All Forum Posts by: Nicholas Pisano

Please advise. I am considering using them for EMD & LLC on an upcoming purchase.

Just bought a home in June and looking to confirm our property lines.

Any suggestions for quality and affordable surveyors in Ulster County would be appreciated. Thanks!

Thanks everyone,

I will be reaching out to my attorney with this question on Monday. 

Much appreciated!!

Wife and I closing on our first house-hack in Ulster County. We are inheriting tenants in the upstairs apartment and need to present them with a fresh lease. 
I have no idea what I’m doing re: drafting said lease :)

I am using a site calls EZlandlordforms.com to give me templates. The free version is a super basic 3-page lease. The paid version is 69 pages long and by far the most intense lease I have ever seen. I definitely plan on paying for the pro version (it’s like $75 a year or something). Would love some insight on how to add or remove clauses from this thing to make it more digestible and relevant.
Are there any “must-have’s” in your lease templates? What do to wish you knew in the beginning?

Any advice greatly appreciated!

Hi all,

Here's the current sitch:

My fiance and I are under contract on our first property in Ulster County, NY.  It is a duplex that we will house-hack.  We have two options with financing:

20% cash down. Completely drain our reserves. Have a lower monthly payment, not pay PMI, be able to save a bit more from the W2 jobs each month, as well as having a greater percentage of the mortgage covered by the upstairs tenants. Start with 20% equity.

5% cash down. Keep ~$50,000 in cash available. Have a higher monthly payment. Have a PMI payment. Have basically no equity to start.

We are inclined to go with 5% and use that $50k to steamroll right into our second deal.... the dilemma is... what kind of deal? 

A fix & flip or BRRRR using hard money? If so, can we do it in NY state? Seems expensive. Been looking in Ohio, Florida, and Philly.

A SFH to keep as a long term rental? Great overall investment, but that $50k will be gone and not coming back anytime soon.

TWO SFH in a cheaper market? (Again, looking Ohio?)

Buy and move into second duplex in Ulster County next year?

We don't save much from the W2 jobs.  Once this $50k is gone, it will take years to rebuild.  We feel great about this purchase we are securing now. 

We really need to make sure the second deal is a smart one as it will eat up most of our reserves.  What would you do?

I like fix & flip to build some working capitol.  Have no experience.  Please advise! Many thanks.

Hi Elijah,

Posting here because I am in the EXACT same situation as you! Almost every single detail of your post rings familiar. Accepted offer currently in Ulster County, NY, expecting to sign contracts tomorrow. Closing July 1st. First house-hack.

Inheriting tenants who seem ok but are paying under market. Was important to the seller that we kept them, and we believe our offer was accepted because of it. (Our offer was accepted, then not, then was again...)

We agreed to keep them, but ONLY if they passed all the background checks, sign a new 6-month lease that we write and provide them, and submit a security deposit. 

After the 6 months we will need to navigate that as we plan to make upgrades to the unit and raise the rent. We opened an account with Innago for PMS (it's free). The tenant screening will take place there. 

We need to start on writing the lease, haven't even thought about it yet really. I suppose I'll take a look at some templates the software provides, but I'd love to hear some specifics on how your lease will look! What's an Estoppel Certificate?

Hope to connect.  Also following for other feedback.

Hello!

My fiance and I are in the process of purchasing our first property, a duplex that we will house-hack in Ulster County, New York. We want to keep the momentum rolling into our second property, and want to take on a fix & flip project to try and recoup some of the cash invested into the first house. Once the capitol is back on our side we can look into buy & hold rental properties and building a solid portfolio.  We are wondering if there are any particular cities or town to begin looking for fix & flip deals. Anything within 4 hours of NYC in any direction could be considered.  Once the market is determined, we will also be seeking to make connections with contractors, hard/private money lenders, agents/wholesalers, & property managers in those areas.  We are ready to go and hoping to get a team built and begin this project in the next 3-6 months.  Many thanks!

Hello,

NYC resident here eager to get out of the city with my fiancé and begin our real estate journey with our first purchase. We are definitely rookies but have been doing the homework for 2 years now and ready to dive in. We work in NYC and need to keep the commute under 90 mins, but will consider any good investment in that radius (think New Paltz as the northern limit). Affordable turn-key multi-family properties do not exist, so very much open to the idea of a rehab/value-add to build instant equity. Want to link up with an agent that can find us off-market deals, as well as a GC in the area that is familiar with fix&flip or BRRRR strategies. We have cash in the bank but want to discuss lending options to not drain our liquid. Hard/Private money, creative financing, etc... We have good steady W2 income and great credit scores. We are serious buyers. If we find the property, and have the team in place, we'll be ready to buy!
We are looking for a duplex, triplex, or even a SFH with an in-law suite that could be rented out. Many thanks!

Hello, 

I am a rookie who has been studying and getting ready to pull the trigger.  Some background:
My fiance & I live and work 9-5 in NYC. Ideally, we could buy a duplex as our first property, FHA loan, and house-hack. Unfortunately this is not an option for us as there is no inventory available nearby, and NYC prices are out of range... so we are shifting our perspective to possible out-of-state investing in order to get started down the path. Our NYC rent is cheap ($500/ea), so we are happy to continue renting for now.

Let's say we have $60,000 in our life savings, and let's say we'd be willing to spend $30,000 of it on a real estate investment. Let's also say we can only save  $1,000/mo from the W2 job.

We are looking at building teams in cheaper markets such as Cleveland, Rochester, Syracuse, etc. So let's say we buy a SFH or a duplex for $125,000 putting 20% down. And let's say this property cashflows ~$200. What's the next step?

We have now cut our liquid capitol in half.  The cashflow will not be substantial, and our personal savings will be slow to rebuild via the day jobs.

Is this a good idea? Is there a way to then quickly add a second property in the same cheap market?  (now that we have a good team in place)

Are there thoughts on value-adds to increase the equity in that first investment? 

Are there creative ways to leverage that first property fairly quickly (within 1 year) to buy a second one? And how would our position change after aquiring the second one? After the second one, could the same formula be repeated to own 4?

Eager to find ways to increase our wealth without relying solely on the W2.  

This is my first post after 1 year on BP.  Thank you.