All Forum Posts by: Account Closed

It seems that finding something in the NYC metro area is going to be pretty difficult so I am open to exploring other markets. However from what I have read, most seem to advise against doing so due to unfamiliarity with other markets and difficulty in managing them remotely. I'm curious if anyone has any thoughts on the matter?

@Dawn Anastasi Alright if you want to twist my arm for ~ 12%, I guess I would be okay with that. Would MFR be the best bet for that? I find it hard to find something in my price range in my market for those though.

@Shawn Mcenteer Thanks for the info, and I think I will check that out. Do you participate in it? Sorry for the new guy question, but where would I find the meeting dates/times/location and such?

Hi All,

I've never posted here before, so apologies in advance as I am sure what I am asking has already been discussed. I've been searching around and reading a lot of posts the past few months, which have been incredibly helpful, but the best way I learn is to ask questions.

This is where I currently stand, and would love to hear some ideas. My ideal situation would be to invest in the NYC real estate market, but I feel that might be too expensive for what I am willing to invest at the moment.

Situation: Currently looking to invest around $100k in a rental property(ies) < 3.5hr drive from NYC

Goal: Cash flow positive from day one, with ROI of no less than 8% (can I do better?). Appreciation is distant secondary goal

Investing Style: I am very much a long term, bigger picture, investor. I have been investing in the stock market since 12 years old, and buy on the dips and sell on the highs.

Management Style: I would likely hire a management company if the distance is too far away. I work a stable and well-paid 9-5 currently, so I cannot realistically commit more than ~5hours/week to the property (does that seem like too little of a commitment?)

Strategy: Based on what I have ready, MFRH seem to be my best option that aligns with my goal. But I am certainly open to other opportunities should they present themselves.

Let me know if I am missing any important details, and thanks in advance for taking the time to read.

Best,

Jared

Thanks for the info Bill. I'm fine going out to NY state too if there are better opportunities.

Why wouldn't you do a condo deal with an HOA?

Also, why do you say MF will be easier to manage than SF?

Thanks!

Hi All,

So I know I will probably get flamed for asking the same questions that have likely been asked many times previously, but I felt I have exhausted the search feature for now.

I am looking to purchase a SFR or MFR as an investment, and would like to be cash flow positive from day one. Obviously upside appreciation would be nice, but my main priority is a place to diversify some of my holdings (all in stocks, bonds, and cash right now) with real estate, while making a steady, reliable income from the property from the onset. I was already approved for a 450k mortgage with 20% down at a 4.25% rate, but likely only want to spend around $300k. Can I achieve a reliable 7-10% yield on this, or would that be too high (or can I go higher even)?

About me:

I have no debt, excellent credit, am a very patient investor, not looking to get rich quick, and have a long horizon. I am 25 years old, and currently reside in NYC, though the market here seems a bit rich for my blood and a main reason I want to buy a place is to diversify my holdings. Buying here would require me to shift the majority of my assets from stocks/bonds all to real estate, and I'd like to have a balance.

I guess my main questions are:

1) Where should I look? (I am not opposed to buying outside of my geographic area if the numbers work, and I can be mobile if need be). What are the most promising markets?

2) What should I be looking for? MFR? SFR? Condo?
3) Can the numbers work with my current financial situation?
4) What is a realistic CAP rate/yield to expect (obviously this varies with market)
5) Just any other pointers or tips on getting started and what to look out for.

Thanks in advance