All Forum Posts by: David MacClintock

@Josh Nabors Shouldn't a cashflowing rental help his DTI and credit? He is both paying down a line of credit and bringing in more income than he is spending. If it isn't cashflowing than it isn't a great place to assume ownership of anyway.

I think with anything under a 200k  budget you will have to get north of Westchester County. (to stay in NY) Any of the 2-5k population mid hudson valley towns will be attractive and should sell reasonably quickly.

I have a different prospective on branding. I don't brand any of my stuff. In single family the buyer isn't checking who the owner is and even if they do. Say they move the average of once every seven years. The odds of them finding, liking and buying their next house from me is almost zero. I work on the same type of houses, with the same finish qualities and prospective purchasers so I would not be any form of upgrade. 

  You took the words out of my mouth. I can gut and rehab for 30/ft on homes with no high end finishes. 

@Sam 

@Sam R. The new poly tanks are far lighter than the old concrete tanks. I feel as though septic companies installing concrete still are like plumbers who still run all copper. More expensive and less functional.

I meant 3k, apologies.

Where are you guys getting your CC estimates? I can be out of a no inspection closing for 750 legal/title and 200 recording. With inspections I cant see where that would be over 2k.

Upstate is a BIG area with everything from super rural to mid-major cities. What area of Upstate are you looking at.

I am all for the elimination of 1031 as I see it as a barrier to entry along with depreciation. I don't agree with being able to expense a property year 1 necessarily as the alternative either. I think you should be able to expense what you put in a property, every year. Pay 100k cash for outright ownership? Carry that 100k forward until you make a profit. Put 20k down? Deduct that 20k + what you pay in principal each year. Tax on actual profit. This will help dissuade some of the silly amounts of leveraging that are done as well as open the door for new investors. Effectively you get the same benefit as a 1031 if you are merely buying new RE. I can see there possibly being an issue that bigger money players will be looking for much smaller returns as they are just sheltering high income earnings until retirement. That might cause a pretty significant spike in prices as well as people scramble to buy 2-4 units in all cash. Maybe similar to what they have experienced in Vancouver. I know it would help my business but who knows if it would be better for the market itself. 

I live in center city and own student rentals in Oneonta. I am SUCO alum and grew up 12 minutes from town. there are very limited deals to be had right now and student unit vacancy is through the roof. Hillside Commons stole 175 students from a relatively small off campus pool already. Hartwick 2 years ago changed rules so that now only seniors may live off campus and the college is significantly under enrollment. The multiplexes made from old Victorians are a thing of the past now. the ones that exist are grandfathered in but you will be hard pressed to take a 2500 ft SF and make it a 1250/2 duplex. Put simply, the biggest player in the student rental game is now playing in commercial on main street and some of their student units have been put up for sale. I actively search for deals to be had around Oneonta but expect to continue working (full time investor) in other markets for 3-5 years.