All Forum Posts by: Oriel Pascal Davis - Lyons

I'm looking at starting with a 2-3 family property and saw a range of places this week. One which I'm preparing to make an offer on.

Question is, everyone is saying this is a terrible time to buy. Prices are high (place I'm looking at is listed at 74% higher than it sold for 3 years ago) and there is an eviction moratorium that could cause a flood of properties and bring prices back down to earth.

Is it silly to join the rush? Should I sit back and see what happens and buy once the frenzy has passed?

@Steven Luttman

Cash flow is the primary goal, and I'd consider using a property manager as I work full time and wouldn't have the space to be a hands on landlord.

Our concerns are obviously being in the middle of a pandemic with many people out of work, is it a smart investment to make right now.

@Jason Shackleton

Thanks Jason, regular cash flow is the goal. I'd like to be in a position where the rents are able to cover the mortgage payment and maintenance and still provide a modest income. I'm thinking 2-3 unit properties and I'm happy to make some upgrades in order to get a deal.

I'm looking at getting into investment in upstate NY and am trying to decide between multi family and single family. I've read in some places that single family is a more stable strategy and the returns are better for the effort. Just looking for any insights from people who do one or the other or both. Thanks!