All Forum Posts by: Peter Nikic

Hard to say which is better in the long run, but I think you'd be better off with a SF in the Bronx. Stay close to subway/transportation, like Westchester Square or even Sounview down by the ferry (Clason Point). I also like Morris Heights near the Metro North station. Good luck. 

 I have 3 small bdlgs in TN (9, 11 & 11 units) and several different units in NY inclcuding a condo in Harlem. 

BTW I was living in the Bronx when I bought my first investment, a 1BR condo in Poughkeepsie. That's when I learned that I didn't like driving 1 1/2 hours from the Bronx to Poughkeepsie for minor things (like showings, minor repairs etc).

 I had thought about investing in Fort Coliins about 10 years ago, loved it there, regret not doing so. But as one of the neighbors there, Greeley, said "go west young man". In other words, go where the peopl are going. It's more important than the price/rent ratio. Of course it would be noce to get both. 

Since you're mobile, that's great. I find myself mobile these days, but I've settled for the NY/TN/FL triangle. Otherwise, I would've loved Texas, AZ, CO if I were going west. 

My advice is, don't go west, but find your triangle in strong, vibrant and growing areas. Good luck.

 I don't mean anything by smaller. I just mean the smaller the property, the closer you want it to be to home. I don't have a formula for the number of units vs distance from home. 

One tip is, the smaller the property, the closer to home it should be. You don't want to be driving from the Bronx to Bridgeport every day for the smallest things. Also, be careful of places like Bridgeport, it's easy to get dead-beat tenants which can cause a lot more problems then just not paying their rent. 

Let me know if you have any specific questions, I don't mind giving you my thoughts. 

 Wow! this was 2 years ago. I've since purchased 5 properties in Chattanooga (a condo, 4000sf comm bldg and 3 small MF bldgs totaling 31 units) and I'm very happy in having done so. And I will continue to buy as much as I can going forward.

@Ivan Avila what did you settle on?

 Im thinking sell the 8 (break them up) and add the 43. Going from 16 to 51 sounds like a nice jump. 

 You can do this (I think) but you'll have 45 days after you close on the 1st sale in order to list/identify the replacement properties (no more than 3 and no more than double the value of the selling property).

Why do you want to pay down the mortgage on the house you keep? You might be better off to leave it and use all the proceeds of the sale to buy the new multifamily. Also, buying your own property, could be considered shady if IRS looks into it - not sure about this. Good luck. 

 Yes, great! I got lucky this time, I assumed a mortgage at 4.3% while mortgage rates doubled from when I went into contract to when I Closed. Simultaneously, the rent roll increased dramatically within this same time frame. Really Lucky! 

 yes, it is. You need to get something out of doing a 1031, either a larger property, better location, nicer property, etc. If there's a reason for selling and doing a 1031, then you do so, if not, you don't.