All Forum Posts by: Brian Fung

@Shane W. Chapin I've listened to the first few episodes and it's really great! I love hearing about the history and different neighborhoods from your guests. Are you in touch with any city officials or experts on the local economy? It'd be cool to get their analysis and perspectives, too. 

@Shane W. Chapin Interesting! I’ll make sure to check out the podcast. Thanks for the tip!

@Michael P. I think we’re more interested in cash flow over an appreciation play, mainly as a way to diversify our FIRE strategy. 

@Ken Smith Jr Ah, good to know! I'll look into that. 

@Eric McQuistion New York income taxes seem to top out at 8ish percent (and I doubt I’d be getting anywhere within striking distance of that bracket with rental income). I’m in the 8.5 percent bracket in DC already and not likely to tip into the 8.95 percent bracket anytime soon, so just comparing those two markets, it seems New York would be more favorable than DC for tax liability. Does that sound right?

I just read up on some of the changes in state law — most of it seems reasonable, though the tenant screening and eviction provisions sound a little intense. I assume property management companies would be up to speed on these changes and could implement them effectively, right? Can you recommend any dependable property managers in the region I could interview?

@Russell Brazil Incidentally, before I moved into my current place I was a tenant in one of those six-person homes you describe. I can't imagine how much work it must have been for our landlady, who also rented out two other houses on our block.

Thanks for the pointer on the new state laws, Eric. I'll go and read up on them now. 

Hello! It's great to be joining such a talented and knowledgeable community. Looking forward to engaging with you all here. 

I thought I'd use this uncertain time to lay the groundwork, meet likeminded professionals who have expert knowledge to share, and figure out if this is truly right for us. 

If all goes well, I'd hope to pursue our first purchase sometime this year or next. As new investors, we'd potentially be looking to buy and hold single-family rentals or smaller multi-family homes.

Right now, my wife and I are considering two markets, mainly due to personal familiarity. We're open to other places, but figured we should just start with what we know and go from there.

I was encouraged to see Rochester, NY rank so highly on BP's analysis of top cashflowing markets, because my wife is from the Finger Lakes area (Canandaigua, specifically). Many of her friends and family still live there. We've seen some attractive properties crop up in Canandaigua, and the area seems to be growing in popularity with a new Hilton being constructed on the lake. But in terms of real estate networking in the area, we're starting at square one. 

Other areas we've been considering include Washington, DC, a market we understand fairly well after purchasing a condo here in 2017 as a primary residence. But despite our better understanding of the area, property values are way higher here. In our situation, to get anywhere close to a decent cash-on-cash return, I'm guessing we'd have to limit ourselves to studios and 1BD condos within the city, or properties just across the border in Maryland or Virginia. And even that would be tight. 

Anyway, I welcome thoughts from more seasoned members here on our general approach, as well as from anyone with experience doing deals in either of these markets and sub-markets. I'd love to connect with buyers' agents, property management professionals or investors who've been down this road and can help build a team!