All Forum Posts by: Remi Oguntoye

I am about break even, if I don't pay the utilities/water, and I factor in repairs and maintenance of 7/8%. I didn't factor in cap/ex. Do you think I should reserve for that even in the early years of the property's construction?

My hope/thought is that the rents will increase a percent or two every year, and I would eventually cash flow around the time Cap/Ex might actually be needed.

Originally posted by @Penny Clark:

@Remi Oguntoye, I would strongly reconsider using this as a rental property and self managing it from a distance for a couple reasons:

1) Inexperience as a landlord. Even if you put systems in place for online rent collection and find a vendor to handle regular maintenance and emergency repairs, it will be stressful simply because you are so far away and you have a personal attachment to the home.

2) You admit your profit from renting it out is "razor thin". Did you account for expenses other than mortgage and utilities, such as capital improvements, vacancy, and regular maintenance? Even IF you have new appliances along with a home/builder warranty, THINGS WILL GO WRONG. Ask yourself if you can absorb 2 months of vacancy or foot the bill on replacing/renovating the home if you install a tenant that trashes the place.

I would not self-manage long distance unless you had trusted team members in place (agent, maintenance crew, attorney service). If you still decide to rent out your home, seek out a reputable property manager in your area and budget for the expense.

Best of luck to you!

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Thanks Ty. In my head, I guess I know it's the right decision to pay for property management. I am just hopeful I can get the rents I need for it to cash flow, by leasing the property furnished.

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Hello All.

My name is Remi, and I am a new real estate investor. I am planning to relocate to New York in the December/January time frame. I want to get started with real estate investment, and I want to do it all--buy and hold single family and multi-family homes, wholesaling and flipping. I am interested in networking, and I plan to become active in the local meetups once I do relocate.

As the New York real estate market tends to be priced pretty high, I would be open to partnering with another newbie looking to grow a real estate empire. I also think that starting with wholesaling might make sense to build up some cash reserves. I am interested in connecting with other newbies and experiences investors alike.

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Hi All, I am a new real estate investor. I am planning to move approximately 550 miles away to a new state for a new job. I intend to maintain my primary residence, purchased just over a year ago, as a rental property. The home was new construction last year, so I don't think capital expenditures should be that high, if at all in the early years, due to builder warranties. I have never landlorded before, but due to razor thin margins (per the rental property calculator), I am considering trying this long distance. Is this too much to bight off for a newbie long distance, while also starting a new full time job? Should I pay for outside property management?

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Hi guys. I am aiming to move to NY in December/January. I would like to get in on the discussion after relocation. Very early in my real estate career, but looking to make my move.

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All Forum Posts by: Remi Oguntoye

Remi Oguntoye has started 22 posts and replied 65 times.

Post: Long Distance Landlord

Post: Long Distance Landlord

Post: RE Investor Starting Out in NYC

Post: Long Distance Landlord

Post: Meeting Up in Brooklyn, NY