All Forum Posts by: Mark Wright

There is a Capital Region one I've seen posted (in Albany, I believe) as well as one a bit farther north in Saratoga Springs that I enjoyed attending/will continue to.  

To branch off of what Jonah said, is it possible to speak with the tenant(s) directly?  As aggravating as the situation can be, try to figure out the cause of their behavior and make reasonable accommodations.  The only reason I suggest speaking with them directly is if the PM is "all business", then the tenants might have a negative perception of them.

 Thanks, Gary!  Definitely something I'm interested in pursuing, though it might be my purchase after next.  For now I'm looking to get into a multifamily problem that I can "house hack" and thus be able to save more aggressively towards future properties, such as an ideal care home.  

A couple summers ago, I worked as a construction laborer for an architect who was originally from Canada.  Often times, he would bring materials back when going to visit family to save $.  (apx 1.5 hr.)  Unfortunately, being as remote as my area is, even the local lumber yards are about the same as Lowes/Depot, though sometimes they'll have deals.  

Do you know roughly how much equity you have in your current property? Perhaps a HELOC could be an option. As Denver and Jonathon mentioned, if rent appreciates over the next few years it may bet worthwhile to hold onto it.

As for renting, are here different options for your area, such as AirBnB or renting to college students if near a campus (by the room)?  Just a couple thoughts.  

Honestly, I'd be glad to work with an investor.  Mainly because I think of it as a common interest and would be excited to "talk shop."  Being a newbie agent myself (licensed last summer), I can't say as I have a regular type of client I deal with; only have had a few listings thus far, no buyers that followed through entirely.  

To answer your question(s), I'd say having a clear idea of what you're looking for (SF residence, duplex, multi) and what strategies you plan to use (financing, cash, combination).  I will say, most of my potential buyers I've spoken with were out of state.  The hardest aspect (for me) is if they've never been to the area, trying to convey what it's like to live here vs. vacation.  (The Adirondacks is largely a tourist-driven economy.)  Second hardest thing is speaking with people who are somewhat interested/unsure. I'd be more than glad to help in anyway possible, but please have somewhat of a game plan. Ie: If you need to sell your house prior to buying another, say so right off the bat.  

As far as what you need to know, you're currently on the BiggerPockets forums, so you're already a mile ahead!  

Hope this helps 

Not sure if I'll peak anyone's interest in this old post, but I'm looking to do this with my current home.  It's one level and adding a wheelchair ramp would not be an issue at all.  Having worked in the direct care field for 10 years, I'm pretty familiar with all that can go wrong within a residential home.  I think it would be a great opportunity to make passive income while helping people.  

Anyone else in NY done this?

Not sure of the climate of where you're located, but I live in a very rural area with harsh winters. However, one town within the general area (referred to as tri-lakes as all 3 towns within 10-20 min. of each other and- you guessed it- have a lake!) has become an extremely popular tourist trap over the last decade of so. To put it in perspective: There are more Airb&b's available then there are places to rent long-term. Obviously you should choose whatever fits your budget and lifestyle, but also whatever's most suitable for your area. For instance, here I'd chose the cabin near a lake scenario. If you're looking for year-round, maybe a duplex/triplex near touristy attractions/night life. Budget and time wise, are you looking for something that's ready to go/turnkey, or something that needs to be rehabbed? Do you want to house hack or rent it out and travel? Are you looking for a quick ROI or steady ROI?

Just out of curiosity, what kind of deal are you looking for? Single-family or multi-family?  I'm not necessarily in a position to buy right at the moment but am certainly looking to potentially find another house this year.  I'd say find my second deal but honestly can't consider my current home a "deal".  I have family in the Albany area & wouldn't mind branching out, though.  I'm in the really upstate NY (Adirondacks, tri-lakes region). 😊.  

Hello fellow BP members,

I live in upstate NY & may try to make it over to the event as well.  Is there anything necessary to sign up, or do folks just show up?

I'm just getting into the realm of real estate investing; started following BP this past summer.  I own one SF property with a little land (3 acres) that I'm working on making renovations to & potentially rent by next summer.  In the meantime, I'm chipping away at my real estate course online & hope to do my exam/get licensed in the first couple months of the new year.

Best, & look forward to collaborating/meeting fellow members in the future!