Saint James, NY 路 Member since 2018 路 12 posts 路 4 votes
Hi Everyone, I'm focused on finding small multi-family property's, ideally quads for now but would consider duplex/triplex and up to 10 units...................I'm interested in thoughts/guidance on locations.
Our team helps a lot of out of state investors acquire and operate small multis in Central PA. I'd love to chat sometime and see if we would be a good fit, feel free to reach out!
@John Bocelli, do you have any experience with owning rentals, even one single family rental?
Beyond the lending (if you go 5 units or more), the operations of small multi's is not much different than a single family, and even 10 units, where you aren't supporting full time on-site staff is not much different that a single family (although renovations may be more challenging for larger properties depending on local codes).
My advice is always to start local. A nice duplex at a good price will rent in nearly any market (although I have never lived or invested in super rural areas). Unless there is a major cost constraint in your market, I would recommend starting local. And while out-of-state might seem like you will make more money, and you might, there are a lot more risks when you can't lay your eyes on the property from time to time. And even then, if you decide that you will travel to the property twice a year, that is an added cost to the property, that will reduce your returns.
@John Bocelli, do you have any experience with owning rentals, even one single family rental?
Beyond the lending (if you go 5 units or more), the operations of small multi's is not much different than a single family, and even 10 units, where you aren't supporting full time on-site staff is not much different that a single family (although renovations may be more challenging for larger properties depending on local codes).
My advice is always to start local. A nice duplex at a good price will rent in nearly any market (although I have never lived or invested in super rural areas). Unless there is a major cost constraint in your market, I would recommend starting local. And while out-of-state might seem like you will make more money, and you might, there are a lot more risks when you can't lay your eyes on the property from time to time. And even then, if you decide that you will travel to the property twice a year, that is an added cost to the property, that will reduce your returns.
Thanks Evan, I've actually been doing this for a while and have recently sold off some of my portfolio in NY Metro area, I'm looking out of state as there seem to be better opportunities but I'm looking for advice on locations.
Our team helps a lot of out of state investors acquire and operate small multis in Central PA. I'd love to chat sometime and see if we would be a good fit, feel free to reach out!
Thank you Jesse, PA is one of the states I have been considering, perhaps we can setup some time for a call or zoom, I'm interested in hearing what you have in mind.
Our team helps a lot of out of state investors acquire and operate small multis in Central PA. I'd love to chat sometime and see if we would be a good fit, feel free to reach out!
Thank you Jesse, PA is one of the states I have been considering, perhaps we can setup some time for a call or zoom, I'm interested in hearing what you have in mind.
I鈥檒l send you a message and we can set something up!
@John Bocelli there are a few things I consider. One is the market growing, what kind of natural things will I have to deal with (Hail, Hurricanes, Tornados, Politicians), would I want to live there. There are plenty of great markets why not pick one where you can enjoy business trips to for write offs.