We have no started yet.

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No.

They have no idea where the property is, how much rent it’s bringing in, or what it’s worth.

I understand the capital region, the Adirondack region, and Western New York (Rochester and Buffalo) have their strengths and weaknesses, but I'm going to focus on this central part of the state.Binghamton is my favorite investment market for a few reasons, but it's not for everyone.STRENGTHS-  low prices-  blue collar overall, meaning lots of resources for contractors-  growing university, consistently growing rents-  I expect to see an actual 10% cap rate here, higher if the property needs work-  compared to downstate, permitting, evictions, etc. are simple and quick-  no code compliance inspections required on existing multifamiliesWEAKNESSES-  no. natural. appreciation.

I like things cut and dry so there's no opportunity for misinterpretation of who is covering what.

Additionally, depending on how you plan on purchasing - most conventional lenders won't underwrite a purchase in the name of an LLC that has no income/history. 1.

New York is the most complex and challenging state to own notesMany still do it there as there is no competition, but it’s absolutely not for the faint of heart.

Hi @Theresa Harris, in this specific case, they are no longer on lease.

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