All Forum Posts by: Matt B.

I agree that Trulia is good for things like crime stats, etc. but I’ve found that I’m constantly going back and forth between apps (Zillow, Trulia and Realtor) to figure out what info I need. Would be great if one site had all the info easy to access/search. I know some apps allow keyword searches but I think a 6 unit specifically may not show like something like “multi-family” would.

Appreciation... don’t get me wrong, I get that its tough to invest in NY/NYC because of how cost prohibitive it can be but keep in mind that the NYC unit vs. the other unit will not go up in value by anywhere near the same amount... some areas of the country barely gain value over long periods of time, which is not the case in NYC...

Thanks Mindy Jensen , I knew you would have the answer!!!

Apologies in advance for the non- RE question, but every time I post on the app I try to break up my post by adding line breaks, bullet points, etc. so it is easier to read or ask multiple questions but when it is posted it comes up as one long run-on message. I know others are breaking up their posts with different formatting, what am I doing wrong???

Thanks Joseph Salegna every time I run the numbers around here I end up somewhere around that $3500 range or higher and just trying to figure out if I’m a) crazy to look here b) analyzing the numbers correctly or c) some combination of a) and b)... appreciate the feedback

I have recently seen some posts from areas around the country asking for advice on cash-flowing areas that get tons of responses pouring in, however anytime I speak with Long Island investors (at meet-ups, etc.) the consensus seems to be that they don’t invest on the island. Is there anyone who actually owns cash-flowing properties on LI (obviously I know people do but everyone tells me they invest out of state)? Have you had the properties for a while? How have taxes changed your strategy? What towns/counties are you finding it? Are you focusing on other strategies beyond buy and hold?

If you put in an offer that made sense based on your numbers than stick with it. Listen to the Rob Oliver podcast (episode 275), he only gets a 10% acceptance rate but has quickly grown from one to 300 units by doing it. He has a great story about one deal where he put in an offer way below asking, had the agent come back multiple times asking him to come up on price over the course of several months and ultimately got the deal (with a big profit built in) by sticking with his original offer based on his due diligence.

I have been following Brandon Turner’s advice to analyze at least one property a day but also trying to be realistic and stay in the higher end of all of my estimates. A few questions I keep coming across: 1. I live in NY so everything is more expensive but also looking to invest in the Northeast. Every personal home I have bought the closing costs are always much higher than the $1500-2500 the calculator suggests, what are your typical closing costs on rentals or flips and how do you manage them? Seller pays, etc.? 2. What is realistic for vacancy, repairs/maintenance, CapEx and management? I have been keeping them relatively “high” at 10% (I see some saying 5-8% depending) to build in a cushion for anything below but at 10% the cash flow on most properties is gone. Does that just mean it’s not a good investment? Should I build that in to a lower offer price? I know not to adjust my numbers to make them less realistic to “find” cash flow but what is typical and does it change in a higher cost part of the country?

If the unit next to yours sold in a week, over asking, and was in worse condition then yours then why make the improvement? Are you trying to sell for a higher price then you think you can get in the current condition? It might be cheaper and faster to just get some decent, low price carpet (HD or Lowe’s) to replace what’s there. That may make it look a little cleaner instead of the time and labor of laminate, unless you think you can get that done less expensively.

Thanks for the feedback, that's what I've assumed .  @Christopher Phillips I appreciate your responses, always full of great info... Thanks again