New RE investor from Albany, NY

19 Replies

hello everyone my name is Paul Cho, brand new member to the bigger pockets forum.

have been learning via bigger pockets podcast, purchased BRRRR book by david greene (1/3 into the book, very informative)

my situation - i got lucky through my dad getting a house upstate NY as a gift. everything is paid for. he didn't know what to do with the house cause he's always traveling overseas. so i'm here with this house, applied for HELOC (in the process). VERY interested in the BRRRR method (SFH and MFH) but want to start with SFH so i can learn the ins and outs of how to BRRRR (taking action) and meet some experienced people and get connected.

questions 1. because everything is so expensive here in NY, was trying to look into more states down south (FL/GA/TX - or other states, always open to learn) - any good websites/forums/meets that people go to that they would like to recommend? 

2. do ya'll look for a good investor friendly agent first, or that doesn't really matter?


any tips on what you would do in my situation, anything would be helpful, thank you very much for your wisdom

Hey Paul welcome. I'm an insurance broker here in Albany and I work with lots of investors.

To answer your questions: 1. You can make money anywhere as long as you know the market. Lots of people prefer to stay in their own backyards for simplicity though. Bigger pockets is obviously a great resource but, I would say to pick an area and then look at realtor.com and craigslist daily for that area until you start to get a feel for what the market looks like.

2. Investor friendly agents are great. At the very least, I would work with an agent that has worked with some investors in the past. Or you can go with a specialist. For example: @Jamie Brayton works with just investors in the Albany area. She also runs a local virtual meetup that you should check out. I tagged her so I'm sure she would be happy to share the details on that.

That’s so nice and a great position to be in.  

@Jamie Brayton is such a great resource! I do think having an investor friendly agent is very important but ultimately you have to know how to analyze deals and numbers to be able to make an assessment. When sending emails to my investor clients, they usually have some sort of criteria they are trying to meet. If it’s just a specific area and cash flow for multi families then I usually check that it exceeds the 1% rule or if taxes are high then closer to the 1.5-2%  

Things here don't have to be expensive and are still able to cash flow nicely. So many people want to Brrrr right now and I think it's hard to find one but definitely doable especially if you're looking at SFHs too. If you're up for houses that need a lot of work then connect with people who could have knowledge of off market rehab deals (like Jamie and other agents who frequently encounter off market deals, wholesalers, etc). Also, my first brrrr was a multi family and I think it actually went smoother than if it were a SFH bc the overall rents/cash flows are higher and was able to take more $ out of the refinance process than with my single families.

If you’re looking to invest out of state, I’d suggest David greens book about the topic. Those states you mentioned are more landlord friendly than New York but times like this just shows you how important it is to properly screen tenants anywhere and wait until you find the right one. I’ve started looking in Florida and Im consistently analyzing that market, median home values, rental prices, hoa fees. For me, I’m just looking to have my ‘retirement’ home paid off by the time I Get there (15 years ⏰) so cash flow isn’t as important. But your goals for OOS investing could be different. 


@Alison Walden

Wow very informative! Thank you so much!

That’s a good place to start and learn how to analyze deals. Understanding the numbers I guess will be my number one priority.

For my personality, reading everyone’s advice being different but sounds good at the same time pulls me back to see which way to start would be best. They all sound reasonable and doable for me, but there’s just so many different advices haha but I shall look into it

Another question if you don’t mind me asking,

If you have done OOS investing. Is there a location via sites that you look into to find other contractors and investors? Or do you just go through BiggerPockets?

Hey @Paul Cho ,

I'm also learning about OOS investing, I want to share some insight on how to decide. I've been joining groups on different social media platforms pertaining to areas I'm interested in to get more of an inside story from locals. I'm more of a beachgoer so I look up and down the coast on zillow/realtor maps-websites and track the markets and the numbers I'm interested in being a part of. I also subscribe to local news outlets in those areas to stay informed on what's going on. The one thing I want to work on next is incorporating new and existing landlord/tenant laws into my process.

Have you traveled to any of those southern states, if so which one did you favor? In those states, which numbers look best to you? Also, think of property management, if you plan on growing a portfolio you'll either want to be there to manage or have a management system in place.

Hope this helps a little!

Nicole

I would say connecting with investor-friendly agents would be a good first move. I would do some research first on your target markets and then ask a lot of questions to make sure it fits your goals for REI. Best of luck! @Paul Cho

@Nicole Butt

Definitely helpful! I’ve been joining the fb groups that have off markets and finding the right locations to invest OOS, I’ve only been to florida(Orlando, Sarasota, and Pensacola) TX(Houston) and Georgia(Atlanta), definitely have seen better deals down in those cities than up here in Albany/NY. Well for me that is. I’m sure there are some deals here,

I really wanted to look into the Florida area the most. Been joining in the groups, just haven’t been able to find the deals that I can participate in.

Definitely looking into property managements down there too.

I've also looked into rent to retirement sponsored on biggerpockets podcasts. Everything is done for you, and they help you with your journey in REI. As soon as the heloc is approved I shall take your advice and move forward into look into the goal of my investments :)

Very appreciative of your share! Thanks again! Hope we can work together on something if you’re open :)

Paul Cho

@Brandon Goldsmith

Awesome! That was the common advice from all the real estate agents that I asked through this site! :) thanks Brandon for your wisdom!

Been joining a lot of those groups too - investor friendly real estate groups, but still searching for some people that I can learn and shadow from :)

Paul Cho

@Paul Cho i

Thanks for the mention.  As you have seen we have investment opportunities in over 12 markets throughout the US that we've identified as being an excellent investment market based on cash flow, appreciation, equity, legislation, taxes, rental demand, job & economic growth, etc.  WE take a very strategic approach in determining the best markets to invest in long term based on this criteria & the goals of our investors.  I'm happy to answer any specific questions you have at any point in time.  Here are some excellent resources to check out as well.

https://www.biggerpockets.com/users/ZacharyCole/references

https://www.biggerpockets.com/forums/92/topics/518583-feedback-on-renttoretirement-and-zach-lemaster

https://www.biggerpockets.com/forums/92/topics/765347-rent-to-retirement-review

https://www.biggerpockets.com/forums/850/topics/895660-my-first-investment-property-an-out-of-state-deal

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