All Forum Posts by: George Pappas

Hello All,

I am trying to analyze real estate deals in areas outside of NYC and a lot of the listings on Realtor.com or Zillow.com do not say how much the units in the multi family properties I am interested in, are renting out for.  How could I analyze the property to see if it's a good deal without having that information?  

I started searching craigslist and other websites for rentals in the areas that I am looking for, but since I do not know the areas as well as I should, how can I be sure that a 2 bedroom 1 bath apartment on ABC street should go for the same amount on XYZ street?  Also, even if the listings do have the rental income for the units, how could I tell that it is accurate information?  What do I need to do to get accurate info for my analysis?  

I would say right away as well.  Give Public Storage or Cube Smart a call as a "potential customer" and see what deals they have and how often they raise their rates.  Those 2 are the biggest in the industry.  I would also try to find one that is closest to you and go take a look in person.  Why be the cheapest around?  

Work on your marketing and your customer service, try to offer deals to new customers as well as the existing ones and keep your rates competitive but not too low.   

You may have some disgruntled customers, because no one likes their rates raised, but they have to understand that there's new ownership/management.  You can't go in being scared of losing customers.  Be confident that you will do whatever it takes to keep them happy and in your units.  

Count me in. Thanks

Andrew,

I am looking into FHA. I think I am eligible from reading about what they require. I know they charge extra fees and was wondering if it was worth it.

As far as getting things to cash flow, cap rates and things in that area, I need to read more about it in order to understand how this works and to be able to analyze deals.

Is there anything that you recommend? I'm extremely green in this area.

Charmaine,

Thanks for your response. Have you tried looking in different neighborhoods? Weigh out your options... Do you keep paying rent waiting for what you're looking for to be available to you or do you buy something thats a good deal even though it doesn't have everything that you want?

I'm not sure what you're looking for but I've read articles here where people were less picky with their first investment, fixed it up and ended up selling it to get something better. I'm not sure what the perfect investment or property is, but for me, if its in a good neighborhood, the price is somewhat right and it generates income, then I am all in.

It's figuring out what a good deal is, and what type of loan you should get thats my issue. How do you know if you're overpaying? What should your first property be?

Hello all,

I am new to this website/real estate and extremely eager in getting started.  I am 28 years old looking to be a first time home buyer.  I'm a project manager for a real estate developer/construction company in NYC and am responsible for multiple projects from start to finish.  In my opinion, this should translate well to managing a multi family property of my own.  I have a good yearly salary, yet my credit is not great.  

Do I fix my credit and try to save the 20-30% downpayment that might be required to get a loan (will take a few years) or do I try to go through FHA/203k??? Is FHA a good idea for someone in my situation?

Multi Family homes in NYC are ridiculously expensive... Rents are also sky high and I feel like a loser handing donations to my landlord every month.  What did that guy do that I can't?  Is it a good investment to buy something here knowing how expensive it is and that I will be receiving a great income every month or do I look out of state or out of the 5 boroughs of the city for something?  Do I start with something less expensive like a 2 family or shoot for the 5 or 6 family?  

How do I know what a good deal is?  I would really appreciate your input! 

Thank you,

George Pappas