All Forum Posts by: Philip Tretola

@Richard Smith This is pretty awesome - thank you very much for that 

@Charles Worth @Account Closed @Joel Owens @Joe Villeneuve thanks you very much fow weighing in on this and seems as though there aren't many secrets out there, but a lot of work and then jumping in 

@Larry Fried I sent you a message

@Shawn Mcenteer I looked in montclair and wasnt able to find deals that carried cash positive month-to-month, so while I love my town for my primary residence, I havent found anything interesting from the investment side

@Joel Owens 

- thanks for weighing on this...my question was poorly worded, I meant more how do you determine where to invest based on economic factors...for example if two houses cost the same with same economics but one is in town Y and other in town X which both may be in different states

Essentially, I have looked at a number of areas and have uncovered what I think are several decent areas to invest in should the right deal present itself, but trying to narrow down to one and focus on it...so wondering how others hone in on a place to investigate and then invest?

I have been doing my homework and learning about the nuts and bolts of real estate investing and realized that I don't have a very good handle on selecting where to invest.  I've looked at several areas - both local and hours away - but unsure how others decide to pick their markets.

Does anyone have any formulaic ways they narrow down where to invest?  Does someone who's done this many time before have a series of questions that they make sure to answer to assure themselves they understand the area dynamics?

Any help on this from seasoned investors would be great...thanks!  Phil

@Paul Mendel thanks very much for weighing into the discussion - I think I've narrowed down my target markets to several areas within buffalo and rochester at the moment 

Thank you very much for your answers to these

@John Santero yes, I did jumble a couple of concepts, but trying to incorporate a top-down strategy as well and just working through numbers and comps on the areas that I am looking at so that I can come up with some rules as to when to actually put more time into analyzing a deal...thanks for your thoughts 

@Steve Babiak I need to get comfortable around the contractors process and costs still as havce enver had any experience with them...do you recommend any good strategies before I'm acutally looking at a deal?  

I am just starting to look at potnetial opportunites and I have been looking through past sales in MLS from several neighborhoods that I am thinking of investing. Without a solid grasp on what expenses and other costs for each property, how do you come up with ballpark measure of past sales to understand neighborhood opportunities better? Should one just estimate costs and work off those estimates? Anyone who has any thoughts on this subject, your feedback/guidance would be greatly appreciated.

I appreciate all of your answers and time in responding to me.  

Shawn, what do mean by the tax situation is scary.  It looked ot be like the numbers were around 2-3% of sales price, is this incorrect or are their rapid increases?

Shannon, I've been also running spreadsheets and trying to back in what certian neighborhoods are worth.  

I am have finally decided to take the first steps in real estate investing and am looking for some advice / tips in terms of areas to focus on please (or anything else a seasoned investor may offer). I am based in northern NJ, but primarily looking at areas in upstate and western NY (specifically, Buffalo, Ithaca, Albany and Rochester). Specifically, I am looking to invest in 2 - 4 unit homes, in the less than 400k price range. I am mainly looking for cash flow, appreciation would also be great, but not the main focus.

So my questions are:

1) Would anyone who has had success in any of the NY state markets have time to chat to discuss their experiences in their respective market?
2) What kind of cap-rates/COC returns have experienced/successful investors in these markets expereiced?
3) Are there any contacts in these markets who are knoledgeable and I should reach out?

Thank you so much to anyone gracious enough to offer their time and help!

I am have finally decided to take the first steps in real estate investing and am looking for some advice / tips in terms of areas to focus on please (or anything else a seasoned investor may offer).  I am based in northern NJ, but primarily looking at areas in upstate and western NY (specifically, Buffalo, Ithaca, Albany and Rochester).  Specifically, I am looking to invest in 2 - 4 unit homes, in the less than 400k price range.  I am mainly looking for cash flow, appreciation would also be great, but not the main focus.

So my questions are:

1) Would anyone who has had success in any of the NY state markets have time to chat to discuss their experiences in their respective market?
2) What kind of cap-rates/COC returns have experienced/successful investors in these markets expereiced?
3) Are there any contacts in these markets who are knoledgeable and I should reach out?

Thank you so much to anyone gracious enough to offer their time and help!