All Forum Posts by: Jack North

@Dan Handford Yeah - I thought I made it pretty clear to my agent that I want a good neighborhood. Maybe I'm legally unclear what I was asking for. He seemed like he read between the lines. I just don't want me, my girlfriend, or my tenants getting mugged or feeling scared. Any thoughts on how to "legally ask for a non dumpy street" that, obviously, isn't due to race relations. Great idea about the local PD too.

@Erik S. I did. Again - I'm trying to get my ear to the ground.

@Alina Trigub Another great idea. Seems so obvious too... Thanks!

Hello BP land!

I'll be buying my first property after many decades of study, bad timing, and analysis paralysis. I'm very excited because I'll be doing what has been referred to a 'house hack' (thanks for the vocab tip, BP) and is widely considered to be, arguably, the best way to get into the game of REI. I have the downpayment and a pre-approval for the FHA loans. I'll officially be an owner/occupant (though I think I'll be spending 1/2 my time in NYC anyway. :)

Here's where the plot thickens: it's in a market I don't fully understand - YET! I've only been to Poughkeepies a couple times and am a bit lost in terms of A, B, C, D, and warzone neighborhoods. I've been fortunate to connect with an investor and property manager but I don't want to send them the 21 separate listings that my agent sent me. It's wonderful that they would like help but I don't want to overload them either! The consensus is that this market is either an amazing opportunity or a pile of ..... depending on what street.

I asked my agent where the 'good' neighborhoods are. He said that's 'steering' and is considered illegal. I'm a bit confused because when we spoke about it in person he said he would be able to screen some properties for me. He knows what I'm looking for but I suppose he has his proverbial hands tied because of legal stuff? I don't really get it... 

Here's the short question to my long story: what streets and neighborhoods are good in Poughkeepsie? Like "anywhere above X street and east of Y ave." Or "stay away from a 10 miles radius of Z park." Or "if it's within a 10 minute bike from Y college you'll be golden." I'm not totally married to Poughkeepsie - however the taxes, house prices, metronorth train (a huge deal!), and other smaller reaseach are all pointing signs to go there. 

And if you're unfamiliar with that specific market do you have any tips on how to find the good from the bad ...from the ugly?! Like, maybe, police reports about crime by streets? Maybe call a local pizza place and see what their drivers have to say? Tips and ideas like that would be most appreciated for this newbie that's getting one step closer to financial freedom.

Thanks a ton everyone! See you on the other side. :)

Hi Brain -

I liked your original post and your followups. I'm currently looking into purchasing a multi somewhere in Poughkeepsie and have been studying the market. 

From what I saw from only about 2 hours of driving around with my agent is that it all depends on the area. The bartender near the MetroNorth said he loves it there. But he doesn't leave his little area. That seems to be the trend based on what I've been reading, seeing, and hearing from different sources. And I like a lot of the numbers I've been seeing - including yours.

What are your (and anyone else's!) thoughts on the area around the MetroNorth? I saw a duplex on Balding. Needs a TON of rehab. I couldn't get a vibe from the area. I saw a homeless dude pushing his cart and then a young hippie chick riding a bicycle. I met a tenant nearby who's been there 15 years and works at the nearby hospital. 

Any thoughts are welcome!

Thanks!

Very cool! Thanks James!

"I never let school interfer with my education." -Mark Twain. 

I only went to 2 semesters of community college. And graduated one year early from High School because I hated it so much. I'm an autodidactic. But at least I could find out what College Sophomores were reading in their Psych courses. 

So in terms of REI - there's so much info, I'm a bit lost. The answer to my question, I assume, will be, "it depends." :-) I've been looking at BP forums, and podcast (along with others), read all the "go to" books (From Rich Dad to Think And Grow Rich), ask questions, etc.

Vocabulary is a big one, for sure. Case studies are a huge bonus, no doubt. But I'm learning with a shotgun approach...! Is there anything linear? An REI 101 'course'?

Thoughts?

Thanks for posting this, James! I'm learning lots and I look forward to your success!

Besides kitchen cabinets, floors (linoleum, right?), paint, and a (non) 2nd bathroom - 

What all are you planning/planned on renovating?

Thanks for sharing your story, Austin!

Great posting with solid steps! I've been fascinated by the concept of a VA for years. I first read about it from Tim Ferris. I've been thinking about what simple remote tasks to pay someone else to do that's time consuming for me. Hmmmmm..... :-/

@Bill G - totally! I'm learning how REI works back in the states while I'm traveling the world. I'm basically raising some ideas up the flag pole to see if anyone salutes. It would make sense to try and sell to other Americans. I *think* so anyway. But like you said - that's where the education comes in! I not scared to leap! But I at least figure out what cliff I'm diving off of and knowing which cord to pull. (aka acquisition strategy and exit plan! :-) Besides BP any suggestions on learning more about financing?

@Eric Tait - yeah, it seems like the British allow anyone and their mother to buy anything they want here (well - pretty much!) More and more Russian and Easter European money are either moving or investing here. I'm living with a British family who's bought and sold properties around London - so I'm utilizing them as a real source. 

Thanks Rachel! 

The international buyers you speak of - are they American? It makes sense for me to play to my strengths (aka being an American REI in England.)