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All Forum Posts by: Account Closed

Account Closed has started 4 posts and replied 173 times.

Post: The Rise (and Fall) of the Bro Investor

Account ClosedPosted
  • Rental Property Investor
  • Glens Falls, NY
  • Posts 176
  • Votes 169

My "bro" generation (Mid 20's) thinks real estate is trendy and cool because their sisters boyfriends uncles son flips houses and he tells them how much money he makes doing so and he's the "cool guy without a "real job"". The bro decides to get into real estate because his Instagram pics will show the world he's "killing it" and lives a cool non traditional life. Bro fails because the work is too hard and leaves RE for good. 

I see this way too much with my age group. 

Post: Short on money for FHA Downpayment

Account ClosedPosted
  • Rental Property Investor
  • Glens Falls, NY
  • Posts 176
  • Votes 169

Have friends or family that will gift funds? That's an option. If you have available credit and can source gifted funds for the purchase, purchase the property and use your credit incase of emergency. Continue saving. 

Post: What would YOU do if you have a large sum of money?

Account ClosedPosted
  • Rental Property Investor
  • Glens Falls, NY
  • Posts 176
  • Votes 169

I'd buy debt. 

Post: Asbestos Question: How safe is encapsulation?

Account ClosedPosted
  • Rental Property Investor
  • Glens Falls, NY
  • Posts 176
  • Votes 169

I used to work in the asbestos consulting industry in New York. Different states have different laws on this. Generally speaking, encapsulation is perfectly fine as long as the ACM is not punctured, scraped, drilled into ect. Also, It is perfectly legal for the owner (If owner occupied 2 unit of less- NY) to remove the ACM and dispose of in the trash. Again, this is New York and your state/municipality may be different. It is very common for people to encapsulate ACM. Has the material been tested or is it just assumed it is asbestos due to the year built? If you're only assuming- get it tested to confirm. 

Post: NYS tenant and landlord law changes and questions

Account ClosedPosted
  • Rental Property Investor
  • Glens Falls, NY
  • Posts 176
  • Votes 169
Originally posted by @Jennie Jones:
Originally posted by @Account Closed:
Originally posted by @Trevor Ewen:

@Jennie Jones

I think these new laws make it harder to justify investment in an already tough market. Property taxes, tenant laws, increasing inventory in the city, decreasing market value upstate, and demographic trends are all headwinds for the NYC and NYS markets (the city is obviously different from the rest of the state).

I believe the best strategy is to look out-of-state. This has obviously been my approach, and I have been happy with it. My friends who have chosen the other route have either lost money or made returns so small that it would be completely unacceptable anywhere, save for the emotional and cultural attachment they have to New York City. For my part, I do love it here, it's just not where I wish to invest.

I have done some limited analysis upstate, and I see the other side of a tough picture. High taxes and declining growth prospects for those cities make it a tough sell from a growth or cashflow perspective. No matter which way you slice it, there are sunbelt regions with better favorables on all points. 

We are seeing quite the opposite in our area, prices are up, population is solid and the city is growing with big developers putting their money here. Cashflow is great in my area of upstate. appreciation, meh.  m2m leases have became popular with these law changes in my area. 

Dylan thank you for the post! What are you doing to adapt to these laws?

Hi Jennie, 

So far I haven't needed to change much as I have great tenants in my properties. Moving forward I might start implementing m2m leases and tightening screening criteria and inflate the rents a little more than market to alleviate the trash. Will it work better? I am not sure. Luckily I tend to attract great tenants as I go just a bit more with my renovations than my competition without breaking the bank. This has worked well so far. Other than that I will continue to dislike Cuomo and pray for the best! ha. 

Post: NYS tenant and landlord law changes and questions

Account ClosedPosted
  • Rental Property Investor
  • Glens Falls, NY
  • Posts 176
  • Votes 169
Originally posted by @Trevor Ewen:

@Jennie Jones

I think these new laws make it harder to justify investment in an already tough market. Property taxes, tenant laws, increasing inventory in the city, decreasing market value upstate, and demographic trends are all headwinds for the NYC and NYS markets (the city is obviously different from the rest of the state).

I believe the best strategy is to look out-of-state. This has obviously been my approach, and I have been happy with it. My friends who have chosen the other route have either lost money or made returns so small that it would be completely unacceptable anywhere, save for the emotional and cultural attachment they have to New York City. For my part, I do love it here, it's just not where I wish to invest.

I have done some limited analysis upstate, and I see the other side of a tough picture. High taxes and declining growth prospects for those cities make it a tough sell from a growth or cashflow perspective. No matter which way you slice it, there are sunbelt regions with better favorables on all points. 

We are seeing quite the opposite in our area, prices are up, population is solid and the city is growing with big developers putting their money here. Cashflow is great in my area of upstate. appreciation, meh.  m2m leases have became popular with these law changes in my area. 

Post: 15% down portfolio program? 6.75% interest

Account ClosedPosted
  • Rental Property Investor
  • Glens Falls, NY
  • Posts 176
  • Votes 169
Originally posted by @Doran Summers:

@Dylan Mejo depends on credit score over 640 and value is over $100,000 you should be getting 80% ltv.

Never been able to get 20% down as per Fannie/Freddie guidelines. Nor any local portfolio lender in my area. Owner occupied buildings...sure 

Post: 15% down portfolio program? 6.75% interest

Account ClosedPosted
  • Rental Property Investor
  • Glens Falls, NY
  • Posts 176
  • Votes 169
Originally posted by @Doran Summers:

@Dylan Mejo how many units are your properties?


all residential. 2-4 units

Post: 15% down portfolio program? 6.75% interest

Account ClosedPosted
  • Rental Property Investor
  • Glens Falls, NY
  • Posts 176
  • Votes 169

I'm paying 6% on 75% LTV multifamilies. For 15% down consider yourself lucky.. Who is the lender?

Post: New tenant relations

Account ClosedPosted
  • Rental Property Investor
  • Glens Falls, NY
  • Posts 176
  • Votes 169

First off, why is she running a business out of your rental property? Liability would be my first concern over SharkBite fittings.