Aggressive Rentals Possible?
Investor · Queens, NY · Member since 2021 · 40 posts · 9 votes
Aggressive Rentals Possible?
Most Popular Reply
Brandon RushPro Member
Real Estate Agent · Portland, CT · Member since 2019 · 761 posts · 849 votesHey Krishnarine,
I think you know the answer to this one, anything is possible. The question is, how bad do you want it? If you want to be aggressive, you will need to start today, not next year. My advice, come up with a plan of action and starting executing on that plan ASAP, not January 1st.
Good luck!
27 Replies
- 4yBrandon RushPro MemberReal Estate Agent · Portland, CT · Member since 2019 · 761 posts · 849 votes
Hey Krishnarine,
I think you know the answer to this one, anything is possible. The question is, how bad do you want it? If you want to be aggressive, you will need to start today, not next year. My advice, come up with a plan of action and starting executing on that plan ASAP, not January 1st.
Good luck!
- Rental Property Investor · Newburgh, NY · Member since 2018 · 160 posts · 117 votes4y
@Krishnarine Hardyal
Yes. It's possible. But it takes money, research, a team and dedication .
Upstate means different things to different people. In the Hudson valley rents are much higher than out by Buffalo, Plattsburgh, or Syracuse. With enough units, it can still be done, but focus on areas that have a decent return if you are in a hurry..
In my opinion..
- Real Estate Broker · Plattsburgh NY · Member since 2021 · 45 posts · 26 votes4y
I disagree about your assessment of the area, I'm in Clinton County, have units in plattsburgh and chazy. 6 units now, 11 soon and I am currently net cashflowing $1700 with the 6 units. After the 5 unit closes that will go up to $3700. I personally don't get into college housing yet, but that would be even better return.
Originally posted by @Bill O'Donnell:@Krishnarine Hardyal
Yes. It's possible. But it takes money, research, a team and dedication .
Upstate means different things to different people. In the Hudson valley rents are much higher than out by Buffalo, Plattsburgh, or Syracuse. With enough units, it can still be done, but focus on areas that have a decent return if you are in a hurry..
In my opinion..
- Investor · Queens, NY · Member since 2021 · 40 posts · 9 votes4y
@Bill O'Donnell and @Kyle Reece thank you both for the reply.. I'm currently looking at the Schenectady Amsterdam area and around that area I know it takes money and proper research and assessment I'm going to be doing it myself no team as of yet but wanted to know if anyone had done b4
- Investor · Queens, NY · Member since 2021 · 40 posts · 9 votes4y
Originally posted by @Bill O'Donnell:
@Krishnarine Hardyal
Yes. It's possible. But it takes money, research, a team and dedication .
Upstate means different things to different people. In the Hudson valley rents are much higher than out by Buffalo, Plattsburgh, or Syracuse. With enough units, it can still be done, but focus on areas that have a decent return if you are in a hurry..
In my opinion..
Yes definitely need money and research I'm currently looking at the Schenectady, Amsterdam and surrounding areas rent are pretty decent for the prices..I wanted to know if anyone had done it I want to have at least 5 properties within 3 months my goal is to have a cash flow of at least 5k per month to live free and get my time back for my family
- Investor · Queens, NY · Member since 2021 · 40 posts · 9 votes4y
Originally posted by @Kyle Reece:
I disagree about your assessment of the area, I'm in Clinton County, have units in plattsburgh and chazy. 6 units now, 11 soon and I am currently net cashflowing $1700 with the 6 units. After the 5 unit closes that will go up to $3700. I personally don't get into college housing yet, but that would be even better return.
Originally posted by @Bill O'Donnell:@Krishnarine Hardyal
Yes. It's possible. But it takes money, research, a team and dedication .
Upstate means different things to different people. In the Hudson valley rents are much higher than out by Buffalo, Plattsburgh, or Syracuse. With enough units, it can still be done, but focus on areas that have a decent return if you are in a hurry..
In my opinion..
Thanks for the reply I'm looking into 2+ family rentals looking to be aggressive 5 rentals in 3 months and have at least a 5k month cash flow to live free and get my time back. As of now I'm looking into Schenectady Amsterdam and surrounding areas...are you doing this full time? Is it worth it? Congrats on your soon to be 11 properties..I can't wait to get there soon
- Real Estate Broker · Plattsburgh NY · Member since 2021 · 45 posts · 26 votes4y
Originally posted by @Krishnarine Hardyal:
Originally posted by @Kyle Reece:
I disagree about your assessment of the area, I'm in Clinton County, have units in plattsburgh and chazy. 6 units now, 11 soon and I am currently net cashflowing $1700 with the 6 units. After the 5 unit closes that will go up to $3700. I personally don't get into college housing yet, but that would be even better return.
Originally posted by @Bill O'Donnell:@Krishnarine Hardyal
Yes. It's possible. But it takes money, research, a team and dedication .
Upstate means different things to different people. In the Hudson valley rents are much higher than out by Buffalo, Plattsburgh, or Syracuse. With enough units, it can still be done, but focus on areas that have a decent return if you are in a hurry..
In my opinion..
Thanks for the reply I'm looking into 2+ family rentals looking to be aggressive 5 rentals in 3 months and have at least a 5k month cash flow to live free and get my time back. As of now I'm looking into Schenectady Amsterdam and surrounding areas...are you doing this full time? Is it worth it? Congrats on your soon to be 11 properties..I can't wait to get there soon
semi full time. I don't want to stop and go full time just to wipe out my cashflow in order to pay for my expenses. Since I use the cashflow to invest. So I'm waiting till I bring in more from my FL wholesaling to cover my expenses easily or when my NY cashflow is double my expenses. The capital region will be a little harder to find a deal then my backwater area because the prices will be higher and their would be more investors but still doable. You may need to look off market, especially if you want to be aggressive on your time line.
- Investor · Queens, NY · Member since 2021 · 40 posts · 9 votes4y
Originally posted by @Kyle Reece:
Originally posted by @Krishnarine Hardyal:
Originally posted by @Kyle Reece:
I disagree about your assessment of the area, I'm in Clinton County, have units in plattsburgh and chazy. 6 units now, 11 soon and I am currently net cashflowing $1700 with the 6 units. After the 5 unit closes that will go up to $3700. I personally don't get into college housing yet, but that would be even better return.
Originally posted by @Bill O'Donnell:@Krishnarine Hardyal
Yes. It's possible. But it takes money, research, a team and dedication .
Upstate means different things to different people. In the Hudson valley rents are much higher than out by Buffalo, Plattsburgh, or Syracuse. With enough units, it can still be done, but focus on areas that have a decent return if you are in a hurry..
In my opinion..
Thanks for the reply I'm looking into 2+ family rentals looking to be aggressive 5 rentals in 3 months and have at least a 5k month cash flow to live free and get my time back. As of now I'm looking into Schenectady Amsterdam and surrounding areas...are you doing this full time? Is it worth it? Congrats on your soon to be 11 properties..I can't wait to get there soon
semi full time. I don't want to stop and go full time just to wipe out my cashflow in order to pay for my expenses. Since I use the cashflow to invest. So I'm waiting till I bring in more from my FL wholesaling to cover my expenses easily or when my NY cashflow is double my expenses. The capital region will be a little harder to find a deal then my backwater area because the prices will be higher and their would be more investors but still doable. You may need to look off market, especially if you want to be aggressive on your time line.
Definitely more investors in Schenectady areas but I think most are flippers..I saw lots of MLS deals that are pretty good not that good yet at off market..I have plenty options cause I'll have cash in hand after moving there within a month or so but don't want to use all my cash..I looking at 2 deals right now if buy both for 150k after taxes cash flow roughly 2200 monthly would definitely make back my investment in about 5.5 years or finance and have a lesser cash flow and keep more of my cash to invest more or have as a back up still considering my options though
- Rental Property Investor · saratoga Springs, NY · Member since 2017 · 26 posts · 11 votes4y
@Krishnarine Hardyal
I am in both Schenectady and Amsterdam and other surrounding towns. We’ve amassed about 40 units over the last year and a half.
You can certainly do it if you’re buying and renting without needing to do any rehabs. You just need a good wad of cash that’s all.
If you have limited cash then you'll have to rinse and repeat (BRRRR).
There are plenty of opportunities for straight buying. Cap rates in the 8-10 percent range will get you good properties. Just be careful WHERE you buy so you can attract good quality tenants as well as being able to exit easily.
Depending on your definition of cash flow, ie what are you subtracting from the gross rents, expenditure an average of $200 net per unit, which means about 25 units.
We BRRRR all our units so a team is important.
Goals are good, time frames are good but most important is just get started!
- Rental Property Investor · Newburgh, NY · Member since 2018 · 160 posts · 117 votes4y
@Kyle Reece
I wasn't trying to insult Clinton county. I went to the community college there years ago. But compared to the Hudson valley, rents are cheap. And being an hour to the NYC line, my properties appreciate very well. Of course it costs more to buy in the Hudson valley...
Personally. I am no longer buying anything in NYS. Not because of the returns, but because of the legal environment.
I was simply making the point that there is a lot of NYS north of NYC. And many different markets. They cash flow, appreciate, and cost very differently.. Further research needs to be done to choose the right market.
Most NYC residents think that Albany is way upstate. I thought that when I lived in the city. Now I have a different perspective having traveled through the state and lived in different regions.
- Rental Property Investor · Lubbock, TX · Member since 2015 · 455 posts · 182 votes4y
The current problem with doing that aggressive plan in New York is that closings are taking a LONG time right now. Multiple months. I know some players in the market if you want to meet people who can help make things happen.
- Rental Property Investor · Newburgh, NY · Member since 2018 · 160 posts · 117 votes4y
@Krishnarine Hardyal
I lived in lower Westchester. I moved to Fishkill Ny. I have doors in Fishkill and Newburgh. Mostly sfr. I use the brrr strategy. I cash flow around 800 per unit. But for financial reasons I have expanded slowly. These days deals are getting harder to find, and the political landscape has changed. So I am not buying anything else in NYS.
I am considering Ohio and Pennsylvania..
- Investor · Queens, NY · Member since 2021 · 40 posts · 9 votes4y
Originally posted by @Bill O'Donnell:
@Krishnarine Hardyal
I lived in lower Westchester. I moved to Fishkill Ny. I have doors in Fishkill and Newburgh. Mostly sfr. I use the brrr strategy. I cash flow around 800 per unit. But for financial reasons I have expanded slowly. These days deals are getting harder to find, and the political landscape has changed. So I am not buying anything else in NYS.
I am considering Ohio and Pennsylvania..
I currently live in queens ny but moving to Schenectady ny.. my main goal is to have at least a cash flow of 5k per month because I also going to be doing forex trading too I'm not trying to go back to a9 to 5 when I move need my time and freedom back to live comfortably with my family..I know Schenectady getting really saturated with investors and ppl moving from queens to Schenectady buying houses all cash but I'll be looking at surrounding areas and looking at out of state too maybe NC FL
- Investor · Queens, NY · Member since 2021 · 40 posts · 9 votes4y
Originally posted by @Austin Hughes:
The current problem with doing that aggressive plan in New York is that closings are taking a LONG time right now. Multiple months. I know some players in the market if you want to meet people who can help make things happen.
Sure more ppl I meet and can get advice from is better and more help is better too thank you so much
- Investor · Queens, NY · Member since 2021 · 40 posts · 9 votes4y
Originally posted by @William Amiteye:
@Krishnarine Hardyal
I am in both Schenectady and Amsterdam and other surrounding towns. We’ve amassed about 40 units over the last year and a half.
You can certainly do it if you’re buying and renting without needing to do any rehabs. You just need a good wad of cash that’s all.
If you have limited cash then you'll have to rinse and repeat (BRRRR).
There are plenty of opportunities for straight buying. Cap rates in the 8-10 percent range will get you good properties. Just be careful WHERE you buy so you can attract good quality tenants as well as being able to exit easily.
Depending on your definition of cash flow, ie what are you subtracting from the gross rents, expenditure an average of $200 net per unit, which means about 25 units.
We BRRRR all our units so a team is important.
Goals are good, time frames are good but most important is just get started!
Congrats on your properties..I'm looking to buy and hold I'll have the cash but I'll probably do the brrrr strategy...cash flow for me is expenses - gross rent = cash flow..I've been looking at some properties if using the brrrr strategy or use a 20% down and finance the rest which I'm leaning more towards as of now for my goal of 5k per month I'll need at least 7 or more properties which I think is doable in 3 months or so..and I can't wait to start building my portfolio for me and for my kids future
- 4yMarc RiceBusiness MemberReal Estate Agent · Columbus Cleveland Dayton, OH · Member since 2018 · 2k+ posts · 1k+ votes
Anything is possible if you set your mind to it! But that seems very ambitious unless you have a lot of cash sitting around for downpayments. Most people average $200/door in monthly cash flow. That would mean you would need 25 doors at minimum assuming its a somewhat average rental market.
Marc Rice | Investor Friendly Agent at Reafco Tailwind Team574 Reviews - 4yMatthew Irish-JonesBusiness MemberReal Estate Agent · Buffalo, NY · Member since 2017 · 2k+ posts · 2k+ votes
@Krishnarine Hardyal yes as long as you have 1.2 million in Capital.
Irish Jones Realty4.947 Reviews - Member since 2021 · 217 posts · 190 votes4y
Originally posted by @Brandon Rush:
Hey Krishnarine,
I think you know the answer to this one, anything is possible. The question is, how bad do you want it? If you want to be aggressive, you will need to start today, not next year. My advice, come up with a plan of action and starting executing on that plan ASAP, not January 1st.
Good luck!
If anything is possible, then I want to play starting quarterback in the NFL. I'm pretty sure there is no plan of action that's going to make that a reality without the ability required at that level.
-I know often it's the spirit of the advice that matters, but there are limits. The reason we aren't all billionaires together right now isn't because we are all lazy or don't want it bad enough.
- Investor · Queens, NY · Member since 2021 · 40 posts · 9 votes4y
Originally posted by @Matthew Irish-Jones:
@Krishnarine Hardyal yes as long as you have 1.2 million in Capital.
Why do think I would need 1.2 million in capital? Most of deals I found the house are in the 70k to 150k range and rents are $600 to $900 monthly range so I don't I'll need so much capital let's figure average price is 80k which would be 16k down finance the rest assuming I bought 5 properties that would be 80k down for the 5 properties and let's assume each property cash flows for $750 monthly times 5 equals 3750 monthly and thats only 5 doors with 80k down...which I did all paper work already and analysis too so don't think I need 1.2 million..but let me know
- Real Estate Agent · Alma, MI · Member since 2021 · 10 posts · 2 votes4y
@Krishnarine Hardyal because you are confusing the term cash flow with total income you are bringing in from your rentals. For each unit that you are receiving $750 a month you would be lucky to cash flow $100 of that. So that 500$ a month. He is the what is use.
Taxes 158
Insurance 120
Vacancy 50
Repair 50
Capexp 50
Water tenent pays
Sewer tenet pays
Garbage tenet pays
Electric tenent pays
Snow removal tenent pays
Lawn care tenet pays
Property management 0
Mortgage 100k
20% down 20k
Mortgage per month 348
Pmi 0
Cash flow per year 2688
Investment 20k down + closing cost 3k = 23k
CocRoI 11.68% @1k
16% @1100
21.25% @1200
- Investor · Queens, NY · Member since 2021 · 40 posts · 9 votes4y
Originally posted by @Brandon Tilson:
@Krishnarine Hardyal because you are confusing the term cash flow with total income you are bringing in from your rentals. For each unit that you are receiving $750 a month you would be lucky to cash flow $100 of that. So that 500$ a month. He is the what is use.
Taxes 158
Insurance 120
Vacancy 50
Repair 50
Capexp 50
Water tenent pays
Sewer tenet pays
Garbage tenet pays
Electric tenent pays
Snow removal tenent pays
Lawn care tenet pays
Property management 0
Mortgage 100k
20% down 20k
Mortgage per month 348
Pmi 0
Cash flow per year 2688
Investment 20k down + closing cost 3k = 23k
CocRoI 11.68% @1k
16% @1100
21.25% @1200
Sorry I should of clarity a little more those properties are all 2fam or duplex each floor apt rents for 600 to 900 for example the 75k property income is 1300 and after expenses of let's say which would be only mortgage payments of 750 which includes taxes and insurance have a cash flow of 550 a month and this is just one of the property I'm looking at hope it clears up any confusion all the properties are duplex or triplex
- 4yMatthew Irish-JonesBusiness MemberReal Estate Agent · Buffalo, NY · Member since 2017 · 2k+ posts · 2k+ votes
@Krishnarine Hardyal
You can expect an 8% cash on cash return or there about on average. When I subtract fees for closing, lender fees, inspections, deals you don’t get but waste money on, value adds, up front Cap Ex expenses, and reserves you end up with around 1 million. After subtracting for delinquency, vacancy and other normal costs to manager real estate… you are left with your 6-8K per month cash flow.
Irish Jones Realty4.947 Reviews - Investor · Queens, NY · Member since 2021 · 40 posts · 9 votes4y
Originally posted by @Matthew Irish-Jones:
@Krishnarine Hardyal
You can expect an 8% cash on cash return or there about on average. When I subtract fees for closing, lender fees, inspections, deals you don’t get but waste money on, value adds, up front Cap Ex expenses, and reserves you end up with around 1 million. After subtracting for delinquency, vacancy and other normal costs to manager real estate… you are left with your 6-8K per month cash flow.
Would love 6-8k cash flow per month and thats actually my goal to have at least 5k cash flow per month
- Chula Vista, CA · Member since 2017 · 195 posts · 104 votes4y
@Krishnarine Hardyal
So you are buying a duplex for $80k and you are expecting it to have gross rents of $1500 ($750 a side)? Are these in high crime neighborhoods? That return is quite high with a 1.875 price to rent ratio. Usually properties in this range are in pretty rough areas where rent collection can be challenging.
- Investor · Queens, NY · Member since 2021 · 40 posts · 9 votes4y
Originally posted by @Andrew Kougl:
@Krishnarine Hardyal
So you are buying a duplex for $80k and you are expecting it to have gross rents of $1500 ($750 a side)? Are these in high crime neighborhoods? That return is quite high with a 1.875 price to rent ratio. Usually properties in this range are in pretty rough areas where rent collection can be challenging.
No there not in high crime area the 80k rent is 600/650 each apt so 1200/1300 monthly...I try to stay away from those areas of high to middle crime area
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