All Forum Posts by: Robert R.

It's in your best interest to get most of that information anyways. I would want their name, SSN, past residences, etc on file. They are living in your house after all. I haven't used MSM, so I can't attest to what information they provide after the tenant files online. I would have them fill out the application as well as use whatever tenant screening you choose.

My school of choice is Zicklin Business School, in NYC. Tuition will be roughly $35K for the two years and median income upon graduation is $63.5K. I currently earn $40K. Viewing it as an investment, it has a good ROI(actually rated #1 nationally for ROI among all US b schools), but this is buffered by the fact that only 60% are employed after 3 months of graduation. For personal reasons, I see it as a means to stay in NYC, increase my earning potential and invest in more expensive properties.

I will say I am currently leaning towards doing without, for now, and pursuing REI. I hadn't even considered pursuing an MBA part time while REI in another area, thanks Richard Martin. Did you find that your MBA education helped in REI?

Thanks for all of the input. Definitely food for thought, I'll be sure to let everyone know of my plans once I settle on a course of action.

I've traveled through upstate NY and to Texas a few years ago on my motorcycle, but I wasn't scoping any areas out for REI. I would plan on spending time within any area before beginning to settle down/invest.

I know this thread is a bit old, but I thought I would throw my 2 cents in. In the Northeast, a fridge and all appliances are expected. Even though they are listed separately in sales contracts, they almost always stay. Granted my experience is with house/condo sales in the $200-$400K range.

Having grown up and lived in the Northeast for 28 years, I think the mindset is that it is "cheap" for the seller to remove a couple thousand in appliances. Furthermore, one would feel it would be frivolous to buy a house and then buy new appliances, as one certainly didn't take them from the previous home.

Well, I feel an MBA, in Real Estate btw, would give me a leg up and a good back drop. A leg up because of my increased earning potential as well as the knowledge and networking opportunities I would gain. Also a backdrop in case my start in REI is far bumpier than expected.

Is it realistic to set off with $200K in a certain area, with limited experience, and expect it to provide adequate profits to subsist and to grow? I guess this would be my largest hang up.

Hey all,

I'm young, 28,single, and will have $200K to work with. I am currently debating 2 life plans.

Plan A: Earn my MBA ($70-80K over 2 years, living expenses included), increase my earnings(+$20K/yr), and purchase, rehab, rent owner/occupy brownstone in Brooklyn.

OR Plan B: Forgo the MBA, save the $70K that would be spent on the MBA, and relocate to an area where I could find a comparable job (Science, pharma, RD, earning $40-60K/yr) while I begin REI. Areas I have been considering are Buffalo or Rochester NY, as well as areas in Texas and Florida. Any advice on investor friendly area's would be helpful as well.

Now that I've written this out, it appears to be a more personal decision than a purely financial decision. I love NYC, but by staying I accept the high cost of living and highly competitive real estate market. However, I also love the outdoors and would like to get into fishing/hiking/shooting/hunting, ie things I used to do as a youth, which would be possible by relocating. My long term plans are to be a hands on REI, buying, rehabbing, renting and selling multiple SFR and MFR, which may morph into property management.

Anyways, I would like to get some input/feedback from other BPer's that might have made similar decisions; stay or relocate?

Not to complicate things too much. But have you considered a mix used property? That may save you some money and time on the renovations, if you can keep some of the commercial space marketable with minimal renovations.

I know this post is a little old. But when I redid my kitchen in my condo, we found some ugly looking oak underneath 4 layers (vinyl, vct, 1/4" luan, and asbestos tile). It cost $150 to sand/refinish and it looked great. The glue was no problem since it was so old and dry.

I always advocate hardwood and porcelain as the best long term flooring solutions.

Hey everyone,

My name is Bob. I currently live and work in Manhattan, specifically in the Washington Heights neighborhood. I've been in NYC for about 2 years now and really like the city. I guess you could say I've already made my first "deal." The leaseholder in my apartment had to move out due to other personal reasons. He offered to let me keep half of the rent collected for the spare bedroom, if I found a renter. This worked out to be a +$2000 deal and required no risk to me. Now, I am planning on assuming the lease come September and by renting the rooms out, as currently priced, works out to be 20% ROI.
I am 28 now, and within a few years, I will have about $150K capital to start with REI. My original plan was to obtain an MBA, increase my income, and purchase an owner/occupy brownstone in Brooklyn. However, reviewing the numbers, this doesn't make much sense as REI, unless I depend on appreciation, which is not sound REI.
Currently, I am still applying to business school, but am considering moving to an area that would provide better opportunities for REI. Ultimately, I want to buy, rehab, and rent property for cash flow. I am also open to rehabbing and reselling properties as well. I have experience in the trades and am comfortable doing the majority of rehabs/repairs on my first few properties.
Well that's a short intro, I'll be sure to post other specifics in separate topics.

And thank you, I've read through many threads and links. They have all been very informative and helpful.