All Forum Posts by: Mike Kostner

@Navid Sadighi

Nowhere in your post did I read that your parents desired, or were in need of more income.

Your father seems to have done a few things right in his lifetime. Let him enjoy it, and if you someday inherit everything, that's your chance to roll the dice. Not now.

@Sean Starkey You say your STR was a good purchase, but how much cash flow do you get AFTER your HELOC payment? And why are you paying interest only?

@Bob Stevens a PM for a spare bedroom? Good luck with that.

@Ivory Coats Nope, not at all. I'd rather pay the going rate to someone that is working for me, and doesn't have any conflicting interests. And since an inspection takes about two hours (in my experience), who would you get to do so cheaply?

@Michael E. Is that your takeaway? We all advised you to "give up"?

We don't all want you to give up. We all want you to recognize that your best option, as the facts have been presented, may be to cut your losses. Then you'll be in a better position for your next deal.

Please keep us posted on your progress.

You're thinking you can win, even though you have a losing hand, just by raising the bet. That's the definition of not knowing when to fold 'em. Joe has given you some great perspective, but you don't seem interested in it. 

I want to mention something. You say your best offer was a yellow paper for $10,000. Have you actually attempted to market the property? Maybe an actual licensed contractor (not one that took a three week class) could buy it for $20,000, do the rehab at cost, and make a few bucks. It may be worth a shot. 

I wouldn't leave alcohol if I were you. If you provide it, you may become responsible for your guests actions while under the influence of it. 

Hi Jennifer!

Property management is a concern of mine, as well as how strong the rental market is. Are there enough qualified renters to go around?

Just looking on MLS, I see potential deals sitting on the market that meet to 1%, and even the 2% "rules". Is that typical for the area? Those types of properties are impossible to find in my neck of the woods lately, especially on the MLS.

Thanks for your reply!

@Matt Fisher This has $5,000.00 finder's fee written all over it.

I am considering investing in upstate NY, and would like to learn a little about the market there.

I have rentals in Northern NJ, but the market is way too hot for to want to spend here. Upstate NY seems a little cooler.

I'm looking in Utica, Amsterdam, and Binghampton, and the surrounding areas. 

I know that industry has left, and there are bad areas, but would appreciate some specific information about those cities.

I'm particularly interested in the market for rentals, and any specific quirks I should know about (for example, if one of those cities isn't landlord friendly).

Thanks in advance for your help!