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All Forum Posts by: Tim Brann

Tim Brann has started 1 posts and replied 3 times.

Thanks for the responses everyone.  When reading the books or listening to podcasts, in the back of my head I was saying "Yea but this doesn't apply or isn't possible in upstate NY".  It's great to hear from people in my area, and in under a day of posting is awesome!

I agree that SU hill is a great place to look, although college kids may cause quite a bit of damage.  I am also really interested in the Tipp Hill area (I rented there for 3 years).  The problem with both of these is that they are tough to get into to with "deals" very unlikely.  Also as Steve B. said they are most likely 100+ years old with original mechanicals (HVAC/Electric) which can be very costly to replace.

So what do you guys think is it better to aim for $150-$200 monthly cash flow per door or a Cash-on-Cash return of >10%?  

I ask because with low money down my cash flow per door will be proportionately lower

I should add that it is a fairly stable market.  Not a ton of appreciation or depreciation of value going on around here.

As stated I'm new to Real Estate but have been reading all the books I can get my hands on in order to educate myself before jumping in.  It's time to get off the sidelines!  Does anyone have experience in the Upstate New York area or somewhere similar?  What I mean by this are low to average costing multi-family homes with above average taxes (#ILoveNY).  Typical Options in this area area as follows;

4 unit house- 190k with 7,500 in taxes and gross rental income of ~2,800-3,000

2 unit house- 115k with 3,000-5,000 in taxes and gross rental income of ~1,500-1,700

Im looking to house hack (live in residence for 1yr) with my first deal and get into the game with low money down (~10k) Without diving into a bunch specifics what I'm after here is what % should I carry for vacancies, repairs, & capital expenditures.

Also with this type of investment my calculated cash flow always seems to be low ~$100/unit. What is a good number to shoot for? Or is using Cash-on-Cash ROI a better route and looking for around 10%?

Any help would be greatly appreciated as I embark on my journey towards financial freedom.

Timothy Brann, Syracuse, NY