All Forum Posts by: Daniel Woolsey

Hey Jered, 

The wife and I have two duplexes south of you in Newburgh, NY and we are looking to add more muliti-fams in the Hudson Valley. We live in NYC.  I'd love to connect over deals and the area.

In fact, I was looking at a multi in Kerhonkson, NY. The numbers look good but it would only work for me if I had a reliable property manager up there. Might you have an recommendations?

-Dan

@Wilson Zorrilla - Technically, they are within the boundaries of Newburgh City, yes.  

@Alison Marie - I have not as of yet. I live in Manhattan at the moment.

@Wilson Zorrilla - I'm reposting this from another answer I gave about Newburgh:

"My wife and I have a fourplex a little north and west of downtown and it's flowing well now. We inherited a couple of problem tenants from the previous owner and had to put in some rehab after getting them out but it's doing well now.

Newburgh has been on the rougher side of things for a while. It will never be Beacon because it's on the wrong side of the Hudson for the Metro North but that's also the reason there are deals to be had.

We are staying clear of downtown proper, instead looking at neighborhoods that hard-working families might also be looking for. There are efforts to revitalize downtown but some of that seems to revolve around preserving the architecture which can lead to some logistical difficulties for investors who want to rehab H/T @Will McGuire ."

@Dan Barman Hey Dan, do you think if you were able to work out a situation where you could take more than one of the properties off his hands, that would entice him?

If he could potentially sell more (or all) the properties in one deal, it might save him considerable time and money.

I bring this up because my wife and I own two duplexes in Newburgh and are currently looking for more small multi-families in the Hudson Valley. If we partner up, it might work to do a deal for more/all the properties.

Just a thought. If this sounds like it might be interesting, feel free to message me directly.

-Dan

Thanks @Mark Gallagher

@Account Closed 

I'm not really sure why you took the time to comment here, Charles. It's comments like yours that give people the wrong idea that they should not be liberal in asking for (and paying for) help when needed. 

1 - I never said anything about needing a contractor for negotiations.

2 - I was always going to pay, THAT WAS THE POINT (do you know that when you use all caps means you are yelling at people?)

3 - Offering an owner 50% because you're not sure if the windows that they claim to have just put in are truly the energy efficient kinds, or there isn't some small problem with the foundation that you might not have caught sounds like terrible advice that would surely result in a rejected offer.

4 - I've run the numbers fifty times and they make sense for CASH FLOW but the property has been on the market for quite some time and there's a reason for that. I want to do everything I can to make sure it's not a physical reason.

5 - Congrats on building a successful business but advising someone on a forum looking for advice that they already "should be more educated" is counter to the entire purpose of the forum.

Dan - only my opinion

PS - to anyone else reading this - never be afraid to ask questions and/or pay people for advice. I have made a successful career out learning what I didn't know by doing exactly those two things. Now that I am starting a second career in RE, I will do the exact same thing.

@Ben McMahon - Thanks Ben. No existing relationship and there may not be any work to estimate doing. 1 - the current owner claims a bunch of work has just been done, 2 - the numbers are really quite good, and 3 - it's been on the market for way too long. I'm not sure what the deal is with this place but I want someone who knows inspections/contracting better than I do to have a look.

@Nathan Gesner - Well damn. This is exactly what I should have done and will be doing going forward. I already committed to going up in person, so I will, but you're right  - if I had just paid the contractor to go check it out, I would have potentially saved a Saturday afternoon. But I'm optimistic about this one and I can't let the good folks at Zipcar down!

I'm going to look at a property that makes great sense on paper but has been on the market for too long. It is also 2 1/2 hours away, a bit farther than I usually look. I'm looking at paying a contractor/inspector to meet me at the property when I go take a look for the first time.  

The agent seemed a bit weirded out that I was thinking about arranging a contractor to come out and go over the place with me the first time seeing it.  Do you all see any downside to paying a contractor to take a look and give an assessment?