All Forum Posts by: Paul Walker

Hi BP!

Interested in hearing from anyone that invests in the NYC metro area. Based on the notes below, does anyone have opinions on where to purchase?

I currently own and live in a 1br/1ba in condo Bushwick Brooklyn, but am looking into building out a portfolio of 2-4 unit homes anywhere in the NYC area. My current neighborhood isn't realistic. I've looked into out of state investing, and having properties far outside of driving distance doesn't appeal to me. My income from work is enough for me to feel comfortable with my lifestyle & build up savings. Cash flow for additional income is not a primary concern. I've decided my primary interest is in owning properties that at least break even and have solid appreciation in the NYC area.

My plan would be to put down 10-20% and live in one of the property's units for a year, while renting out my condo in Brooklyn furnished for 12-18 months. After the initial year I would rent out my unit in the new property, and return to my home in BK. Ideally I would continue to purchase additional properties in the same area as the rental in the coming years. 

My criteria for where to purchase is pretty flexible:

- No more than 1 hour to get into Manhattan by transit (ideally 30-45).

- Can be anywhere in Brooklyn, Queens, Bronx, Staten Island, Westchester, New Jersey, Long Island.

- Ideally 3-4 units that break even when accounting for taxes, maintenance, saving for major repairs.

- $500-$900k purchase price

Does anyone have experience building/owning an ADU in the city of St. Paul, or have a good understanding of zoning laws around it?

If possible I'm interested in purchasing a single family home & renting it out, while building a small studio/1br ADU for myself when I'm in town (live in NY but family is in MN).

Michael I've seen you comment on a lot of posts about Toledo, and people refer to you as an authority on investing there. 

Is there an advantage to investing in a market close to home like PA if my plan is to use property management from day 1?

I'm from the midwest but know very little about the east coast outside of NYC.

I appreciate the challenge on selecting those markets, and that's why I made the post was to potentially hear some pushback.

I chose those two markets because I was looking across the Midwest and Ohio seemed like a landlord friendly market, and the price ranges were much more approachable - even in Columbus. In my current city of NYC or my hometown on Minneapolis-St.Paul prices are comparably high, and I'm under the impression that laws are more favorable to renters.

Are there any east coast markets close to NYC you would recommend looking into?

Hello BP!

I'm getting ready to make my first investment in October. I've researched a number of markets in the midwest and talked to realtors throughout, and am deciding between Toledo & Columbus. I'd love to hear from some investors about what they would do in my situation:

• Out of state investor, plan to use a property manager
• $30k in cash to work with, financing deal
• Buy & hold
• Turnkey/minimal time required from me, want to focus on my 9-5
• Not looking for partnership on deals yet
• Interested in cash flowing single family, or small multifamily in the $125-$175k range
• Will likely do another deal in Dec/Jan in the same area, same amount of cash & continue to scale.

Any opinions or experiences you can share are greatly appreciated!

Hey Stephen - I’d be willing to put Ohio in there as well to research. I’m really a blank slate opinion wise at this point. If you’re open to a Zoom coffee I’d love to hear more about Ohio & strategies you see working.

Hey everyone! New to RE investing from NYC here. I've been planning to invest for a few years, but have not been in a financial situation to do so until now. I work in software sales and recently purchased a primary residence in NYC, but I don't see this being a practical place to build a portfolio long term.

I grew up in Wisconsin just outside of the Twin Cities area. I'm interested in investing in MN/WI/SD/ND/IA/NE as I know a bit about the areas, and have friends and family nearby that I could partner with in the future. In the near term I'm interested in purchasing some single family homes, duplexes, or triplexes to get started. I've found I learn best by just diving into something - and would like to buy a property by next April.

The first thing I'm looking to do is start networking with some investors in the Midwest, and visiting/researching markets to get a feel. Would love to hear from people currently investing in the area!