All Forum Posts by: Christian Reyes

18 hour cities. I wonder if there are any decent cities within NY outside of NYC that I may invest in.... hmm....

Hmm... I keep looking at Newburgh as well. Prices look promising.

I'm by no means an expert but I can relate to @Frank Chin's response. I lived in Westchester County for years all while looking for decent entries into the investment world. What I found were three things:

1. Appreciation(it is happening)

2. Barrier to entry is increasing

3. Cash flow is negligent( 3%-5%) if you buy an already rehabbed house(which many are)

The only solution? Go into the neighborhoods not many are looking into. However, Westchester county taxes are something like $7k for a single family per year and multifamilies(depending on the school zone) could range anywhere from $9k to $15k.

As a result, I have to move on to lesser competitive markets in the area. The issue of course is finding them.

I wish I could go. I haven't been back to NC since I got out of the USMC. I wonder if the market is hot over there for SFR and MRF rentals.

Hey @Bob C.,

I'm interested in this property but would have a few questions. Mind if I colleague request and message you?

I'm gonna go ahead and say it because I just read the book but....

"The Book on Tax Strategies for the Savvy real Estate Investor" by Amanda Han and Mathew MacFarland opened my eyes to how beneficial entities could be. But it also warned me of how detrimental they can be without the proper guidance.

You may wish to speak to a CPA in your area that specializes in Real Estate. To my understanding, just because there is no income tax in one state doesn't mean that you don't get taxed if you invest outside of NV.

I'm no legal expert but I'd talk to the pros on this one first. Lawyers and Accountants...

Excellent example @Devan Mcclish on how incredible creative financing can work to an investor. Keep up the good work and please keep us updated!

I personally feel that if a seller is willing to seller finance, its because they know the property is performing but just don't want the headache. I can see this mindset being very beneficial to any investor willing to work with the seller.

Thats how I obtained my first laundromat :D

Thanks @Audrey Ezeh!

@Taylor Brugna that is exactly the statement I needed to hear. I  needed someone else to make this observation and just reinforce it so I can justify my moving on from NYC and its surrounding Cash Broke neighborhoods.

Thanks again Taylor! I appreciate the help!

Thank you all for your responses. I wish I hadn't been traveling for work so I could have read them earlier.

@Taylor Brugna have you seen other investors operate in this manner?

I am more questioning how other investors get around this issue in NY where you can find a great deal to buy and hold but the taxes eat away at every bit of cash flow you could possibly make.

I figured perhaps other investors were ok with holding properties with high taxes if they could get the rents up but the neighborhood I am investing in wouldn't allow for rents to go up that high.