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All Forum Posts by: Cindy Cheng

Cindy Cheng has started 5 posts and replied 22 times.

Post: Best neighborhood to invest in a LTR/MTR in Houston, TX

Cindy ChengPosted
  • Rental Property Investor
  • Posts 22
  • Votes 5

Really? I'm finding a lot in the surrounding areas, not smack in the middle of Downtown Houston. What are the bad areas you mentioned?

Post: Best neighborhood to invest in a LTR/MTR in Houston, TX

Cindy ChengPosted
  • Rental Property Investor
  • Posts 22
  • Votes 5

I would like to get a property with a budget of $300K (60-70 LTV) for LTR or MTR in a decent neighborhood. What are some great neighborhoods to look into that will bring a Cash on Cash return of at least 5%? I was considering Houston and Vegas (unsure of which areas specifically-suggestions welcome!) due to low taxes and low maintenance. I'm Open to better suggestions. I want to avoid high crime neighborhoods out of fear that I will end up with tenants that won't pay their rent and I will spend time and money kicking them out. Which is why I am avoiding Memphis, TN. We operate STRs in PA and so this investment will be a more passive income investment type. Thanks in advance for your help BP!

Post: Jersey City LTR Newbie

Cindy ChengPosted
  • Rental Property Investor
  • Posts 22
  • Votes 5

Hi Drew


thank you for detailed and very informative response. You’ve made really good points and I’ll keep them in mind when looking to hire one. Do you know if there’s a platform to search up PMCs?

Post: Jersey City LTR Newbie

Cindy ChengPosted
  • Rental Property Investor
  • Posts 22
  • Votes 5

Hello,

I'm a STR investor in the Poconos but looking into getting a Multi-Fam with 2 units in Jersey City for LTR. It's close enough to home as I don't plan to occupy one of the units. I took a look at https://www.jerseycitynj.gov/c... and the ordinance to research what the requirements are. I couldn't really find much in the ordinance but looking at the registration form, it looks like I am allowed to rent both units if not owner-occupied? Can someone confirm this for me? I was looking at properties south of Journal Square. Would love to be closer to the path trains in Newport but those are sooo expensive. My budget is $600K all-in and I'm very open to renos; actually prefer it. I am afraid of not collecting rent and squatters. Anyone have some experience they would like to share?

I'd like to also connect with a knowledgeable RE agent that is familiar with the regulations surrounding landlord and property management in the area as well.

Thanks in advance!

-Cindy

Post: Upstate NY STR Friendly Towns

Cindy ChengPosted
  • Rental Property Investor
  • Posts 22
  • Votes 5
Quote from @Yon Jones:
Quote from @Cindy Cheng:
Quote from @Yon Jones:

Hey Jenelle!
I currently own a STR here in the city of Newburgh, which has been a lucrative and successful venture. We owner occupy one unit of our duplex and STR the smaller unit. We opened up our doors at the height of COVID in February 2020. Our average occupancy is 18 days per month and there is currently no limit on occupancy days. Open to answering more questions you may have specific to Newburgh.

Hi Yon!

I'm a new investor in Upstate NY and from my experience in the Poconos, STR ordinances are tightening up everywhere! My question for you is if there's a similar situation in upstate NY? I know town of Lloyd just passed an ordinance to regulate STR and I was interested in Highland. Newburgh is much closer for me but I can't find anything in the town's ordinance that says STR is allowed but also nothing that says it's not allowed. What's your experience so far with the neighbors there knowing you're a STR and if you needed to register for a permit? What are the requirements?

Thanks so much in advance! If anyone else can chime in, I’d appreciate it as well!


Hey Cindy! Short term rentals are allowed in Newburgh NY. There is currently no regulations on STR such as permitting needed as I have seen in other states. There is an organization that is pushing for no short term rentals be allowed in Newburgh as they feel it is taking away from affordable housing. Property owners are opposing this group as the extra income STR provide help with the expenses of owning these older homes. The facts are short term rentals are bringing revenue into Newburgh. Neighbors in my experience do not mind short term rentals because owners take time to make sure the impact on residents is minimal. So for example installing noise detectors to ensure people aren't throwing parties or being disruptive. I do think a tax or some sort of permitting for short term rentals will come about in the next few years. Feel free to message me if you would like chat for more info. Hope this is helpful.


 Thanks so much for information Yon! All very helpful and reassuring! I think Newburgh will definitely be on the top of my list!

Post: Upstate NY STR Friendly Towns

Cindy ChengPosted
  • Rental Property Investor
  • Posts 22
  • Votes 5
Quote from @Sean Bramble:

Here's an example of the "towns" within Ulster county in NY ..If carved up like other states, there would just be Ulster County and a few incorporated cities/ real towns (here it would be Saugerties, Kingston, New Paltz, and Ellenville). The rest would just be county land, and as long as the county is STR-friendly (which many are around the US as long as there isn't a huge city within them) it would be relatively safer to invest outside of city/ real town limits (especially if the county is poor and dependent on occupancy/ "hotel" taxes). But NY State carves up its counties into larger "towns", and gives them a lot of power to regulate STRs themselves despite some of these areas being extremely rural. It seems like small difference, but in reality these larger NY "towns" are on average more likely to limit/ ban STRs than entire counties in other states. I think of them sort of like really big HOAs.


To get a sense of what regulation looks like at a local level as it's being crafted, you can watch videos of the town of Shandaken designing STR regulations online (they put them on Youtube I believe). You'll see them weigh the pros and cons of various limitations, many of which have huge impacts on the value of investments people have already made in that town (i.e., whether STR permits which they grant to existing operators who were there before regs went into affect will be transferrable to new owners of the property .... HUGE impact on your exit options as an investor).

All of this said, there are some "towns" in NY state that have historically been dependent on tourism and are very unlikely to limit/ ban STRs. Hunter, Windham, and Jewett come to mind (but home values there make getting a decent ROI on your STR investment difficult). And then there is always investing somewhere else and getting "grandfathered in" ... which could be a lucrative investment if thought through appropriately (and if the town doesn't outright ban STRs in the future, including existing operators)


 Thanks Sean! Very informative! I appreciate your input in breaking down the differences.

Post: Upstate NY STR Friendly Towns

Cindy ChengPosted
  • Rental Property Investor
  • Posts 22
  • Votes 5
Quote from @Sean Bramble:
Quote from @Cindy Cheng:
Quote from @Yon Jones:

Hey Jenelle!
I currently own a STR here in the city of Newburgh, which has been a lucrative and successful venture. We owner occupy one unit of our duplex and STR the smaller unit. We opened up our doors at the height of COVID in February 2020. Our average occupancy is 18 days per month and there is currently no limit on occupancy days. Open to answering more questions you may have specific to Newburgh.

Hi Yon!

I'm a new investor in Upstate NY and from my experience in the Poconos, STR ordinances are tightening up everywhere! My question for you is if there's a similar situation in upstate NY? I know town of Lloyd just passed an ordinance to regulate STR and I was interested in Highland. Newburgh is much closer for me but I can't find anything in the town's ordinance that says STR is allowed but also nothing that says it's not allowed. What's your experience so far with the neighbors there knowing you're a STR and if you needed to register for a permit? What are the requirements?

Thanks so much in advance! If anyone else can chime in, I’d appreciate it as well!


Just go direct to the source and call town halls. But keep in mind the most important questions to ask isn't "are STR's allowed?" .. it's "is there any talk of limiting or banning STRs in the future?"

Unfortunately the way NY is carved up into “towns” .. which aren’t really what you would consider a town … more like a county within the real county. … raises the regulatory risk significantly. In many other states the counties couldn’t care less and you just have to avoid city limits. But NY state just isn’t carved up that way 

Thanks for the pointers Sean!

Post: Upstate NY Investments

Cindy ChengPosted
  • Rental Property Investor
  • Posts 22
  • Votes 5

Hello all!

I know the discussion has been around Rochester and buffalo but I wanted to bring other towns in the discussion such as Newburgh and Highland. I’m a new investor in Upstate NY. My concern is whether a town allows STRs and what their requirements and max occupancy is. I want to avoid towns that require the owner to be owner-occupied and too strict on occupancy and max number of nights allowed to be rented and those sort of restrictions that seem to be unreasonable. 
I’d really appreciate any valuable insight from other investors. Thanks in advance!

Post: Upstate NY STR Friendly Towns

Cindy ChengPosted
  • Rental Property Investor
  • Posts 22
  • Votes 5
Quote from @Yon Jones:

Hey Jenelle!
I currently own a STR here in the city of Newburgh, which has been a lucrative and successful venture. We owner occupy one unit of our duplex and STR the smaller unit. We opened up our doors at the height of COVID in February 2020. Our average occupancy is 18 days per month and there is currently no limit on occupancy days. Open to answering more questions you may have specific to Newburgh.

Hi Yon!

I'm a new investor in Upstate NY and from my experience in the Poconos, STR ordinances are tightening up everywhere! My question for you is if there's a similar situation in upstate NY? I know town of Lloyd just passed an ordinance to regulate STR and I was interested in Highland. Newburgh is much closer for me but I can't find anything in the town's ordinance that says STR is allowed but also nothing that says it's not allowed. What's your experience so far with the neighbors there knowing you're a STR and if you needed to register for a permit? What are the requirements?

Thanks so much in advance! If anyone else can chime in, I’d appreciate it as well!

Post: Platform to search property value AND potential rent

Cindy ChengPosted
  • Rental Property Investor
  • Posts 22
  • Votes 5
Quote from @Nicholas L.:

@Cindy Cheng

ask a realtor to pull comps

comps are all that matter

Thanks Nicholas. But I was looking for a platform where I can search to my hearts desire for both comps and the estimated rental value for multiple locations. I’m trying to find locations that have properties with a certain average price that can rent for a certain amount monthly.