Sharing your vision with real estate professionals, local investors, or even family and friends might uncover unexpected opportunities.

Real estate's "gross rent multiplier" is Wall Street's "sales to revenue",  "cap rate" is roughly "P/E ratio".When evaluating markets and investments I tend to start with GRM (or lazily the 1% rule), then attempt to return a cap rate based on assumptions about costs, then I work my way to multiple years of projections (assumptions about inflation, amortization, tax benefits, etc), and if I am partnering with one of my smart friends I have to pull up an IRR (internal rate of return).I also look at regional employment levels, median income to rent ratio in the zip code etc. 

If you’re open to short term rentals, there are lots of places across the state that can really work.I’m a local investor-friendly realtor and work with both long-term and short-term rental clients.

The price points are still affordable - around $120k-$180k, plus the laws are super landlord-friendly. 

In addition, a DIL does not automatically satisfy the underlying mortgage/DOT so if you accept a deed from the DIL grantee you may find a title insurer will require a release or sat of it before insuring.We have often used a “friendly” foreclosure instead of deed in lieu when we needed to “wipe out” liens junior to ours before taking property title.   

For my long term rentals I am no longer purchasing in New York State and I am going to be searching out of state in a more landlord friendly state such as Ohio or Pennsylvania.

I did the exact same thing 5 years ago except it was a single family and I rented the rooms out to friends, now my wife and I have built a portfolio of 10 homes.

I have to decide if im going to use a new injection of capital from the sale of my primary residence to:1) Hold in treasury bills at 4.5 percent until I find another property to purchase2) Pay off one of two existing mortgages, one at 3.75 percent and another at 4.5 percent3) Just find something to buy that beats either of those percentages on paper and be done with it4) Possibly loan out some hard money/broker it to a friend to allocateIts never an easy decision, but its a good problem to have.

Dennis, I wish I was able to have grown up close with friends like yourself or even had that nowadays...WOW!

I had a friend purchase a Vacation home financed with RBC last year.