All Forum Posts by: Nicholas Mann

$209k for a SFH (purchased from my grandmother) that could potentially be worth 500k when I sell down the line .. not rented st the moment as I have family living there

Hello everyone,

I am currently analyzing potential rental properties in the NY tri state area, mainly consisting of Westchester, NY suburbs.

I have analyzed multiple deals on the MLS for basic 2 family homes and only seem to find about $200-$300 a month in cash flow if any, and about 2-3% Cash on cash ROI.

I understand this market is expensive but I see plenty of MF homes being sold, so I’m wondering what numbers are people looking for in this area?

Thanks

@Nik Corbaxhi

Thanks Nik,

Yes I agree with you as well. Myself personally would love to invest where number seem almost magical but I have made it a priority this year to purchase a simple 2 family in my local market. Average price of about $500-$600k and little cash flow and 2-3% Cash on cash ROI. I'm hoping beginning local and property managing myself will help me to learn a good amount of ins and outs to help spread my investing elsewhere in the future.

Thanks again for the insight

Happy 2020

@Thomas Hartman

Hey Thomas,

I am also from the New York area and find it hard to find anything below $400k-$500k to invest in. Have you tried looking in Albany market? I went to college up there and new a few people who bought 2-3 family houses that have high cash flow and can be purchased in the $50k-$150k range with most properties only requiring about $15k-20k down to start it’s not a bad market to begin. As I say this, I myself have not invested there yet but have analyzed many deals from there and know it’s worth taking a look at of your gonna go the long distance route. Plus it’s only a 2 hour drive away.

Hope this helps!

Hey Dillon, I am originally from Westchester County and still work in the area. I have been analyzing deals on the MLS for some time now and can usually find about $200-$300 in month cashflow but only a 4-5% Cash on Cash ROI. Just find numbers that work and if asking price is too high rerun the numbers to where it would work for you. Remember every property has a certain price that would make it a deal, so it never hurts to submit an offer where the returns make sense to you.

Good Luck

Nick Mann

1. Buy first rental property. 2. Continue to learn something new everyday! 3. Read 24 books. 4. Help others. 5. Take multiple family vacations. 6. Eat healthy 7. Workout 2-3x a week Good luck to everyone else on there 2020 goals!

Hey Henry,

Depending on how big the property is and your market you could usually have a lawn cared for for approximately $30-$40 a week or bi-weekly if you want to save some money. Again all markets are different but I charge around $40 for a 10,000 Sq Ft lot in Westchester, NY suburbs. Good luck

Hey Cameron, I just moved to rockland county and am currently looking to invest in that area. Like you I am originally from White Plains, Valhalla area. Looking to attend the next REIA and meet other investors in the area. Good luck Nick

Hey Ezra, I'm pretty new to these forums as well but I am also from the NYC area. Just from what I have learned I know you can invest In multifamily homes in the Bronx which is a rougher area but has pretty good returns. I personally have been looking into the Albany market where I have a few friends and they make awesome returns on their money. Good luck and shoot me a message if your interested in investing in those areas. -Nick Mann