All Forum Posts by: Drew Vukov

Yes retail asking prices are easy to see through web sites and apps. But what I would love to have is the actual sales data complete with all the original photos and listing information. As a former appraiser I'm used to having all of that information easily accessible for my area. But if I could get that same level of data for an out of state area, I'm mean really that's what people are looking for I think. Really there is no way to get that. . . Ethically

Chris S. Can I ask why you would like a 5 family over a 4plex. I'm looking at another investment purchase sometime next year and have been thinking about going with maybe a 5-7 unit property instead of a 4plex. What's the difference in the terms in your experience? And any other pros to doing it? I have a duplex that I live in now. And also a 4plex and 3plex I rent out in another area.

@Matthew Weiser 

there should be a few multi's in the five towns available. I grew up in the five towns, and in valley stream. Its mostly a good area and easy transit to Manhattan is key to the high home prices in the area. I recently moved out of that area, mainly because of the taxes and the constant traffic congestion.

Im not sure I would suggest Valley stream or Lynbrook as a good area to buy a multi. The reason being they are in incorporated villages and tend to have slightly higher taxes than areas outside the incorporated village. At least in Lynbrook you have exceptional schools and a nice downtown area for paying those taxes. Valley Stream is a hit or miss area some schools are good and some are terrible. And I would say if its not an area currently in a down turn, it wont see the same appreciation in prices as much as any of the surrounding areas. But also keep in mind all of these incorporated village areas in the south western part of Nassau county you cannot park on the street between the hours of 3-5 am, so unless you have an usually large and wide driveway this will cause an issue for your tenants.

I would suggest looking in the close by neighborhoods of Oceanside, island park, and long beach. Lower taxes, more multis available, and no parking restrictions. Rents are just as high if not higher in those areas, long beach especially, but it is usually reflected in the home prices there.

Any other questions feel free to ask.

Why jump over dollars to chase pennies? You got two offers and one is already off the table. An appraisal is not an exact science, especially when you are  talking about a 1mil property. 

sounds great I'd love to hear more about your whole tax sale experience 

The problem with duplexes like that are that is the price of purchasing is not related to local rents. The main buyers usually are owner occupants, who may not even be renting the other side out. They may have it for family use. Appreciation may not even come into play when these people are purchasing. They are just looking for a primary residence, one that might subsidize some of their living costs. 

The other side if this effect is that there are areas where buying a duplex will always get you cash flow because the gross rents will always (or often) be high than 1% of the purchase price due to the market being driven by owner occupants.

@Craig Bellot 

What kind of numbers do you see in Bridgeport? House prices and rents? Are you buying SFR or Multi's?

Welcome

What VA? The VA home loan grantee program? No, that's not transferrable to children of service members. However, if he has not used his already he could purchase a home under his name and you could live there. I am not sure of his residency requirements in that home you would need to check with the VA.

The only program that is transferrable to children is the POST 9/11 GI BILL. He would need to be still active or a very current retiree to start the transfer.

What area of north eastern PA are you looking at? I have yet to see many (any) duplexes in that region that would sell for 140K, even if they are fully rehabbed.