All Forum Posts by: Nicholas DeLouisa Jr

What I was thinking was a four bedroom house, two baths.  Four students, each paying close to what they'd pay to dorm at the school, but the house would be furnished, and rent would include utilities.  Discount for paying for the entire year in advance.  Etc., you get the idea.

I don't know anything about the Syracuse area.  The only place I actually looked at was Oneonta.  When you say super expensive, I don't really know what your point of reference is.  Where I live you can't really find anything in livable shape for less than $300k, and there are plenty of million dollar listings about a mile south of me, on the water.  (Hence why I'm going to look upstate.)  So what do you mean by super expensive?

I don't really have enough knowledge about financing to sit here and discuss it intelligently, except to ask for information.  I suppose I would be looking for a traditional 30-year mortgage.  If, as in my imagination, I could get a property with a mortgage of, say, $50k, I could use the rents to manage the property and make the required monthly mortgage payments, and use my income from my job to pay off the mortgage faster, in as little as five years.  Then I wouldn't have to make those mortgage payments, and that becomes part of my cash flow.

Let me stop here and state the following: I'm new at this!  I have almost no idea what I'm talking about, in the respect that I don't know if anything I'm saying is feasible, or even realistic.  Just wanted to put that out there ...

Anyway, until I finish my classes, and until my wedding planning is over (February!), this is all in the imagining and planning phases.  I know people talk about analysis paralysis, but I just won't have the time to do it right until the wedding is over.

So, if you're experience is mobile home parks, is there not a way that you could build into that niche?

Hi,

Thanks for responding.  Syracuse is one of the towns I was looking into.  I don't know if it's a good idea, but I was going to try to get some properties near colleges upstate (Syracuse, Oneonta), maybe rent them to students.  I have to see how that could play out.

What exactly is a manufactured home community?  Is that like a condo complex?  How did you come to own it?

-NIck

Hello everyone!

So I've been a member going on four years now.  Never even filled out my profile until recently.  I always had an interest in real estate, but at the time that I joined I was looking around for different types of investments.  Then I got sidetracked for a few years.  Some days ago, I had an interesting discussion with my brother-in-law.  Long story slightly less long, he wound up shadowing a new mentor for a weekend while the mentor made a deal, visited a few properties, and then took my brother-in-law to dinner and outlined his entire business.

With this story banging around in my mind, I decided that I'm ready and crazy excited to do this.  So, here I am, and I hope to meet some great people here.

A little about me, I work for NYC transit in the subway system, also an electrician on the side.  I go to school nights, and I'm applying for a position as an electrical instructor.  Planning a wedding for early next year.

All of that has me running kind of ragged.  However, school will be over in December, the wedding will be done mid February, and after that I won't know what to do with myself.

My main bare-bones goal in real estate investing is to supplement my retirement income.  I would like to do this using a buy-and-hold strategy.  However, my shoot-for-the-moon is to build a mini-empire.  I'm to start with residential buy-and-hold, and by the time I retire (nineteen years from now), I plan to make my investments large commercial/residential holdings.

The main issue I have right now is that I can't really afford to invest in anything too elaborate in the immediate area around my home.  I live on long island in NY, and even a cheap rehab in a decent town is going for more than I can spend.  I can't really afford a mortgage that high right now - not to mention coming up with the down-payment.  However, I do have some ideas about buying property in upstate NY, where a cheap rehab might go for less than a fifth of whatever I might find where I live.

I know there are ways to invest other than a mortgage, but I want to make sure that in the beginning one of my exit strategies will always be that I can get a mortgage.  So, I will have to invest from about five or six hours away, which obviously presents additional problems I will have to overcome.

Hmm, I think I said too much for an introduction.  Anyway, I hope to be participating here, and I can't wait to get started, even if that's just education for now.

-Nick