All Forum Posts by: Mike Perrotti

For those that have invested out of state and those that help investors in their area, What areas do you suggest investigating further?

Im looking to buy rentals that generate a good cash flow, in nice areas with good schools. Im fairly young so i would like to hold these properties and hopefully they will appreciate.

Based on my research it seems like the mid-west, parts of Florida, and Texas. Texas worries me bc of the recent oil news. 

any feed back would be great! looking to start building a plan of attack.

@Jerry Padilla

Thanks for responding! I reach out to James this morning, hopefully i can learn more about out of state investing.

What areas do you recommend looking into?

Hi @Erin A and @Elizabeth Colegrove

1)The condo market in my area is not too bad but the HOA fees are pretty steep but not un doable.

I have read that its best to stay away from a condo bc you have no control over escalating HOA fees which can really put a damper on your cash flow.

This is something i might have to investigate more…..

2) My issue with a condo or a single family is selling the idea to my wife….. I don't think she could be very comfortable with some stranger rent one of our rooms. I work nights and she would be home by her self. and even I'm not to comfortable with that.

3) What do you guys think about buying a house that needs work with a FHA loan and hopefully getting a decent deal below market value. Stay in the home for a year to satisfy the loan. And then use the equity we built in the home to buy another house and rent or sell the other one we were perviously living in??????

Hey guys,

So my plan for my first investment was to buy a multi-family in Westchester County NY. but after doing some research I'm not quite sure its the right thing to do.

First off anything in a decent area is well above $375,000 min, and with extremely high taxes and other expenses. My plan was to use a FHA loan to avoid putting down a bunch of money but because of this and the high prices finding a deal with potential cash flow even after i move out and rent the other unit is looking tough! Based on the ROI map my area is terrible.

This has got me thinking…. Maybe i should look into buying a single family foreclosure or a house that need work. This way i can use a 203k loan to rehab it. Live in it for a year and then sell. If I bought a single like mentioned above, i would buy in a different county a little bit further up state where the prices are cheaper. To bad there is very little multifamily homes in this area.

My other option would be looking into investing out of state or a few hours away. This seems like a bad idea for my first investment but I'm still willing to investigate this option fully.

Hopefully some of you guys can chime in with some good advice.

Thanks

Looking for an experienced agent in the hudson valley or westchester area of NY. 

Looking for one with experienced in buying multi-families for renting.

does anyone invest in Poughkeepsie ?  

im not planning on purchasing anything right away but would like to within the next year. This will be my first investment and I'm thinking a rental.

I live in westchester NY, and i would be looking to purchase something in the hudson valley which is some what local for me. But like everything else in NY, properties in my area are much more expensive then in most parts of the country which has me wondering if an out of state purchase would be a better idea?

My first thought is no bc i have a lot to learn and i can see the distance being a problem.

Just wanted to get everyones thoughts on this subject.

Thanks

thanks for all the kind words, look forward to learning from you all.

Hi everyone,

My name is Mike Perrotti and i live in Westchester NY, which is about 45min north of NYC. Im 26 years and brand new to real estate investing. Ive been reading and researching as much as i can and I'm hoping to learn a lot from everyone here and maybe one day pass it on.

As of now I'm leaning toward investing in rental properties, mostly multi-families and up. I'm also looking into buy and flips if the situation is right.

i have a super secure job and a decent amount of money saved up, also i work 4pm to midnight so i have all day to devote to investing.

I'm excited to continue my learning process and getting to know everyone along the way!