All Forum Posts by: Ryan Kawash

@Jason Lee on thing I’ve heard, is that the value of these condos don’t tend to appreciate, they stay constant, even though I’ve seen first hand that the condos have been going up slightly in price lately.  Another thing I’ve heard, is that some shady people have moved into the area, and the place is “a dump” from what other people have said.. I’ve looked at about 10 condos there and drove around and it doesn’t seem like a dump to me at all, I’ve met some people who live there as well.. so I’m not too sure what to think of it.  My plan was to buy one, and just rent it out long term

Hey guys, so, this year I plan on buying my first rental property.  I live in the Hudson Valley in NY.  I live about 20 min away from Minerals Spa and Resort.. Right next to the resort, There's these relatively cheap condos for sale.. Wanted to see if anyone else as invested there, I've been told to stay out of the area, I've also heard it's a solid investement

Hey guys!  just wanted to share my experience and numbers on a property I looked at and put an offer today..

So I live in the Hudson Valley in NY, and have been looking for multi-family homes to buy to rent out. I live 20 min away from "America's #1 resort residential community" quoted by them.. and stumbled across a 1 bedroom 1 bathroom single family home. Beautifully renovated. I mean not one dollar needs to go into this property to make it look nice. Listed for 89,900, I offered 80,000 knowing that someone has already put in an offer before me. With what I expect to get with rent, and HOA dues, and taxes, insurance etc... my Cash on Cash return is 17.91 percent. Bringing in $223.83 every month, this is with a 5% vacancy as well. I have one question.. How important is the 2% rule? The bigger pockets calculator is saying 1.29%

@Frank Procopio

Do you think that it would be necessary to meet these property managers in person?  Or a phone interview would do just fine

Hey guys!  So I have a question, my goal for this year (2019) is to close on my first investment property, more specifically, a small multi-family building.  I live in the Hudson Valley in NY.  I've looked around my area for multi-family homes but most of these homes have been built in the very late 1800's and early 1900's and many have some serious issues, and are not cheap to buy!  I was looking elsewhere somewhere like Orlando, FL.  My question is, what is the best way to invest in a multifamily home that is 1000 miles away, being that I would need to hire a property manager.  How much (about) do they cost and what's the easiest/best way to find one so that if I do invest somewhere far, I don't find myself needing to go down there

@Michael Wallimann

The numbers were very high and you bet I ran the numbers again and again of course with different numbers such as changing the sale price, to changing the money put down for repairs, a bunch of variables and each time the building came out with at least 18% cash on cash return.  My only question is, the building as been for sale for 300 something days, which leaves me to believe that something is driving people away from buying this building.

@Chris Szepessy Yeah exactly.  There's a town called Beacon which is in the Hudson Valley as well, you may of heard of it.  Anyway, this was a town that nobody thought about living in because it was such a crap town, 5-10 years ago.  Now, it's so expensive to live there it's insane.  They underwent so much in that town in a matter of a few years, and I feel a lot of these towns in the Hudson Valley are going to the same thing.

@Matthew Baltzell I'll be visiting the town this week to get a glimpse.  I will probably spend the whole day walking around and talking to people to get an idea of what the town is like.  Jotting down the types of businesses there, and walking distances from these places to other places.  The NJ transit runs to this town from NYC as well.  The town is 45 min away from the current town I live in, which is the one I love.  

@Oleg Shalumov Thanks for the website, seems like a cool tool I'll be using in the future!

@Laura Williams Thanks for your reply, I do not know if the current landlord screens her tenants.  My plan, this week sometime, is to drive to the town and get a feel of the town, walk into a restaurant maybe ask a bartender or someone about the area and what they think about the area.  I do not necessarily feel that most renters are degenerates, as I know of people who actually go there to hangout and such and tell me they are seeing a change in the area.  Places like new breweries are popping up, new high-end restaurants stuff like that.  Of course I would run an inspection on this building, any building in that case.  

@Chris Szepessy Thanks for your advice!  I do not think any part of the town is completely a war zone, but then again, I haven't been to the town myself!  My plan is to drive there this weeks sometime and check it out, especially the neighborhood of the building i'm interested in.   

So, I guess to start out I'll give a brief background about myself.  25 year old, working full time and saving literally every penny to fund my first real estate deal.  So far, I've manged to save up $20,000.  For the past 2 or 3 years or so, I've been learning about real estate investing, little by little by watching youtube videos, bigger pockets webinars, reading on forums, etc.. I've made it a personal goal of mine, that this year (2019) will be the year I invest in my first small multi-family building in my area.  When I say my area, I'm talking about the Hudson Valley in New York.  I live in a beautiful town where most people would love to live in the Hudson Valley.  That being said, a multifamily in the town I live in, are either hardly available or wayyyy too expensive to buy.  So I've looked outside of my town but still within the Hudson Valley.  I've come across a town that I'm interested in, and there are plenty of multi-family homes for sale in this one area for a very affordable price.  These homes are pretty old, and would probably need some worth, nothing too crazy.  The thing is about this one town, is that it's "Growing" and "New businesses are popping up there" "and a lot of investors are investing in this town" so I've heard a handful of different people say, which is awesome news.  Then I spoke to someone who works for a company and that company owns a few rentals in that town.  She said her company's tenants are a bunch of drug addicts, never pay rent and all that.  They are constantly issuing eviction notices.  I ran the numbers on a duplex out in this town, which I haven't seen myself, but in the description of the listing, they state that the building does not need any rehabbing and that it's in great shape.  I ran the numbers through the bigger pockets calculator 3 times each with different variances, scenarios, different numbers and all that, and I always got between 18-20 % Cash on Cash return, which is great.  Being that the town may not bring the greatest tenants, what should I do?  Do i ignore this town completely?  Or do I take my chances and invest in an area that I've heard that is coming up?  Sorry for the long post but the last thing I want to do is buy my first duplex and have tenant issues.  Let me know your ideas/suggestions!  

Picture of the building , no other pictures were provided by listing.