All Forum Posts by: Shlomi Mor

Chris, Yes , we offer loans that are more concerned with the DSCR of the property and do not require any tax returns, income verification and can be placed in a LLC. No previous experience necessary.

 Happy to discuss more in detail tomorrow. 

Please let me know if you want to hop on a call.  

I would be happy to connect with you and share my knowledge on the Albany market.  I have a GREAT realtor there who works closely with investors.  He knows the market well.  As was mentioned above, stay out of Troy...the taxes are insane and messes with cash flow.  Albany has lower taxes, is very landlord friendly and the market rents are high, makes for great cash flow appreciation.

@Ryan Kelly Hey Ryan, I am an investor and agent in the capital region. I own a property in Albany. Feel free to reach out would be happy to connect!

@Matthew Estes Welcome to BiggerPockets! I am an agent/investor in the Panhandle of FL, but @Aby Abraham may be able to help you out. He is an agent and investor himself in South Florida and has a much better pulse on that area and the STR rules in most of those cities you mentioned.

I have two STRs myself in the FL Panhandle area and could share my general experience as an STR owner (and manager since I manage myself from long-distance) if you're interested. There are many tools and systems that can help you automate your property and save you time/money. Willing to help if needed!

My goal is to try to live for almost free in my house hacks and then be able to cash flow once I move out. In some markets, you can cash flow, but I don't think that is the norm. I didn't check your math, but $1,000 a month in cash flow for only 40k invested isn't a bad return at all.

I personally would recommend investing in the market where you live to start.

Side note: Conventional loans start at 5%. If you have the capital, I would definitely put down the 5% to avoid the FHA insurance.

Hey @Shlomi Mor - you can also use one of the BiggerPockets calculator to help you figure out whether or not this deal makes sense for you; the calculator will give you a very clear result on your inputs. It looks like you're also not accounting for price appreciation into your calculation model which is pretty important in a market like NYC. 

Ultimately it is the decision you have to make as an investor since you are the one to decide what is a 'good return.' To someone $1000/month/cashflow is fantastic, to another it might not be worth it. 

Just my $0.02 

@Lynzie Mackey It really depends on your mindset and what you want to do next. Do you enjoy the daily grind of the airbnb world or do you want to own more units and cash flow more but with a bit less control? With an estimated $400,000 in equity you could buy $1,600,000 in Kansas City and cash flow around $30-$40,000 per year as an out of state investor. With a five year business plan you could get an average annual return of around 25% (assuming you sold after year 5). 

@Shlomi Mor if you're going to slam 300k in on your first deal and into multi family you might want to spend some of that money on training or meeting with other multi family investors.

For finding deals you want to work with an investor focused realtor or a wholesaler (or find them off market on your own).

Also really look at your goals. 100 apartments is great but how much do they cash flow? Your cap rate in NY is going to be a lot less than something you can get in the midwest. Neither are right or wrong it just takes a lot more money to play in NY vs. Mid west (or pretty much any other market lol)