All Forum Posts by: Vince Scipione

Welcome Dan, 

This is a fantastic community to connect with like-minded individuals. It sounds like you have a serious history in your field, which speaks volumes. I am interested in hearing more! Let's connect sometime!

 I would check out airdna pay for a monthly sub for a bit, it really helps paint a picture of the health of a market. 

I hate directly plugging my own market on here because it feels grimey, however I feel like with what you described, this may be an obtainable market for you. Lower entry point compared to NY, 3.5hrs away. Lower Property Taxes and a booming STR market. Regulation battles by HOAs are being lost in the courts as well. My market is only 2.5hrs from NYC so many people come here for a weekend getaway in the mountains and lakes.

 Great! You need to have your attorney send something certified, so that the PM cant claim you didnt have "Due Dilligence" in notifying. it would be terrible for him to bring forth a civil suite for non-payment or a mechanics lien on your business/personal property in the future. Best of Luck! I think you will be fine!

It really depends on your specific market. I would look at comparable properties and observe the average rents. However, in most markets I would assume an additional full bathroom would not only command higher rent, but would increase the equity and appreciation. It is important to note, people would rather rent a cleaner, and newer home, than a "larger." I would do the shower renovation first, then take the cashflow and stash it for a rehab after this tenant leaves. 

Lawyer up. Hopefully your agreement was in writing. 

What city has your focus currently for LTR Multifamilies? I am mostly active in the North East. Looking to expand in the next few years to STR opportunities across the US and abroad. However I specialize in LTR and STR in the Scranton PA area and Pocono Mountains of Northeastern PA.

I think the most important thing to take away from this is conversation, is conversing. You can purchase leads, have a robust CRM, VAs etc. But what it comes down to is creating relationships and conversing with new people. Great work!  

Hello Gagan, 

Some important tools and resources I incorporate into my business to help finding deals is to network with local investors. People are always trying to reposition and sell off assets. They could be your insight into off market deals. I also utilize BP calculators through my professional account to underwrite deals. Usually multifamily. They are valuable and provide insight on how to decide on how much to without for capex, maintenance, vacancy etc. An important thing to note is to learn how to calculate estimated closing costs. They can really throw off your numbers if you are not familiar with a citys transfer tax, and fees. Hope you found some of this info helpful! 

That is some remarkable appreciation in 2 years, bravo. I guess with certain markets its achievable! Congrats