All Forum Posts by: Toby Gingold

@Fan Bi I actually was thinking about this further this weekend, and although I wouldn't do anything differently - the ONE thing that comes to mind is that I would be better to invest outside of NY because the landlord tenant laws are so strict here and can be difficult to navigate at times. However it hasn't deterred me, just a thought, if I was a fresh investor I would explore states/markets where I had more power as a landlord 

@Gina Cook nice! Mine are in 13205, south of the university. Are your tenants paying rent during the pandemic?

I was using realtor.com and I have a PM 

I would definitely do it all again. I had a rocky start collecting rent, I opted to go with Section 8 tenants (which has come in handy now because I have more rent security than I would otherwise) but at the start there were issues with the programs and getting the rent every month and I took an initial hit that was pretty bad. The things that happened were somewhat out of my control so I wouldn't change anything, good learning experience. The single families have cash flowed very well so far even with my issues. Just wish I started sooner, just bought my third property in a year last week! 

My friend Dan did a great BRRRR in Troy, NY off of an auction. I think auctions or foreclosures are where you have to go for BRRRR deals, not the MLS. It was not an easy deal but worked out in the end, he ended up writing about it on BP and got a lot of responses: https://www.biggerpockets.com/forums/223/topics/65...

I think you need to take a careful approach and really be picky and always make sure your comps are on point, so that you don't run into the ARV problem of not being able to get the appraisal you hoped for. Make sure that your broker is sending accurate comps not just highest and best, i.e. the comps the appraiser will be looking at. Good luck!

@Debra A. $1150 

@Ronald Starusnak Southside 

@Charles S. Sorry for the delay - I am in the busy season at work. 

1. I put in some small fixes but I am just keeping this property running as is. I inherited good tenants so I am trying not to disturb them, will let them finish their term and if they don't renew I'll do some updates but I am getting a very high rent for the area at $1150. 

2. Ronald is correct in saying that Syracuse has very little appreciation which is why strong cash flow was so important to me. I am just placing my money somewhere where I will get a steady return for now. 

My total annual expenses will increase over time with repairs and cap ex as the property won't stay perfect forever, around the 3 year marker I will start to see my expenses eat into the cash flow to the point where my Total Annual Cash Flow and Cash on Cash ROI will start decreasing. I would like to get out then and upgrade to a new property either in Syracuse or elsewhere. Better than having my money sitting in a bank account doing nothing for me. Need to have my dollars working for me!

3. I have a property manager, I am too busy to handle calls myself and I need to delegate that work. I've never been to these properties, everything from offer to closing was done remotely. 

Investment Info:

Single-family residence buy & hold investment in Syracuse.

Purchase price: $35,000
Cash invested: $35,000

Part of an off market package deal, single family residence, strong cash flow - first deal along with other SFR, goal was cash flow.

What made you interested in investing in this type of deal?

Cash Flow

How did you find this deal and how did you negotiate it?

Negotiated 5K off purchase price due to damages after initial inspection caused by current renters

How did you finance this deal?

Cash

How did you add value to the deal?

will not rehab until current tenants leave, or when going to sell.

Investment Info:

Single-family residence buy & hold investment in Syracuse.

Purchase price: $40,000
Cash invested: $40,000

Purchased a single family for first investment to test the waters - did this because of strong cash flow, Goal was to offset my rent in NYC with investment properties upstate. Purchased all cash, may refi and go get another deal but will likely just hold and sell in three years time when expenses will start eating at cash flow assuming 0 appreciation.

What made you interested in investing in this type of deal?

Strong Cash Flow

How did you find this deal and how did you negotiate it?

Off Market - Through a broker

How did you finance this deal?

Cash

I would be interested in 5. "Live in New York City, Invest in Upstate(Buffalo, SYRACUSE, Albany)"