First Rental Property Investment In The Books...

General Landlording & Rental Properties
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First Rental Property Investment In The Books...

Hugh Horner
Rental Property Investor · Hudson Valley, NY · Member since 2020 · 43 posts · 24 votes

Liked the numbers on a little 2 family in Catskill, NY..Was looking at buildings throughout the Hudson Valley for my first investment ,but the cash flow is low for the amount of capital to be put down..Decided to redesign my strategy, went on the hunt for multifamily -  really enjoying it !! I have a positive cash flow of 4,853 after all is said and done on my first unit, and I feel good about it..I would like to put together a portfolio of 4 to 5 positive cash flow properties -that are similar in size and price -before getting back in the ring with buildings..Learned a lot from the BiggerPockets Community, thanks y'all !!!!! 

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Elizabeth Holloway
NYC · Member since 2020 · 12 posts · 36 votes
5y

Given that there are three of us (so far) in the Hudson Valley area, does anyone know of a local real investing club/group?   If now, maybe we can start one.  Has to be many more of us.

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  • Nathan GesnerBusiness Member
    Moderator
    Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
    5y

    Congratulations on the purchase and thanks for sharing. Onward and upward!

    The DIY Landlord Book4.7247 Reviews
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    1Reply
  • Scott WolfPro Member
    Lender · Boca Raton, FL · Member since 2014 · 1k+ posts · 958 votes
    5y

    @Hugh Horner how many units, and where did you buy? What's your COC return?

    1Reply
  • Hugh Horner
    OP
    Rental Property Investor · Hudson Valley, NY · Member since 2020 · 43 posts · 24 votes
    5y

    @Scott Wolf 2 units on Water Street in Catskill, NY looking at Crossroads Brewery, COC is 12.6 %

    1Reply
  • Chris Szepessy
    Catskill, NY · Member since 2018 · 636 posts · 668 votes
    5y

    @Hugh Horner congratulations!

    1Reply
  • Elizabeth Holloway
    NYC · Member since 2020 · 12 posts · 36 votes
    5y

    Hello, and congratulations.   I am waiting to close on my first investment property in the Hudson Valley as well.  It's an already functioning Air BnB.  Good luck!

    1Reply
  • Hugh Horner
    OP
    Rental Property Investor · Hudson Valley, NY · Member since 2020 · 43 posts · 24 votes
    5y

    @Chris Szepessy Thank You !!

    0Reply
  • Hugh Horner
    OP
    Rental Property Investor · Hudson Valley, NY · Member since 2020 · 43 posts · 24 votes
    5y

    @Elizabeth Holloway That’s fantastic ! Good luck

    0Reply
  • Adam Kushner
    Rental Property Investor · Hudson, NY · Member since 2020 · 4 posts · 3 votes
    5y

    Congratulations!  Here’s to 5 more of those!

    1Reply
  • Hugh Horner
    OP
    Rental Property Investor · Hudson Valley, NY · Member since 2020 · 43 posts · 24 votes
    5y

    @Adam Kushner Thank You !! 

    0Reply
  • Adam Kushner
    Rental Property Investor · Hudson, NY · Member since 2020 · 4 posts · 3 votes
    5y

    @Hugh Horner hopefully I’ll be getting my first multi family rental in the Catskill area over the winter. 

    1Reply
  • Elizabeth Holloway
    NYC · Member since 2020 · 12 posts · 36 votes
    5y

    Given that there are three of us (so far) in the Hudson Valley area, does anyone know of a local real investing club/group?   If now, maybe we can start one.  Has to be many more of us.

    4Reply
  • Hugh Horner
    OP
    Rental Property Investor · Hudson Valley, NY · Member since 2020 · 43 posts · 24 votes
    5y

    @Adam Kushner Good luck ~ they are starting to pop up !

    0Reply
  • Hugh Horner
    OP
    Rental Property Investor · Hudson Valley, NY · Member since 2020 · 43 posts · 24 votes
    5y

    @Elizabeth Holloway Everything I’ve seen for meet up’s are further down the river -Poughkeepsie Westchester or North- Albany Troy, 100% we need one ! Love the idea

    1Reply
  • Joseph Serignese
    Member since 2019 · 6 posts · 5 votes
    5y

    Congratulations! I'm from Athens which is the next town north of Catskill. I have been looking in Catskill also. The area is finally doing well with a lot of new money flowing in. I'm interested to see what happens to the old Friar Tuck resort. It was purchased in September and Investors said they are putting 60-120 million into it. Also Carls Rip Van Winkle Motor Lodge with a $7mm investment and the Astoria Motor Lodge was recently purchased and is being renovated. These are very good signs for a long forgotten area.

    2Reply
  • Marlen Weber
    Specialist · Plano, TX · Member since 2020 · 2k+ posts · 861 votes
    5y

    Woohooo. Great work, keep it up and congratulations on your success.

    @Hugh Horner

    1Reply
  • Marc Ende
    Investor · Hudson Valley, NY · Member since 2020 · 4 posts · 3 votes
    5y

    Hi there! New to BiggerPockets. This thread caught my attention as I'm also in the Hudson Valley - in the Stone Ridge/Accord area. I've been operating a larger vacation rental and seeing huge success. Looking to buy 2-3 more properties in 2021. VERY bullish on this area as I see sustainable vacation rental growth. I'd join a club! I'm also willing to partner up with other investors to gain access to more capital! #Strengthinnumbers

    3Reply
  • Ben Lockspeiser
    Investor · CT · Member since 2017 · 30 posts · 12 votes
    5y

    Congrats on the first! There's a Westchester Real Estate Investors group on Facebook run by Rachelle Rayner that is pretty active and inclusive. 

    I'm in the process of a small building in Kingston, and own a two family in Westchester. 

    If any of you are looking for another two family, we just put ours on the market.

    2Reply
  • Hugh Horner
    OP
    Rental Property Investor · Hudson Valley, NY · Member since 2020 · 43 posts · 24 votes
    5y

    @Marlen Weber

    Thank you for the support, give my love to TX please, My Mother and that whole side are from The Hill Country.

    1Reply
  • Hugh Horner
    OP
    Rental Property Investor · Hudson Valley, NY · Member since 2020 · 43 posts · 24 votes
    5y

    It really is exciting, a true rebirth..I have lived and owned a home in Hudson for 10 years, great to see Catskill finally getting some action- Hudson is excellent- but I see more opportunities across the bridge at this given time..Keep in touch !

    @Joseph Serignese

    0Reply
  • Hugh Horner
    OP
    Rental Property Investor · Hudson Valley, NY · Member since 2020 · 43 posts · 24 votes
    5y

     Stone Ridge is a perfect area for what you are doing ! I think the club formation is a no brainer and I hope to meet you at one..I also wouldn’t mind investing  on some property at some point-with partners..More Capital More Properties !!!! Let's stay in touch..

    @Marc Ende

    0Reply
  • Hugh Horner
    OP
    Rental Property Investor · Hudson Valley, NY · Member since 2020 · 43 posts · 24 votes
    5y

    Thanks for the info, crunching some numbers in Troy currently, but plan on doing the same in Kingston after the holidays- would love to touch base then..Take care   

    @Ben Lockspeiser

    0Reply
  • Joseph Serignese
    Member since 2019 · 6 posts · 5 votes
    5y

    I'm new to this forum and Biggerpockets and would be interested in a local real estate group if anyone else is. I think this area has good potential going forward!

    1Reply
  • Chris Szepessy
    Catskill, NY · Member since 2018 · 636 posts · 668 votes
    5y

    I'd be interested in a meetup as well!

    2Reply
  • Marlen Weber
    Specialist · Plano, TX · Member since 2020 · 2k+ posts · 861 votes
    5y

    I sure will :) @Hugh Horner

    0Reply
  • Samantha Cash
    Rental Property Investor · Catskill, NY · Member since 2018 · 80 posts · 30 votes
    5y

    @Hugh Horner Congrats on the property, I can't believe the amount of interest in my hometown! As far as meetups go, I'd agree with Ben, Rachelle from the Westchester group has been a huge help to me (she had and sold a short term rental in western Greene County). The most northern meetup I've found is: Ulster Country REI Group. I've haven't been to too many meetings recently and they are via Zoom now, but I did meet some great folks there. @Michelle Bulich organized one meetup last year in Catskill. I would be open to helping organize another.  Were folks thinking virtual or in-person, obviously in-person is tough (but not impossible) right now and virtual might give non-local investors the chance to participate.

    1Reply
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