All Forum Posts by: Trevor Naumann

depends what are you trying to do? the two areas are pretty different 

I have not and you will likely get a better answer on here then this but i would call a bunch of lenders and just ask them how you do this and from my experience at one of them will get you an answer that will work

Look for a brokerage where you will be provided the most mentorship especially in the investment and commercial side of the business. Course resources are great but nothing compared to having someone to bounce questions off of.

i personally would want to have some cash reserves as a just in case fund. That said i personally feel like the best way to get started is often the simple way. buy a simple rental that cashflows even if its only a little build some equity and keep buying. once you have the systems in place and are able to expand get fancier. it will be much easier once you already have a handful of cash flowing rentals.

if you want the llc talk to an attorney about setting it up. It should be pretty easy. IMO though you would be better off to buy it in your name with better lending terms and then transfer it to the llc.

In NY, there are numerous small towns, each with their own unique vibe. However, if you're within a reasonable commuting distance to employment opportunities, I believe it will likely work out fine. The return on investment (ROI) is strong here, providing a great buffer for getting your property rented out in the worst-case scenario. Additionally, it's highly probable that your tenants will want to continue living there.

I'm curious about where you obtained the vacancy number from? In my area, the reported vacancy rate is typically higher than the rental demand.

Another thought would be to go above the norm when turning the units over. By doing so, you'll likely have the most desirable rental units in the area, reducing vacancy rates. I'm not sure where you are but I'm willing to bet that there aren't any Class A buildings being constructed in that area, so the bar is probably quite low when it comes to creating a wonderful living space for your tenants

Depends on what part of NY your looking in but where i'm from any "normal/conventional" product a local bank will likely have the best rates. They are also better when it comes to finding lending for unconventional properties like a single family and two Mobile Homes on one property as an example. They are not better when you start wanting more unconventional lending products like dscr loans, interest only etc.

honestly i find google voice is great and free. i have paid for services before and always felt like i wasn't getting my moneys worth. IDK but i would probably just use google voice until it makes sense to purchase another line. 

 depends on your goals if you wanted to flip i would find a mentor unless your really comfortable with project management. 

honestly it may not sound sexy but i would find a good realtor who will write offers and put an offer in on every small multi thats in your budget until you get one. obviously dont buy a bad deal but IMO whats most important is just to get in the game. Don't worry about trying to find a perfect situation because there wont be one. You could house hack or just buy a simple duplex either way the most important thing is to start.