The off-market game, although still very competitive, has brought my investors more consistent and reliable results. 

Adding value to your property like an ADU/DADU but those also cost money to build so overall you still wont cashflow.

In terms of mitigating your risk - particularly if you buy a condo - consider a newer building, steel or masonry construction, a unit on Floor 3 or above where Flood insurance wouldn't be necessary, larger buildings where costs are spread amongst more owners, and buildings with a financially healthy HOA (track record of good management, reserves in the budget to cover large capital expenditures, etc).

Is building an ADU a good idea right now, or ever in this area?

To provide clarity about my situation, I am currently job transitioning and would greatly appreciate insight on building a portfolio with income limitations.

I have been looking for opportunities for a while now for a fix and flip to start building capital to eventually build up a rental portfolio.

As I need to register this business with the state and county, should I need to register LLC as "531110 - Lessors of residential buildings and dwellings" (NIACS code) or something else?

Wanted to start adding cashflow and building a portfolio.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $1,600,000

Cash invested: $1,600,000

Residential Home used for reality Television filming

What made you in...

I'm looking at building a 13-acre glamping / camping site about 75 minutes north of Manhattan in the Hudson Valley.