All Forum Posts by: Paul DeSilva

Hudson Valley market is on fire right now. That is where we invest and this is the most activity we've ever seen. Houses are selling for over asking price just days on market. There is a mass exodus from the city!

Also here in NYC and surrounding areas, I personally don't see anyone wanting to rent by the room or have roommates for a while. If your town has more cows than people maybe it's a different story where you will be investing. 

@Matthew Konkel I currently do not have any student rentals, my properties are just a little too far from the college but I do have a professor who is renting from me and he has already been told that he will not have any in person classes until FALL OF 2021! So please be cautious about student housing right now because we are hearing a lot about no fall classes in our area.

Pre-Covid you may have hotten the terms that you are asking about if you were seasoned and had relationships with lenders. Post-covid most likely not. I have relationships with lenders for several years and they are telling me 25% down and our hard money lenders have raised their rates considerably post-covid. Sounds like you need to partner with someone. 

100% thankfully! Some tenants have paid several months in advance from fear of hardship. I have to say that all our tenants have been great through out this whole pandemic. 

I've also been noticing a lot of 3,4 and 5+ units on the market lately and they are also very competitive. I think many landlords are liquidating or just retiring because of all the recent Tenant Laws/Eviction moratoriums that were passed. 

There are opportunities for 50k SFH's in some Western and Northern NY towns. Especially if you wanted multi-families you can definitely get for 50k per unit and not in a war-zone.

Hey BP,

The NYC surrounding areas are seeing HUGE amounts of activity in Real Estate since the reopening has started, so much so that all the local newspapers are talking about it. Over asking price offers just days on market, properties being bought sight unseen, sellers demanding proof of funds just to enter properties, NOT business as usual stuff. People moving from the urban areas to more rural ( @brandonturner 's voice) areas in droves. Will it last? I know that it has effected me as a multifamily investor, we have recently made several offers on new to market listings only to get a "what's your highest and best offer, we have a multiple offer situation" or "we have already accepted an offer". We are trying to stay competitive but have to stick to the numbers that work for us. Is anyone else experiencing this here or elsewhere?

@Bjorn Ahlblad Not a chance. We have more job and industrial diversity in one NYC Borough then all of Detroit.