All Forum Posts by: Christopher Liu

@Andrew Fudge College towns are great. I’m invested in Ithaca, NY myself. Seems to me that your primary concerns are regarding the quality of tenants and headaches involved with getting the wrong tenants. Nothing is guaranteed but look into rigorous screening processes and strong lease terms that protect you and give you the best chance of getting the type of tenants you want. I personally rely on strong PROPERTY MANAGEMENT that has solid proven experience with the local market. They will be best able to advise you on the nuances of the local market.

@George S freeman By virtue of being on BP and posting I would say you’ve already started. Plenty of advice, education and suggestions on these boards. Good luck !

@John Zurzolo imo you’re putting the cart before the horse. Find a good deal first. Once you find and verify that it’s a good deal the worry is not whether the market is “right”. The worry is whether the deal will still be there when you think the market is right.

You've injected capital to improve and repair the building and want to bring rents to market levels to make a return on your investment. I see absolutely nothing wrong with that. Whilst it's commendable and right that you are concerned about tenant relations, any tenants that object to paying market rents in an improved building are not really tenants you really want to keep. Good luck !

I'd go for a lake house. Mostly because I also want to use it !

Preferably near a ski resort. Personal preference but I much prefer the lake to the beach. Less upkeep as you avoid the maintenance issues that come with the salty air. Being near a ski resort will also give you two strong high seasons.

@Seth Baumgartner Whilst I am extremely comfortable with buying an investment property I haven’t physically been to, I have not (and probably will not ever) bought in a city or town that I haven’t personally been to and visited. I would typically want to spend a week or more on several visits to get a feel for the place, it’s overall vibe in different seasons and time of the year. Subject the place to your own personal smell and eyeball test. As someone above already said, buy a plane ticket and book a room and just go have fun for a few days checking out the place. I frankly love that part of the process !

@Jimmy Bell A property management company is an absolute must for me for out of state investment properties. I personally couldn’t do it any other way. I typically speak and discuss terms with property management companies before even buying the property.

Mixed use developments can have a very positive impact on your home value. Depending on the size and mix of course, but generally the most critical part that will directly impact your home value, in my opinion, is the commercial; and to be more specific, the retail portion and it's market positioning. This will impact the lifestyle offering and character of the immediate surroundings. 

I would suggest that you try to find out the types of tenants and brands that they will have as well as the size of the retail portion. It also will depend on whether they are leasing out the retail spaces or if they are being sold that may well dictate the standard of property management that will be put in place. The types and quality of brands and the overall tenant mix will tell you what the overall positioning and target market of the development. 

 Hope not. Just booked two places to stay in June & July in Ithaca 

Congratulations and bet of luck !