All Forum Posts by: Al Y.

I'm looking at multi family in NY state. Price per unit and cap rates look attractive. I like Albany/Troy, but don't know much about Binghamton/Rochester. Thoughts?

@Jaysen Medhurst   @Filipe Pereira    @Michael Doherty   thank you for your feedback, reassuring to see my research is on point with what you're seeing on the ground. My idea was to focus on one out of state city/area to make managing easier. I would hire a local PM for sure. 

My experience locally is in owning one 2-fam, and two 3-fam, and one 4 family properties. I can see the benefits of going bigger, but this is a semi-passive investment at this point, so I am not looking for a full time "job". 

What unit size would you think ideal to scale? Thinking 6-20 range... two 6's vs. one 12 for example... Thanks in advance

I get a number of deals sent to me for multi family investing in Hartford, New Britain and Waterbury CT. Price per unit and cap rates look attractive but I read Waterbury is a rough area... Hartford has way too many properties for sale (troubling?) and New Britain seems the better of the bunch. Am I far off? What are your thoughts? Thanks

@Jill F. Thanks for sharing. Have you see the seller agree to a large portion of the 25%? Or what’s reasonable to ask?

@Adriel Hsu IMO 10% cash for class C is way too low... my rentals are in a strong C area with average rents for 3 beds in the $1,500-1,600 range and I look for 8%+ cap, 15%+ cash on cash. Needless to say, been sitting on the sidelines last 1-2 years because people were overpaying... was able to score a BRRR and it's the only purchase made... hardest thing to do is sit on cash waiting...

I collected 100% of rents in April (like usual) on my 9 units, albeit 2 asked for a few extra days to pay. May, 1 tenant that's furloughed and contracted covid, hasn't paid yet, but has a history of paying on time the last 4 years. I'm in northern NJ which has a lot of cases and we have a moratorium on evictions, so nothing to do. The main thing on my mind is trying to attract section 8 tenants for a 3 family property I am re-habbing and plan to add to my rentals in a month. These are 4 bedroom apartments, so section 8 would have the benefit of higher rents than market, plus the stability of receiving most of the rents on time. 

 I agree with emotions getting in the way... so I have stayed in B areas where I can expect fewer issues... you just have to be comfortable where you're at. 

Awesome feedback guys. Anyone has a Fire Alarm installation/service/monitoring company to refer? Current guy is not great in the service area... have a new 3 fam that needs install and will likely hire within next 4 weeks...

Who are you using for Fire Alarm monitoring and service in NJ or NY? I not happy with current company...

@Michael Noto thanks for your input. How are landlord/tenant laws in NB & CT as a whole? I’m in Northern NJ, own 12 doors, looking to expand for more cash flow. NNJ we can evict in about 30-45 days for non-payment of rent. How does it compare to NB?