All Forum Posts by: Orly Howard

Hi BP Community 

I'm a new investor from Brooklyn, New York with a passion for real estate which I've finally decided to follow!  My experience in real estate is limited to reading a lot of articles and books, listening to BP podcasts and owning my first primary residence property in London, UK and next primary residence property in Brooklyn,NY where I currently reside. 

I work for a big travel tech company which sells online accommodation for business and leisure stays, but I would like to eventually (sooner rather than later) transition to REI full time. My focus for now will be buy & hold, but I'd like to also invest in other people's projects at some stage to speed things up.

After recognising the risk of heading down the analysis paralysis hole, I decided I just needed to take action, and as a result I am about to close on my first duplex in upstate New York (Callicoon). 

What I'd like to ask for help with is any recommended contacts that anyone may have in the New York state area (Sullivan County) as I start out on this exciting journey.

Immediate need is an inspector in that area.  Anyone have a referral which they would be able to pass onto me?

I'm so happy to be a part of such a wonderful community which has already been so valuable. If there are any locals that need help, open to assisting with projects on weekends or evenings to gain experience. 

Thanks in advance for your help!

Orly

Thanks Scott - and yes good point with the last piece!

Hi I'm a new investor and looking for my first purchase to buy and hold. I ran the numbers on 2 deals and I'm hoping I can get some help from those more experienced!  I live in Brooklyn and am buying upstate New York in the Sullivan county area (2.5 hour drive from nyc). I have found 2 opportunities and have listed main numbers below - I am just still not sure which (if either) to go for.  Or if I should be more patient until I find a better deal.

Property # 1 - Duplex - 2 units x 3 beds  - Cost $155k Deposit 20%

Rent:Unit 1: $750. Unit 2: $1100

Improvements: roof and front stairs - $25k 

Monthly cash flow: $376 per month (total) 

Income $1850 

Expenses $1473 

CoC ROI: 7.41% 

**Note: $750 for the first unit - tenants are elderly and have been there 25 years and would not be removing them or hiking the rent up. Second one currently has month to month tenants but could probably get another $100 from a new tenant 

Location: excellent - property is 10 min walk to the town Condition: Very well maintained overall but owner said it needs a new roof and new front steps and is priced accordingly. Good appreciation potential as the town is getting much more popular. There are not really any other multifams to comp with but 3 bed houses with sim square footage are around $200k. Median rent for 3 bed is $1250 

Property # 2 - 2 separate Farmhouses 

Cost $185k (for both) Deposit 20%

Rent Unit 1: $1100 Unit 2: $1100 

Improvements: None currently but will need some work when tenants move out 

Monthly cash flow: $374 per month (total) 

Income $2200 Expenses $1825 

CoC ROI: 10.7% Currently both farmhouses are occupied with long term renters

Location: Good but not walking distance to anywhere 

Condition: When tenants move out will need new kitchen and general clean up

Same situation with comps, there are also very few long term rentals in this area

What advice I'd love is if you would recommend buying either of these? And if yes, should I look solely at numbers to decide or should I take into account appreciation of the first property? Or are neither of these good enough for the work involved? My plan would be to rent these out and not flip at this stage.
Let me know if you need more questions answered before you can comment.
Thanks so much for any help!