? At some point, do you kick them out so you can update the unit and charge more rent? ....that would be tough for me. I'm going to be buying where there are a lot of families renting. They're not college kids living there for just a semester or year.

You want to keep good tenants, and if they're already there, then great! But then what? Wait a bit to raise rent (without cleaning up the place/updating) so you don't scare them off - but then have it take much, much longer than anticipated to get the rents you want for the right cash flow?