The monthly Newburgh RE Investors meetup is here. Deals are still to be had. If your looking to invest in Newburgh get here!
This is a casual affair, no speakers no round robin. Just show up and say hello.
Looking forward to hearing about some closed deals. I know a lot of folks have been in contract. Good thing too bc the market is heating up.
4/30/18 8AM. Blacc Vanilla Caffe. 197 south st Newburgh NY 12550
@Michael Alicea @Micol McNair @Michael Gessner @Michael Haberman @Rebecca Devlin @Paul Tarsney @Kimberly DiMarino @Cynthia Ng @Sarah Hooff @Eddie V. @Brian Mukerjee @Brian Pulaski @John Wood @John B. @John Klassen @Jack Smith @Cheryl Fielding @Alan Brown @Harrison Chiu
I always forget some names if anyone can pass the word to the regulars pls do. Blacc Vanilla asked if we could move to Monday’s. They are closed on Monday. Last meeting we had about 40 people or so and that’s a bit much for the place.
@John Hickey I am still bullish on Newburgh. Have you seen any contiguous portfolios for sale, say 20+ untis? I am looking for larger units as I develop my skills and portfolio.
@Michael Brown I have seen some packages around in the last year. I got one that was 30+ units mixed use with some bonus lots. I was in the 30k range per unit. But they were not contiguous. That’s a premium these days. I think contiguous packages are north of 50k a unit and still need gut Reno
Don’t worry tho in a few years we will all laugh at that days of 20k units in newburgh.
Where do you think it will stop?
Right now I am jumping out as the prices are too high. Following my strategy as I did in Jersey City. Taking my return, which are substantial, and waiting for the dip then will get back in. There will be one as there still is a lack of gov direction.
What other areas are you seeing as opportunities upstate/misstate?
@Michael Brown market timing is tough.
I bought in Bed stuy brooklyn in 07. I wanted to sell 100 times at least. Thank God I didn’t do it sooner. I’ll still probably regret it.
Buy low never sell is the ultimate strategy.
Totally agree...except when 200 units are the next opportunity. Then...it's time to go.
But I am still looking at Newburgh seems that once it got in my blood it did not go away.
Will DM to talk further.
Also can you send me the 30+ units deal. DM me.
@Michael Brown the 30 unit deal I bought last year!
Not for sale just yet. Happy to share the details it’s all public record. They are mostly brick. Flat roof. One day when newburgh turns around I can see it being worth 10 times what I paid for it. When I bought it only two commercial properties were rented. Now most of them are...I have two left. I’ll post a few pics too.
67 south Robinson ave 3 family
163/165 broadway 5 family, 4 rented rooms 2 stores
164 Ann st 4000sf warehouse
222/224 broadway 2 stores 14 rented rooms
226 broadway 1 store, 1 apt
228 broadway 1 store 2 apts
Asking was 1.6m
3 large vacant lots.
Michael Haberman Newburgh’s money man, got me the cash.
Awesome. Looks like a good find. Congrats.
Yes the hold is key on this. But that is real estate.
Was the 14 rooms a boarding house?
HI everyone! I would love to come up and start to get a handle on what is happening in Newburgh. I have been looking at some of the markets in the area, and have never really looked at Newburgh, but can see now there are some folks making it happen around there. Looking forward to meeting some of you there, and hopefully making some deals happen.
@Michael Brown yes I have two rooming houses, they are both legal. Grandfathered in. Many many illegal rooming houses in newburgh. I don’t do that. Mine are legit.
They are real cash cows but a lot of managing. Rooms are 500-625 each. That would be 4 3 bedroom apts renting for 1250-1350 each. So the money is good but it’s a time sucker.
@Dave Currence cmon up. Still good deals around. There are vacants all over. The hand writing is on the wall. Newburgh is making its comeback. It’s been trumpeted a few times but never like this.
I would check out the city list. There are some really good properties on there now. They are looking for owner occupy but give it a shot doesn’t cost $ just time.
Restaurant biz? They need folks like you. Many restaurant people up here are first timers or just good cooks with family recipes. Then there are folks like Mike from Liberty street bistro or Jodi from Macchiato but a lot of newbies in the rest biz. Def proof that restaurants can flourish up here.
Liberty street bistro avg check is upwards of 250 I would guess. Rent is prob 2k a month. How’s that for profit?
@John Hickey -Thanks! Im definitely going to check out the area, and do whatever I can to get up to the meet up on 4/30. I might take a drive up there sooner, just to get my bearings. I appreciate your reply.
and yes, I think often about getting a new restaurant going outside of NYC. It's become damn near impossible to make them work down here. The ability to buy the real estate your restaurant occupies is a classic recipe for success, but very difficult to achieve in NYC (for obvious reasons).
I have met Jodi on a couple of occasions, as she does some private chef work as well and has worked for some friends of mine who have a summer place near Milan, NY. Her food is fantastic in my opinion. I'd like to check out her place.
@Dave Currence the meeting is a tremendous resource. At meetings lately we had wholesale deals, contractors and on the ground experiences from folks doing deals in newburgh.
Just last month I know of 5 deals in our little group that closed. We’re about 40 Investors now, and growing.
Side note. I was in a flooring store the other day and mentioned our meet up of 40 or so Investors. The flooring guy said he’s dying to give his cards out. I asked him if he could give us some special prices. He said he has prefinished oak for 2.25sf.
So I told him to come and he can meet folks but no air time. Just show up.
That led me to think. We should be talking about volume discounts with suppliers. That’s the topic of the next meeting.