All Forum Posts by: Harry McNamara

Hello BP agents!

My name is Harry, and I'm an agent in the Hudson Valley and Catskills, looking to make a connection with a trusted agent to get some referral business going across the MA border. I'm based in the Kingston, NY area, so I cover Columbia County up to the border at times, but it's just too far to justify getting licensed in Massachusetts. Ideally, you're in the same situation as me, so we can refer out of state clients to each other. I cover Ulster, Dutchess, Columbia, Greene, Sullivan and Delaware Counties, NY. 

Thanks everyone!

Good thought from @Tyler Solomon above. 

Another thing to consider is that people in the RE industry are already getting spammed to oblivion with listing emails, agent marketing, wholesalers, auction houses, lenders, gurus, youtube channels, CRMs, you get the picture. 

As an agent and investor, you have to really grab my interest for me to even click your link, let alone hand over any dollars that I'm saving for my next project. 

Hey Brian! If you're starting out, I would work on the Airbnb for a little while and get your feet wet. The returns can be huge, but in a remote location like the ADKs, the challenge is building that team that will be taking care of your property since you are managing remotely. You need solid cleaners, landscapers, SNOW PLOW, but I know you know all that since your wife is from the area. 

If your HELOC is a 30 year with 10 year interest only, take a year and get that puppy up and running, and monitor your local markets. Things are weird right now.

Starting with a mortgage calculation based on what loan product I might be using. Then on to rehab costs, and market rent comps. In this economic environment, it's all about the payment and how that effects the bottom line.

Also depends on what you plan to do with the property. This scenario is a BRRR or long term buy and hold LTR or STR.

It's a pretty bad showing. Have you talked to your agent about a schedule of price decreases? Each time you make a major status change or price drop, it should pop to the top of everyone's MLS results and folks will take a second look. At 34 days, you're just waiting for new clients or stragglers to discover the listing, and the longer it sits, the more people will suspect something is wrong.

Your agent should also be able to see any showings and give you updates on the interest. You need to give this thing a kick, whether it's marketing, a price change, or bringing it to a new set of buyers. 

Good luck!

Long Island and NYC metro as a whole are tough. But think about it this way. If you are house hacking and still "paying rent," it all goes back to you in the form of equity in the property. In HCOL areas, paying a mortgage while house hacking can still be a win. 

Keep your mind open to areas that might be up and coming, and find something that works with your commute, if you have one. Where are you on LI?

I'm betting on at least one 50 basis point hike in early 2023, and most likely two. Inflation is just not dropping significantly, and with the continuing issues in Ukraine, watch folks wallets get tighter and tighter as people struggle to pay their heating bills this winter. My fuel oil is clocking $5.99/gallon which is up over 25% since last year. Rough. 

Hate to be the bear, but it's gonna be a bumpy ride for a while. I'm focusing on DIY projects and searching out the next killer deal that works with these interest rates, so when I refinance in the future, (5 year timeline is my bet) I'll be feeling great. 

How would you even crunch the numbers on Cap rates across one entire market, let alone the USA as a whole? To get anywhere close to the actual market value you would have to have access to every MLS across the nation to pull accurate comps, which right now are fluctuating in a major way with the market changes that are happening.

I would spend time seeking out the property class that you are interested in, and then start researching where you can make your plan work. The specific deals will make you successful, not a USA aggregate number. 

Please provide one good chef's knife. That is the most missing item in my experience. The whole point of going Airbnb over hotel is the kitchen for me, and I always end up with some kind of dull inadequate knife for cooking. It's like $10 to sharpen it each year, it's the little things!

With relatively slim margins like you are describing, make absolutely sure that you can withstand rate changes that may occur during the term of your bridge loan. Another interest rate hike, which is still a very real possibility could wipe out your cashflow, or make it negative. If you are seeking a conventional loan, make sure that you have the reserves to float until you go cashflow positive, and if it's a DSCR loan, make triple sure that the numbers will work, or when it comes time to re-fi you could be in for a very stressful situation.