All Forum Posts by: Samir Goel

@Abel Rodriguez

Thanks for sharing this. I agree with the above comments around property management and vacancy. I don't know area well enough to comment on the utilities and other costs but sounds right. 

However, to offer some opportunities for upside to look at. What are are other comparable units in the area renting for? Is there an opportunity to charge higher rent for the vacant unit? How about with the garage units? Is there a way to repurpose that for more monthly renovations.

Additionally to back up for a second. You mentioned you wanted to live in one of these units.  How does this compare to your current mortgage? If you are only collecting rent from three of the units is your monthly rent cost lower than what you are paying currently? Think about how this would compare to your current situation (IF you are renting). Also how involved would you want to be? Are you looking to making improvements to force appreciation or more of a light touch hold? 

Think it's a bit tight as a pure investment but as a live-in it could be beneficial depending on your current rental/financial situation. 

Hi @Sean Guzman - Welcome to the community. I am also beginning to look at deals in northern NJ but more so Newark, Orange, etc. areas. I will let you know if I come across any particularly helpful meetups or partners in the area.

To @Abel Curiel's point would it be possible for you to explore the same concept with with a duplex or triplex? That way you can have your own space for your family & kids while getting started and building in the area? If not, totally get it but thought I'd toss it out there. 

Amazing job @Thomas J Petracca! Excited to hear the recap when all said and done.

What do you think of the area? If you had additional capital would you buy other properties in Poughkeepsie? Would you do this deal again?

Hi @Ashley Smith - please feel free to DM me. In summary though, I used HelloRented and it worked out just fine. Charlie was my POC and he is good to work with. They are a startup so not always the most organized but the service worked and served the needs I had as a guarantor.

Hi @David Xu - Welcome to the community and thanks for the post. I’ve been looking at queens investing for some time both multifamily and mixed use. Happy to chat if I can be helpful.

I’ve been focused on Sunnyside and Woodside as other markets are skyrocketing (e.g. LIC, Astoria, Flushing, Jackson heights etc). Queens is definitely seeing a lot of momentum from a migration perspective and development is following. Whether it makes sense to invest depends on your hold period and risk appetite, would love to get a better sense of what you’re thinking. 

Hi @Scott P. - Thank you for the follow and interest. Please do feel free to reach out anytime. I'll also add you as a contact and send you a private message to continue the conversation. 

Hi @Dustin McClure -

We currently report to Equifax for both the Vantage Score and FICO. We are completing diligence with Experian and TU as well. Cost to the landlord depends, we customize based on volume. 

If you are interested, would love to chat and learn more about your portfolio and figure out an arrangement that makes sense. 

Best,

Samir

Hi BP Community -

In addition to my real estate investments, I am the founder of a company that works with property managers to report people's rental data into the credit bureaus for credit building. We work across public sector housing (section 8,9) and private sector housing. 

If there are any property managers that are interested in this, I'd love to chat. The core value proposition is as follows:

• Help residents build credit and move towards home-buying with better loan / mortgage options
• Drive more consistent and on-time payments
• Differentiate from other properties / landlords that do not offer this

Please don't hesistate to comment on the thread or DM me to chat or receive more information.

Thank you!

Samir

Hi @Andy Ramdeen - Great to hear from you and welcome to BP. I'd be happy to chat as I did something similar in Harlem and also make some intros to brokers. 

Cheers,

Samir

Hi @Beverly Hinds - 

Sorry to hear about the job loss and snag on investment goals. Couple ideas that come to mind on my end:

- Hard money lenders... the interest rate would be less favorable but it is faster and more flexible. If you can bake in the higher interests into your projections and still have strong numbers, it might be worth it. 

- Are there any state or regional gov't incentives to encourage investments? They may be more flexible on employment status than typical commercial flights. 

- In line with hard money lenders you could look to p2p lending platforms like Lending Club. 

- One other option is borrowing against your existing property but don't know if that is worth the risk

- Some local banks or community development financial institutions might be open to giving you a loan even with your circumstances if it falls within their community / social mandates. 

- Even if the person you are thinking of can't help you, maybe there are folks on bigger pockets who want to go in on this with you esp. if you have the deal sourced...

I can't tell you if any of these are the right solutions, completely depends on your specific circumstances but hopefully some avenues you can explore! Good luck and let me know if there is any way i can be helpful. 

Samir