All Forum Posts by: Peter Nikic

Here's a tip: start with the DC airport (if that's where you plan on flying in/out of). Check "direct flights" from DC to (wherever they fly - but stick to west, south-west and south of DC). Select all cities within 2 hours. 

This will give you a solid list to start with. TN, NC, SC, GA, AL can all be great options. Take your pick. I picked TN.

I think they're all great, but personally prefer and have invested in Chattanooga. I'm not as familiar with the other areas but have heard many great things about all of them. 

I know I responded to you in the past, but seeing this again, I think anywhere along the 6 train in the Bronx would be ideal. Westchester Square to Pelham Bay. All great Bronx working people and neighborhoods.

Sunnyside or Woodside Queens would be fabulous, but maybe out of your price-range. I don't know Brooklyn. 

 @Eugene Fedotov is exactly right on all this. It can be a bit overwhelming if you've never experienced it before. But let me add to this that whether you live there or not, think about what type of tenants you'll have to deal with who will be living there. 

sewer charges are always higher than water, ususally significantly. I'm assuming it's just more costly to process sewage than it it to provide water. 

alos, sewage is directly proportional to water consumption. they assume all the water they provide will eventually wind up in the sewer.

 Well it does sound like your dad needs help (from the comments you've made here). I wish it were in SE TN. 

The cow can't continue to give milk if you don't feed it. Regardless, you're taking a step in the right direction. That is finding someone or a solution to this destructive path. 

Now please don't take the next thing I'm going to say the wrong way, but someone needs to take over or he needs to sell. The reason I say this is because he had a good property that is getting worse each day, that means he is not doing the right thing. At minimum, a property should be maintained in same quality/condition as purchased. 

Selling is the worse option, but if necessary then... 

Can you or a close friend or relative take over? Or find someone who is ambitious (generally younger person with no money or property, but they have drive and ambition), offer them a percentage of ownership and profit sharing once property income goes above a certain amount. Pick wisely, that person could be your future partner, that person could bring your father and you future wealth. 

Or figure out some way that makes sense to bring property back to the level is should be. Feel free to message me with any specific questions. Good luck.

where are they located?

you've already done the math, just start adding it to the rentals. start with new rentals and lease renewals. 

I would start slowly, you don't want your tenants getting riled up and making a mass exodus. Sometimes people need to be pushed to move. You could have a few tenants on the fence and this may be the push that makes them move out.

vacant bldgs are a little tricky.

It's better for you because you're already in the Bronx. It'll save you a lot of time, travel expense and expenses of paying others when you can't be there. I also think going forward, the Bronx will appreciate and maintain it's value better than the areas you'd otherwise buy in (in CT & PA) - this is just my opinion. I've been wrong about the Bronx in the past, but that was mostly lack of trust that the Bronx will grow in value. I remember being able to buy any house along Pelham Pkwy for under $100k, they're probably $1M average now (I never would have imagined it).  

Your biggest challenge is to make sure you don't get a bad tenant, that would be devastating.