All Forum Posts by: Alan S.

@Howard Manning & @Stephan Haas Thanks for chiming in guys.  I really appreciate it.  I just don't have the slightest clue about those areas of the country, have a full time job (for now) and a family so it just wouldn't be ideal for me to move my area of concentration.

Btw, looking to concentrate the flips in Rockland, Orange, Westchester & Bergen counties.

I am looking for a partner with GC experience in the NY/NJ/CT tri state area.  I find the deals, do the analysis, sales, marketing, negotiation, financing, etc.  and you manage the rehab and keep our costs down.  Let's talk.  Shoot me a message.

@Josh Eitingon 

Makes perfect sense Josh, thanks!  May I ask where out of state you have invested and been successful?

I wanted to get some thoughts from all of you experienced Multifamily investors out there on my situation.  I live in a suburb North of NYC and with property values and taxes where they are around here, it is very difficult to find cash flow properties within a half hour drive where the numbers will work.  However,  if I go a little further North about 45-50 minutes drive into Orange County, NY, there are a few towns and cities, some somewhat depressed and school districts with bad reputations where I certainly would not move my family to, that have much lower property values, much lower taxes and the numbers work.  I have heard the rule of not buying a property you would not live in yourself but don't want to buy a property that is very far from me either.  Would you have any reservations investing here if the vacancies are quite low?  Any other objections or experiences investing in an area that sounds similar to this?  Thanks in advance.

I will attend and possibly my wife as well.  Thanks!

Thanks for the info guys!  Looking forward to getting started!

@Trevor Ewen , how does the self directed IRA work? Will I still need a down payment? What percentage? Or does the IRA act as colateral? Is my income too high for FHA?

Hey guys,

So here is my story.  I've been listening to the podcasts, audiobooks, etc. and want to get started ASAP.  My wife and I both work full time jobs and earn roughly $400K gross annually and both have excellent credit.  We bought a home last April and figuring that we would start investing soon, the mortgage is only in my wife's name.  We have conservatively $200K equity in the house after doing some home improvements but most likely more considering a recent sale on our street that is a good comp.  We have about $150k combined in our 401k's.  We have some cash in the checking/savings but using it for our expenses/emergency funds and would prefer not to touch it at this time.  My thoughts are to start with a multifamily and then mix in a flip here and there but I would like to hear some of your opinions on how best to get started and how best to finance that first property in my situation.   I'm leaning toward Rockland, Bergen (NJ), Westchester and Orange Counties as they are within an hour drive time for me and would love to hear from some experienced investors in those areas.   Thanks in advance.

Hey guys,

So here is my story.  I've been listening to the podcasts, audiobooks, etc. and want to get started ASAP.  My wife and I both work full time jobs and earn roughly $400K gross annually and both have excellent credit.  We bought a home last April and figuring that we would start investing soon, the mortgage is only in my wife's name.  We have conservatively $200K equity in the house after doing some home improvements but most likely more considering a recent sale on our street that is a good comp.  We have about $150k combined in our 401k's.  We have some cash in the checking/savings but using it for our expenses/emergency funds and would prefer not to touch it at this time.  My thoughts are to start with a multifamily and then mix in a flip here and there but I would like to hear some of your opinions on how best to get started and how best to finance that first property in my situation.   I'm leaning toward Rockland, Bergen (NJ), Westchester and Orange Counties as they are within an hour drive time for me and would love to hear from some experienced investors in those areas.   Thanks in advance.