All Forum Posts by: Amos Mainville

I am a NY home inspector.  Love humble agents that are looking to learn. Can't stand pompous windbags that think they know everything

@Jeremy Gates

Find a home inspector that will let you ride along for a day. Learn everything you can about the houses themselves. This will serve you well when a listing comes to you.

@Nick Gerli

Elmira NY 1.6% appreciation is the average annual.

I'm OK with it. I invest heavily there. A duplex runs around 80k turnkey or light renovation. Cashflows well.

But appreciation definitely is not the play there

@Michelle Lyn

Where in NY?

Who manages the property since you are at distance? What is in your lease for inspections?

NYSEG just hit me with a bill that's triple my usage. Ended up being the meter reader read it wrong.

I would heavily consider getting the utilities split and put that on the tenant.

Amos Mainville

Chemung Valley Home Inspection LLC

Elmira NY

@Anthony Holloway

Pretty broad goal.

What return are you expecting?

Are you looking for long distance strategies or targeting a state in particular?

Do you have boots on the ground relationships anywhere?

Some criteria that has served me well in the search:

Multiple major employers in region

Established presence of rentals (means the general population is already conditioned to the renter mindset)

Either property values too high for a single family to afford or a general population with salary too low to afford to buy.

In starting up I was targeting duplexes that were structurally sound (foundation, framing, siding, roofing, interior walls, electrical) with solid furnace and water heaters in place. This minimized initial outlay of capital. Don't mind interior updating but didn't want to gut a project either.

I also wanted to invest fairly local and do the work myself.

For me that area has been one of several small cities in the southern tier of NY. A small city with a large population of renters with 5 manufacturers in the area. A basic duplex in good shape is around 60-80k and each apartment rents around 6-800.

@Reuben Rodriguez

Laminate is a terrible choice. It's sawdust, glue, and a thin layer of plastic essentially.

Consider a waterproof vinyl plank product. I would also accompany it with pvc moulding and seal between the moulding and flooring. This creates a moppable urine resistant flooring system.

@Jay Roh

Listen to every BP podcast.

Learn about various vehicles of investment (single family, small multi family, large multi, etc) and various methods (house hack for example)

Start evaluating deals every day. Pick from the mls and do a full work up. Learn what everything costs. Walk the home improvement stores. Learn the full cost of say a new floor for example (tear out old, new underlayment, new flooring product, labor, and disposal costs). Understand everything you can about rehab if that's your choice. The more you know the less a contractor can work you over.

Learn about property management, leases, NY laws.

Identify a strategy, identify a realtor, go to a property, vet it out financially, identify funding source, and make a deal.

Good luck from a NY Home Inspector and Investor

Amos

Having friends and family in LA... that nest egg isnt likely to touch much. You are going to be likely looking at long distance options.

Last year i bought 3 duplexes that averaged about 18k each down payment in Elmira NY. Each will return 6-800 a month net. Its a great market but I have seen many distance investors burned here as well. As a licensed home inspector I evaluated 35 properties to buy those 3. I had strict criteria for properties that were close to turn key from a mechanical/structural perspective. Paint and general updating was acceptable.

Don't get discouraged. There are some great markets you can work in but it will be at a distance. 

The Southern Tier holds many gems to invest in. From Bing, to Elmira/Corning, to Alfred, Olean, and Jamestown we are truly lucky. As a beginning investor you can find something that fits in most any budget among those cities. Different area will use a different strategy but all hold potential.

As a Licensed home inspector I evaluated over 35 properties in seeking out our first investments. We had strict guidelines on what we wanted and how much work we were willing to put in before being rentable. We build high quality apartments with strong preventative maintenance programs that generate returns with minimal input after initial repairs.

Keep in touch and good luck! Let me know if we can help.

First, welcome to the finest wine region in NY. Its truly a fantastic area for real estate as well. My wife and I invest heavily in the Elmira market (45 mins southwest) but spend a great deal of time in Ithaca. Its a fantastic small city.

Some great advice above and nothing to add except be very careful in finding the right deal. As a licensed NY home inspector, we evaluated 35 properties to buy our first 3 duplexes. There are many "deals" in this region that would sink a lot of capital before they produce a return. I dont say this to try to scare you, just as a cautionary tale.

Welcome!

Amos Mainville

Chemung Valley Home Inspection LLC

NY License 16000120633