All Forum Posts by: Michele Harrington

Hi BP Folks! 

Looking into investing in student rentals approximately 2 hr. drive from me. Would like to scope out what I should I expect as a reasonable rate for having a third party property management company handle the property? Anyone have experience with this, property of interest is rented by the room and there are 5 bedrooms, home is in decent shape maintenance wise and there's a backyard with grass requiring attention during warmer months & off street parking which will require attention during winter months.

Looking forward to your input..

Hi All, the Owner went MIA. After many attempts to pick-up where I had left off with her I moved on from this one and flipped a home up the street instead. Thank you all for the creative concepts.

Hi Zeng, 

Saw you were a fellow New Yorker, wanted to say hi and welcome you to the community! If you need any help I have been investing in the Hudson Valley area for a few years and would be glad to answer any questions you may have about getting started in the area.

Michele

Hi @John Weber, saw your post and wanted to reach out, welcome to the BP Community! I am a licensed realtor and local investor here in New Paltz & Kingston. I live in New Paltz (born & raised) and am currently rehabbing a single family in Kingston. I would be glad to help you with your search on finding a fixer and providing any info about the area. 

Best of Luck!

Michele

A few months back I sent a letter to an absentee property owner of a 6 unit brick building that had been run down for years. Initially I was interested in purchasing, renovating and leasing the units out - there are (3) 2 bedroom/1 bath (approx. 1000 SF ) units, (2) 1 bedroom/1 bath units (approx. 750 SF) and a office unit on the ground floor (approx. 750 SF) , these units would rent out between $950 and $1,300/month - however, the owner was not interested in selling but she did offer the option for a triple net lease. 

I understand the basic concept of a triple net lease however this doesn't seem to be a typical set-up in the area that the building is located in. Also, I am concerned about how long it would take to recoup my money as well as the risk involved. The building is a complete gut renovation and with nearly 5,000 SF of building requiring utility upgrades as well as running all new MEP's throughout the 6 units I am already pushing the $500K point.

Wanted to reach out and see if anyone has any knowledge on whether this deal is worth pursuing - at this point it seems that she is looking for someone to assume all risk and give her a brand new building with zero effort involved. 

Hi BP Folks!

Wanted to introduce myself, I am new to real estate investing and ready to learn as much as I can. My formal background is architecture, professional background is in project management for a large scale national general contracting firm. I have now turned my attention to full-time investing, flipping and real estate sales! Looking forward to meeting knowledgable people and listening to all the wisdom that can be gained from BP!

Michele

Hi BP Community!

I was approached with an opportunity from a seller who is settling his mother's estate. He would like to sell the property to me without using a realtor. I am new to this process and wanted to see what the formal steps would be if I were to pay all cash for the property and forgo a realtor - hoping someone in the BP community has come across this an can advise me on any of the pitfalls when closing a deal without an agent:)

Any advice is greatly appreciated!

Michele