All Forum Posts by: Nick Walters

@Aaron Taylor Amazon will attract the top talent in the world with HQ2 in NYC.

@David Zheng LIC has been booming for a few years now.

I am a real estate broker/investor in New York City focusing on my home sub-market of the Lower East Side of Manhattan. 

I am constructing a market research report on the multi-family market (20-50 units min) in secondary/tertiary markets in southern college towns, primarily towns in the Southeastern Conference including but not limited to Athens, GA, Columbia, SC, Knoxville, TN, Nashville, TN, Lexington, KY, Auburn, AL, Starkville, MS, Oxford, MS, etc...

I need to work with the best investment sales broker in each of these towns to source on-market/off-market deals that will achieve our targeted returns north of 8-10% with 7-10 year hold periods.  

We will be funding these deals through private funding, as well as utilizing the government's EB-5 program which is my business partner's expertise. 

Please contact me if you or someone in your inner circle would like to get involved with introducing us to opportunities in these markets. 

Regards,

Nick

Alex, I own a house in Barnstable that we primarily have rented out from Fourth of July to Labor Day. Your income strategy will come down to the asset itself and its location. Because of our location (walking distance to beach and center of Cotuit) and its amenities (central air, outdoor shower, wifi, clean, newly renovated, beach pass, etc..), we're able to command premium weekly rental rates. We're able to net out about $600 positive cash flow annually with only having short term tenants in the house for about 8-10 weeks. Our most successful "broker" has been AirBnB which had brought in our best tenants, and they only charge 3% of the rent. We also have the house listed with a couple local brokers specializing in summer rentals, but they charge 15% and our only problem tenants have come through them.

Hi Aja,

My wife and I live in NYC but purchased a SFR vacation rental in Cotuit, MA in September 2013. We are looking to purchase 1 property every 1-2 years in the Three Bays Area (Cotuit, Marstons Mills, Osterville). We have a 3/1.5, 1100sf with central A/C and an outdoor shower. I agree with the above comment that to max out rents, you need important selling points in a Cape Cod summer rental, like central A/C, an outdoor shower, and location (South of 28, close to beaches for south shore seekers) that gives us the ability to charge premium weekly rates ($2,350/week). We had our place rented out for 8 weeks this past summer which covered and exceeded our annual PITI and expenses. We're looking to replicate that model over time. Good luck!

My wife and I are having a discussion about the ability/inability to acquire 10-12 single family properties in 5 years. Her strategy is to pay down our first property considerably before buying another one, and my strategy is to buy as many as possible and use our current income to leverage more properties.

We have a combined gross income of 250K and FICO scores north of 700 and are looking at properties in the 200-350K range in MA.

I am not clear on the debt to income ratio and the role rental income plays in acquiring more properties.

With the above figures (and provided my and my wife's risk tolerance reaches a middle ground), are there challenges with us acquiring multiple properties/year with conventional financing?

Thanks in advance for all your feedback.

I invest on Cape Cod so looking forward to speaking with you. Welcome to BP. Good luck!

Nick

Hi James, welcome to the community. I invest on Cape Cod, MA which is also a boat-heavy area. I've actually looked into investing in boat slips but they're all owned by the town I'm in and they have no interest in selling them. If anyone else has any tips in this area, I'm all ears!

Nothing unfortunately. Studio: 1300 1br: 1800 2br: 2500

Ann, thanks for sharing this. This will definitely shake things up a bit in the alternative financing front. This will definitely have more of an impact on the sell side of things as this will severely decrease your pool of potential buyers for your deals.