New Investor from Upstate NY

New Investor from Upstate NY

Real Estate Broker · Watertown, NY · Member since 2016 · 1k+ posts · 1k+ votes

Hey Everyone!

My name is Michael Ablan.  I'm new investor from the Upstate New York area!  I'm a newly licensed real estate agent, and landlord.  In my free time I do a ton of mountain hiking, kayaking, reading, flipping, cooking and traveling.  I just recently came off a 1 year trip where I visited around 10 countries and 15 states.  It was a once and a lifetime experience that really helped me mature and finally focus my mind onto a career that fits me perfectly.  Real Estate.

My first deal (November 2015) was at a tax foreclosure auction in a city close to my home town.  With the help of my Father, Mother and Grandmother (76 years old at that!), we were able to get it rehabbed and rented within 60 days after closing.  It's currently going great, and I'm in negotiations to sell it on a lease option agreement come tax time.

I did this deal without ANY real estate knowledge or experience.  I've been self employed since 11th grade, where I was investing in everything from electronics & cars, to stocks and options.  I'm also lucky to have a father whose had a lifetime of construction experience, so we at least had some bare bones experience.  However, I'd be naive to think I didn't get lucky on this transaction.  Knowing the little I know now, a LOT of things could have gone wrong...

Therefore I've been DEVOURING information since then. Lots of forum posts, but mainly podcasts. I want to succeed because of hard work, knowledge and resourcefulness, not because of luck. I started with episode 1 and I'm currently on 32. Since then, I've gotten a duplex and a SFH home under contract, and should be closing both within the next 2 weeks. I plan on holding and renting these. I'm also negotiating on 2 more duplexs, a triplex, a SFH, and a wholesale flip. I'm deploying strategies such as seller financing, partnerships, and lowball cash offers to work these deals.

 I can honestly say I wouldn't have done any of this if not for the incredibly informative podcasts put on by @Joshua D. and @Brandon Turner.   You two (and all of your super intelligent guests) are AWESOME, and I hope I can meet you all someday.  I owe you all a fancy *** dinner at the very least.

To wrap this up I'll talk a little about my future plans.  My goal is to have 15 units operational and rented by the end of the year.  I would also like to get 2 wholesale deals, and 2 rehab and flips done in that time as well. 

I'm currently getting ready to start a direct mail campaign.  I will be targeting motivated sellers with 30-50% equity, as well as people underwater in their mortgages.  My pitch will be along the lines of "If I can't buy your home, maybe I can help you sell it."  I want to get my feet wet in wholesaling, rehab/flipping, while exploring the world of a real estate agent. Over time I will narrow my focus onto the niches I'm good at and pursue those aggressively.  Only time will tell.

Anyways, I look forward meeting you all, and hopefully working with some of you!  I'm excited to get involved in the community here! I hope I can make a useful contribution to this site!  If anyone finds themselves north of Syracuse, feel free to drop me a pm!

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Rental Property Investor · Cape Coral, FL · Member since 2015 · 206 posts · 83 votes
10y

@Michael Ablan Yes there is a problem with the landlords and tenants there for sure. That is good for those that take care of their properties though. It will drive all the good tenants your way. It's always nice hearing your rentals are the nicest the prospective tenant has looked at. I had no idea of the bed bug problem there. I just hate seeing the local government trying to overshadow landlords especially those that take care of their properties. I know the city is suppose to mow any lawns that are overgrown and then charge the owner however I often have seen many lawns well over a foot high not be touched by the owner or the city. I think enforcement of  a similar code for all aspects of property presentation would be beneficial. 

The Georgia market is very hot right now. It's very different than the Watertown area. Not very many multi families available. I am in the middle of closing my first deal now and looking to do another as soon as one pops up. Most SFR that are priced well last a week or less before an accepted offer. The area I live in is about the same population as Watertown but just 5 minutes away there is another town with the same population. When I left Watertown my agent said there was about 380 days of inventory, it's about 60 or less in my area. I researched the market and watched it for about 6 months before moving and another 6 when I got here to learn the trends.

Good luck on your investments. I definitely suggest meeting with Brian Murray and picking his brain. He was my marketing professor in college...very smart guy. He's turned around a lot of run down properties to help revitalize Jefferson county.  

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  • Rental Property Investor · Liverpool, NY · Member since 2015 · 156 posts · 25 votes
    10y

    @Michael Ablan Whats up Mike, Thanks for the informative post. Just wanted to introduce myself. Investor from the Upstate area myself, located in Syracuse NY. Welcome!

  • Rental Property Investor · San Rafael, CA · Member since 2015 · 190 posts · 90 votes
    10y

    Hey @Michael Ablan, welcome and good luck with your plans! I am investing in syracuse as well but from the west coast. Will let you know next time I am in town and we can meet up.

  • Brandon TurnerPro Member
    Investor · Maui, HI · Member since 2009 · 13k+ posts · 3k+ votes
    10y

    Hey @Michael Ablan welcome to BP! I'm glad you're enjoying the podcast. You should definitely start jumping right in the forums! Also, if you haven't yet, try to setup some "Keyword Alerts." It's great for getting into local conversations.

    See you around the site!

  • Professional · Carlsbad, CA · Member since 2012 · 12k+ posts · 1k+ votes
    10y

    @Michael Ablan

    Welcome to Bigger Pockets. Make sure to check out all of the informative podcasts.

  • Investor · Charlotte, NC · Member since 2016 · 52 posts · 8 votes
    10y
    Originally posted by @Michael Ablan:

    Hey Everyone!

    My name is Michael Ablan.  I'm new investor from the Upstate New York area!  I'm a newly licensed real estate agent, and landlord.  In my free time I do a ton of mountain hiking, kayaking, reading, flipping, cooking and traveling.  I just recently came off a 1 year trip where I visited around 10 countries and 15 states.  It was a once and a lifetime experience that really helped me mature and finally focus my mind onto a career that fits me perfectly.  Real Estate.

    My first deal (November 2015) was at a tax foreclosure auction in a city close to my home town.  With the help of my Father, Mother and Grandmother (76 years old at that!), we were able to get it rehabbed and rented within 60 days after closing.  It's currently going great, and I'm in negotiations to sell it on a lease option agreement come tax time.

    I did this deal without ANY real estate knowledge or experience.  I've been self employed since 11th grade, where I was investing in everything from electronics & cars, to stocks and options.  I'm also lucky to have a father whose had a lifetime of construction experience, so we at least had some bare bones experience.  However, I'd be naive to think I didn't get lucky on this transaction.  Knowing the little I know now, a LOT of things could have gone wrong...

    Therefore I've been DEVOURING information since then. Lots of forum posts, but mainly podcasts. I want to succeed because of hard work, knowledge and resourcefulness, not because of luck. I started with episode 1 and I'm currently on 32. Since then, I've gotten a duplex and a SFH home under contract, and should be closing both within the next 2 weeks. I plan on holding and renting these. I'm also negotiating on 2 more duplexs, a triplex, a SFH, and a wholesale flip. I'm deploying strategies such as seller financing, partnerships, and lowball cash offers to work these deals.

     I can honestly say I wouldn't have done any of this if not for the incredibly informative podcasts put on by @Joshua D. and @Brandon Turner.   You two (and all of your super intelligent guests) are AWESOME, and I hope I can meet you all someday.  I owe you all a fancy *** dinner at the very least.

    To wrap this up I'll talk a little about my future plans.  My goal is to have 15 units operational and rented by the end of the year.  I would also like to get 2 wholesale deals, and 2 rehab and flips done in that time as well. 

    I'm currently getting ready to start a direct mail campaign.  I will be targeting motivated sellers with 30-50% equity, as well as people underwater in their mortgages.  My pitch will be along the lines of "If I can't buy your home, maybe I can help you sell it."  I want to get my feet wet in wholesaling, rehab/flipping, while exploring the world of a real estate agent. Over time I will narrow my focus onto the niches I'm good at and pursue those aggressively.  Only time will tell.

    Anyways, I look forward meeting you all, and hopefully working with some of you!  I'm excited to get involved in the community here! I hope I can make a useful contribution to this site!  If anyone finds themselves north of Syracuse, feel free to drop me a pm!

     Welcome @michael to BP forum. Hope you enjoy your time here! I'm curious to see what you have in mind on how you will be structuring your properties that you plan on buying by the end of the year from a business perspective..

    LLC or S-Scorp ?

    I'm a newbie as well :)

  • Rental Property Investor · Arlington, VA · Member since 2014 · 111 posts · 35 votes
    10y

    @Michael Ablan Welcome to BP! The podcasts are very informative and will teach you a lot. And congrads on getting your license, I just got mine myself and its already opening a lot of doors that were unavailable before. I used to live in Watertown myself and sold my rental last year, has the rental market up there improved at all?

  • Real Estate Broker · Watertown, NY · Member since 2016 · 1k+ posts · 1k+ votes
    10y

    @Will Chamberlin  Sounds great!  Do you mind if I send you a PM?  I would love to talk to you about the kind of investing you're into!

    @Bony Mathew Thanks man!  Honestly this isn't something I've put a whole lot of thought into.  I'm currently running everything under my Sole Proprietor business, but I know I'm going to need to change that soon.  I've got an appointment with my accountant in a couple weeks, so once we go over the pros and cons, I'll make a decision.  I'll fill you in then if you'd like!

    @Steve B. Thanks! Congrats to you as well! It's definitely proving to be a pretty useful tool. Especially since I can represent myself on purchases and earn the buyers agent 3%. As for Watertown, it's doing alright. I'd say the rental market has improved a little, but not drastically. I haven't had any issues because I aggressively market on craigslist, zillow, trulia, MLS, the newspaper, yard signs and I've built a relationship with our local HUD/Section 8. Tenant screening is probably the hardest part. Lots of riffraff. Do you ever come back up this way? Or are you keeping your business mainly in Schenectady?

  • Investor · Charlotte, NC · Member since 2016 · 52 posts · 8 votes
    10y
    Michael Ablan absolutely man! Would love to hear!
  • Watertown, NY · Member since 2016 · 6 posts · 1 vote
    10y

    Michael,

    I also have been looking in the Watertown area at multi-family homes for potential investment properties that I can then rent. I have placed several offers but only recently had one accepted. It sounds like you are a couple of steps ahead of me in the process as this will be my first purchase. Best of luck to you and your future endeavors.

  • Real Estate Broker · Watertown, NY · Member since 2016 · 1k+ posts · 1k+ votes
    10y

    @Bowe Averill  Hey Bowe!  Congratulations on your first deal!  It's pretty exciting when you get that acceptance confirmation

    Would you like to grab coffee sometime?  I'd love to hear about your plans.  Maybe we can help each other out

  • Real Estate Agent · Milwaukee County, WI · Member since 2009 · 3k+ posts · 525 votes
    10y

    congrats and welcome to biggerpockets

  • Rental Property Investor · Alexandria Bay, NY · Member since 2016 · 27 posts · 4 votes
    10y

    Hi Michael and Bowe, Its good to see Watertown residents on this site...

    I am a new real estate with Bridgeview Real Estate Services and I have two investment properties and hope to add to that portfolio in the next 1-2yrs. 

    I would love to network with you; discuss ideas and strategies.

  • Brooklyn, NY · Member since 2016 · 8 posts · 0 votes
    10y

    @Michael Ablan Hey Michael!

    im a new investor from Brooklyn area! Spending a lot of time doing my research here, planning on getting my license soon. Its seems great what you've have done already. and still calling yourself new )). i was also thinking about direct mail campaign in my area or maybe Bronx, just had a question since you haven't done yours, how do you find your deal so far! thank you 

  • Rental Property Investor · Arlington, VA · Member since 2014 · 111 posts · 35 votes
    10y

    Michael I like to keep everything local now so I focus on the Capital Region. With good marketing for your rentals you shouldn't have any problems. Something that the big property managers up there could learn. Fort Drum will be your largest pool of renters and realtor clients there, contact the base housing office and form a relationship with someone in the office so that you will get referrals. 

  • Watertown, NY · Member since 2016 · 6 posts · 1 vote
    10y

    @Michael Ablan sounds great. PM me and we can arrange a time.

  • Bulawayo, Zimbabwe · Member since 2015 · 1k+ posts · 253 votes
    10y

     Congratulations on the deals. Welcome to BP

  • Real Estate Broker · Watertown, NY · Member since 2016 · 1k+ posts · 1k+ votes
    10y

    @Hoseah Njuguna  Definitely!  I'll send you a PM and we can set something up!

    @Ksenia Krasilich  Thank you!  I definitely think getting your license is a great idea!  It opens a lot of doors and the class will teach you a lot about the rules and regulations for NY.  As for my first deal, I went to our county tax foreclosure auction.  Every county has one each year.  You're picking up a quit claim deed on a property where the prior owner chose to neglect their taxes for a couple years.  I would definitely suggest attending, regardless if you want to bid or not.  Just seeing it in action will spark some new ideas for you.

    @Steve B.  Genius call in regards to contacting FD base housing department.  I didn't even consider that.  Thanks man, and best of luck to you in the future! Send me a pm if you're ever in this neck of the woods!

  • Rental Property Investor · Bronx, NY · Member since 2015 · 37 posts · 7 votes
    10y

    Hey

    @Michael Ablan  Welcome to BP, you seem to be rocking and rolling but then again you have been doing this for awhile. In the near  future I hope to be investing in another Multi Fa. property. In a perfect world I'd be buying another in N.Y.C. but prices are out of this world I haven't given up but also  considering Up state ,New Jersey and PA. May be I can reach out And get advice. Wishing You all the Best !!! 

  • Rental Property Investor · Closter, NJ · Member since 2015 · 884 posts · 722 votes
    10y

    @Michael Ablan Welcome to Bigger Pockets!  Very impressive bio - can't wait to hear more updates!

  • Professional · Carlsbad, CA · Member since 2012 · 12k+ posts · 1k+ votes
    10y

    @Michael Ablan

    Welcome to Bigger Pockets. Make sure to read the Beginner’s Guide: http://www.biggerpockets.com/real-estate-investing

  • Sam AlberryPro Member
    Watertown, NY · Member since 2014 · 32 posts · 3 votes
    10y

    Hey Michael ,

     I am also in and from Watertown New York  . Congrats on your success so far . I am about to jump in myself after quite a while of listening to podcast and wondering if I could do it . I have yet to do a purchase offer however own 2 properties that I am about to rehab and put on the market or maybe rent

  • Real Estate Broker · Watertown, NY · Member since 2016 · 1k+ posts · 1k+ votes
    10y

    @Thomas Cardona  Thanks Thomas! I commend you for being able to compete in the N.Y.C territory!  No small feat!  If you do decide to look elsewhere, feel free to send me a pm!  Maybe we could chat over Skype.  I'm running into a lot of opportunities up here that may be of some interest to you.

    @Sam Alberry  Hey Sam!  It's nice to see another Watertown guy around the forums!  Best of luck on your rehab!  If you ever have some free time, lets get coffee sometime! I'd be interested to hear about your future plans for your properties!

  • Rental Property Investor · Cape Coral, FL · Member since 2015 · 206 posts · 83 votes
    10y

    Hi Michael,

    Congrats on your new deals. I moved from Watertown in December where I owned a duplex for 2.5 yrs. I don't watch it real actively but the rental market seems to have taken a dive there so I'm glad to hear you're successful! I want to suggest the book Landlording on Autopilot by Mike Butler. This has been one of the most informative books on rental properties in my opinion.What do you think about the proposition of the landlord registration? 

    Personally I think absentee owners/slumlords are an issue in the city but this is not the way to handle it. Code enforcement seems to be a better approach.

  • Real Estate Broker · Watertown, NY · Member since 2016 · 1k+ posts · 1k+ votes
    10y

    @Brian Murray  Thank you!  That would be great!  I haven't been online in awhile, but I just saw this today.  I'll reach you to you asap and see if/when you're free for coffee!

    @Chris Virgil-Stone  Thanks Chris!  Yeah, the rental market here is definitely over-saturated (due to several reasons).  However,  I've been having success by being friendly with my tenants, upgrading my units, showing up when something breaks at the house to fix it, and pricing my units slightly under market value . From what I'm hearing there are tons of landlords in the city who completely ignore tenants when things such as the shower faucet break.  It's kind of sad.  

    And for the landlord registration, I think it's a decent idea, but could screw up the whole ecosystem really fast, especially if they come in too strict.  However, something definitely needs to be done.  Apparently a large number of houses in the city have bed bug problems, and tenants are just living and dealing with it.  Pretty gross stuff.

    Anyways, I see you're in Georgia? Did you move towards a better market?

  • Rental Property Investor · Cape Coral, FL · Member since 2015 · 206 posts · 83 votes
    10y

    @Michael Ablan Yes there is a problem with the landlords and tenants there for sure. That is good for those that take care of their properties though. It will drive all the good tenants your way. It's always nice hearing your rentals are the nicest the prospective tenant has looked at. I had no idea of the bed bug problem there. I just hate seeing the local government trying to overshadow landlords especially those that take care of their properties. I know the city is suppose to mow any lawns that are overgrown and then charge the owner however I often have seen many lawns well over a foot high not be touched by the owner or the city. I think enforcement of  a similar code for all aspects of property presentation would be beneficial. 

    The Georgia market is very hot right now. It's very different than the Watertown area. Not very many multi families available. I am in the middle of closing my first deal now and looking to do another as soon as one pops up. Most SFR that are priced well last a week or less before an accepted offer. The area I live in is about the same population as Watertown but just 5 minutes away there is another town with the same population. When I left Watertown my agent said there was about 380 days of inventory, it's about 60 or less in my area. I researched the market and watched it for about 6 months before moving and another 6 when I got here to learn the trends.

    Good luck on your investments. I definitely suggest meeting with Brian Murray and picking his brain. He was my marketing professor in college...very smart guy. He's turned around a lot of run down properties to help revitalize Jefferson county.  

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