Hey BP crew. Ive been hanging out a little bit and have benefited tremendously from the BP community over the past few weeks. I had rekindled my desire to pursue real estate this year and BP has fanned that flame...
Im married to an awesome woman and have 4 beautiful children all of which present me with motivation to make some things happen. Ive been a GC since '06 and am now ready to put what I've learned to use in furthering my real estate endeavors. Over the years we have purchased properties in foreclosure, house hacked a double(when we were younger), and bought several properties via owner financing. Currently we are holding 6 properties including our PR. I am self managing these units and enjoying it at the low level.
My goals are to aggressively pursue small to medium multi family opportunities with value-add features. I intend to buy and hold properties that are a good fit for us and scale upward with others. I also would not be opposed to an occasional local flip opportunity given the resources and skill set that I've built. Ive really appreciated hearing how others have integrated multiple businesses into their models creating multiple flows of income as well. This all sounds like a lot but I'm waking up each day excited about the days ahead...you guys are an unbelievable gem of a resource and I look forward to getting involved and helping however I am able...
DJ Tosh, greeting from Hamburg! My family and I are new to western NY so still trying to get a feel for things. How are you dealing with the high property taxes? Are you able to rent your properties at a high enough rate to meet or exceed the 1% rule? Best of luck!
Welcome! Sounds like you are off to a great start already.
Hey DJ, welcome to BP.
@Marc Farrell Taxes are exactly why you buy/hold in certain areas and flip ( or stay away from ) others. Most south towns taxes are going to be way to high for any rental return unless you "house hack" and live in half, even then, your not really getting much for return, just lowering your expenses.
Rentals, mainly Lackawanna, and Tonawandas and Buffalo city. I'm sure people can have decent returns in other areas but I'm just trying to give a general picture.
@David Niles thanks for chiming in. South town taxes are brutal (as we have come to learn). I'll keep your insight in mind. Right now I'm just watching the market. What houses sell and rent for vs location/size/condition.
Are you having success in Buffalo or anywhere else in Western NY?
Im investing in the buffalo area right now. Will be happy to connect with you DJ to discuss estimated costs of repairs.