All Forum Posts by: Nick Johnson

I can't afford to invest in CA, period.

I don't mind being away from the property. I can visit a couple/few times a year.

As long as I put a quality team in place consisting of quality people that I can trust, I should make it.

There is only one way to learn IMO.... by doing. I gotta get in there and get my feet wet.

As long as I buy in the 50-65% of market value, I don't think I would lose my shirt too bad ;) no matter how bad things get for one reason or another.

I know that the learning curve is more steep to go out-of-state but that is what I am looking to do. CA is too pricy to find boat loads of cash flow properties. I want to start small as well, less than $100k per property so East I go. :)

Any advice or words of wisdom are greatly appriciated! Thanks!

Did you get any hits or replys on this one?

I too am looking for some help with Rochester, NY properties.

Thanks!

My name is Nick and I am a rookie when it comes to real estate. My parents have several rental properties and they have done very well for themselves. I am going to try and follow from some of the things I have seen them do, and also learn from others here.

My goal is to slowly build up a portfolio of buy and holds for cash flow. I am not as concerned with appriciation as I am with the cash flow. I am looking to supplement my income so I can increase my RE portfolio over time and then eventually the American Dream... Retire Early.

I am always looking for advice and also to hear from others living in CA that buy and hold out of state RE.

Thanks for looking and I look forward to hearing back from all of you!

Driving around and looking at the for rent signs is going to be a problem for me, as I am in CA and the property is in NY. Just trying to make this thing work if I can. I am very interested and just looking for a little help from people with experience to help hold my hand on the first one. I am sure you remember the feeling ;)

Jon,

I just did an 85k over 30 years at 12% to get my very rough $875 a month.

I am very willing to get to Rochester to check it out. I already looked at plane tickets and surprise to me, they are only $300. That's not a problem.

Do you have any suggestions on ways to find out what the local market bears as far as local rents, vacancy rates, what else is available locally?

This property looks great to me as well, but I do need to dig deeper. Thanks for the quick reply!

I just wanted to post some information here in hopes that those with more experience will help guide me in the right direction.

This is for a multi-unit property in Rochester, NY. I live in CA.

The property grosses $2855 a month in rents.

The P and I would be approx. $875
State and county taxes + water $695 /mo

I am guessing the only thing that could knock this deal off would be the condition of the property? Or am I missing some other real big info?

Thanks so much for taking the time to help a RE Rookie!

PS. The property is a 6 unit with an asking price of $85,000.

These are the types I am talking about I have a feeling. Please once you are on again, give me a shout Derek. Thanks ~ Nick

THX landchasers! Sent you an e-mail.

Anyone else out there that can pass along some other pointers or info would be greatly appriciated :mrgreen: