All Forum Posts by: Michael Kunis

 I second this. @David Ribardo is excellent. Not only is he incredibly knowledgeable of the area, he really takes the time to help you understand what you're looking at. He spent a lot of time teaching me how to analyze deals as well as the market entirely. Dave and his team are attentive and move fast and efficiently to meet your needs. I had experience with agents in the past that left me DIYing a lot and I had no idea what I was doing. Dave changed my whole perspective on investing and really helped me gain the confidence to take action. I highly recommend reaching out to him.

Hey Ryan,

Just wanted to share my experience with deal analysis. I started by using the BP tools to get an idea of the basics, but it wasn't until I met my agent, David Ribardo, that I really got into the blood and guts of understanding deals. Beyond your factoring typical cash flow, capex, etc. I look at a few other things. First of all, Google Maps Street View. That will weed out 90% of the properties that pop up. Is it in an alleyway? Is it a street I would feel comfortable parking my car on? Next I usually look at the blocks surrounding and get a feel for the immediate neighborhood. Is there a park or school nearby? bars and restaurants? I'm out of state so I rely heavily on Street View for getting idea of the lay of the land, but if you're local go for a drive and make a not of areas you like and dislike. Physical condition depends on your business model. If you can stomach major renovation go for it. If not, pay attention to the roof, the windows, the basement and the ceilings. Those can tell you a lot. "Yes I'm buying this property" depends on a lot. 

Stay conservative with your numbers and factor a good amount for reserves and maintenance for the first 90 days before things start to settle after closing. I have a property that had Section 8 tenants paying half market rent for 6 months and for 3 of those months the Section 8 portion was going to the Seller's bank account. Had I not figured that out I doubt he would have ever told me. The moral of the story is that even when you're prepared, something you didn't even think about will likely occur. Giving yourself a cushion never hurts. I'm by no means an expert. I'm just sharing my experience.

If you ever want to chat, please feel free to hit me up. I've been mostly out of the market the past year dealing with personal stuff, but trying to be more present here and always love to talk to fellow new investors.

I'm still in the deal analysis phase of buying my first rental and wondering at what point should I be getting in touch with a property management company. Additionally, would love to know how anyone has gone about finding property managers and if anyone can recommend anything in the Lehigh Valley. Right now I just have a list of phone numbers generated from a google search of managers in the area ranked highest to lowest. Thanks in advance!

Great post Sheryl, thank you for that. A lot of great information in here. I appreciate all the responses.

@Nicole (Dunlap) Pendergrass

What is the main attraction to LV. I understood upstate New York as most people who still have jobs in Manhattan have an accessible commute without the ridiculous price for housing. I guess I just have trouble understanding the economy of other areas.

@Sheryl Sitman

Good point. I’m definitely looking for buy and holds.

Brand new investor starting out. I live in Brooklyn, NY which is way out of my price range. At first I was dead set on Philadelphia, as I know a couple of people flipping houses down there, but the distance and lack of local knowledge made me hesitant. Additionally, I started to look at things using a little more of a data driven approach (i.e. population trends, economic growth, etc.) which opened me up to much more affordable, yet further away markets. The adventurous side of me wants to venture out, but the conservative and sensible side of myself wants something a bit more digestible and closer to home. I've begun to look at markets like Ulster and Dutchess County, but I fear all the indecision is making my head spine. A little wisdom and guidance would be greatly appreciated.

Additionally, my main target is small multifamily properties around 250k. I have a construction background so minor repairs are not intimidating though I'd prefer to keep renovations to a minimum. Seeking a strong cash flowing market over an appreciation driven one, but prefer an area I can continue to build a portfolio in to incorporate appreciation down the line.

Thanks in advance for all the insight.