All Forum Posts by: Eric Telese

Hi all! I tried searching this topic and didnt really find many new posts on it.

I am looking to buy out of state rental property (I live in NY). I currently have a bunch of places in mind but need to narrow it down so I can get going investing!

What are some of your favorite markets to invest in rentals? What kind of cashflow are you getting? What CoC ROI do you look for in your market?

Also what are the major things you look for in identifying your first or next real estate market? 

@Emrah Latic

Do you live in Utica? I have been briefly looking at the market. Is there a high demand for off-campus college housing here? What kind of tenants are you expecting to attract?

Thats awesome! Im looking to get into my first two investments in 2018. What CoCROI and monthly cash flow amount so you look for?

@Andrew Johnson thanks for the advice. I feel that I am definitely a control type of person.  But, I believe that scale-able businesses can only be built on the ability of trusting others. I am going to have to learn to give up some of the hands-on things because I am definitely leaning towards long distance investing. Now I just need to find the  market that best suits my needs!

Thank you both for the advice. @Filipe Pereira what markets do you currently recommend in CT? I am looking for something under 150k for my first investment. Is this feasible in any CT markets or do I need to look further?

I pesonally want to invest in a rental before I own my personal home. I think it all depends upon your current situation. I currently do not pay rent and do not need to move out for any reason, so a rental is ideal for me. If I had a wife and kids, I would purchase out home first.

You mentioned continuing renting and building up your empire... I  think it depends upon rent vs mortgae payment. If you could purchase a similar home for yourself and pay around the same that you are currently renting- no brainer. Just going to need to shell out the down payment- which of course will set you back on your future deals. 

I personally believe that building equity in your own home would be better then throwing money away on rent. Of course unless your rent is not near as much as what your mortgage could be. 

@Basit Siddiqi 

Is the LLC approach the best way to go about purchasing a rental proerty with one partner? Is there any disadvantage to using this method?

Hello everyone and happy new year! I have been listening to podcasts, reading books and accumulating as much knowledge as I can before taking a dive into real estate investing. I am ready to get my feet wet and need to get into action sooner than later. I live in Long Island, New York. My home market is relatively expensive to buy into. I am thinking of two options for my first investment: Option 1- buying a multi family and house hacking with an FHA loan for a year and and then renting all units out. Option 1 means purchasing in my higher cost market where an entry level house is around 400k (tying up a lot of my marbles at once). Also, i have no need to move out at this moment in my life. I am 24 and have no issues living with my parents for a little longer and saving the money. Option 2- investing further away. I would be able to get into something for a lot less, 100-200k depending on the market i chose. I would be able to put less money down, get my feet wet, and repeat the process the same way with the leftover money that I otherwise would have contributed to a down payment on a home in my home market. I can continue to live at home and have the whole investment devoted to cashflow versus breakeven with live-in for a year. The idea of investing long distance is scary for me. But I know that if i develop the right relationships and have boots on the ground i should be able to work it fine. The barrier to entry being a lot less than it would be in my home market is very appealing because I can continue that process over and over with small down payments. I feel that i have the knowledge I need to get started right now, and will only learn more by finally taking action and doing. I feel stuck where I am right now and could definitely use advice as to which route would be better for me to take. Thanks!

I am a beginner looking to expand my knowledge on all necessary aspects of real estate before investing. I have read rich dad and ultimate beginner guide. I want to chose my next few books wisely. 

I dont want just a motovational overview type of read. I want something that's going to dig deep into the fine details of what I need to know going further. I want to learn the down and dirty before diving in. 

Any advice on what books to read next?

Hello everyone. Before I make my first investment in RE, I want to establish contacts and find good agents to work with.

As i search for and begin to inquire about properties on the market, of course I instantly recieve phone calls from the agents. 

My question is what questions should I ask these agents during our first discussions?

Should I just be honest and let them know my situation- tell them I am looking to invest by 2018. May not buy this property but very well could purchase a different one months down the road, etc.

Is it recommended/proper to ask about current rental prices of the home, rental prices in the area, names of other contacts (handymen, PM companies, general contractors,  plumbers, etc.)