All Forum Posts by: Thomas Pierce

I am from NYC and have a 2 bedroom apartment in South Beach Miami. The expenses are starting to aggravate me but i do not want to sell cause i enjoy using the place. I want to rent it for a few months out of the year. I do not want to use a management company anyone know how i could do this without flying down there. Is this wishful thinking? Any advice would be greatly appreciated.

I have been renting a 1 bedroom unit in a home i own in a very nice neighborhood. I was very lucky with my last tenant but he is moving out September first and i do not know where to start looking for new tenants. Its a nice older home one bedroom in a predominantly owner occupied section of NYC. Getting a good tenant is crucial, any advice would be awesome. Thank you in advance. Tom

i went from looking at duplexes to single family investments since i cannot afford the 25% down needed to purchase a NOO investment duplex. With single family my expenses should be:

Principal
Interest
Taxes
Insurance
Vacancy
Maintenance

The gas, electric, water would be all the responsibility of the tenant. Correct?

Any input or advice is so appreciated.

Thank you,

T.J.P

In my area NYC, duplexes start at 200k. I do not have enough cash to put 25% down any ways to get a loan that does not require 25% NOO investment. Or any ideas on how to get startup money. thank you

Thank you Jim and Jon for your replies. Jon i completly agree with you on not buying if i am not willing to look. The problem i have in my area is price. For me to put 25% down on an investment i would need at least 50k. That is out of my budget, and if i would to have a major problem or vacancy i would be out cash to stay afloat. thats why i was looking at properties that were cheaper. I new york city nothing in below $200,000

I have come across some turnkey rentals in buffalo and western new york. I am from NYC and am a good 9 hours away. these companies claim to have fully turnkey rentals in a stable market. i am in the beginning stages of researching this company. Has anyone done any deals like this or has anyone heard anything. Your input is greatly appreciated. The site i was referring to is; http://www.cashflowwithequity.com/

p.s do they manage them completely, if i did purchase i did not want to drive or fly to buffalo for any reason.

Thanks again

I look at two family investment homes to rent out. Assuming there is separate utilities what expenses should i be calculating. I want to make sure i am not missing any costly expenses. Also how do you factor vacancy into your numbers. Thanks alot

In my area I have heard that the workers advantage program is no longer in existence. I fear that this may snowball into section 8 programs and others. Should i be concerned that section 8 may no longer exist down the road and stay away from properties that i would put these tenants in?

It last sold for 365,000 when? Was it at the height of the market or recently when the market is in a slump? Best of luck to you.

How is the area, are homes selling? Is this priced to sell? What do the comps come in at? What work needs to be done? What are your plans for this property? Your post is very broad. Typically in my area when a reo is priced correctly it usually gets full asking and sometimes a bidding war occurs and goes higher. It is hard to say.