All Forum Posts by: Ian Coyle

Thanks Darren and Paul - appreciate the feedback. HELOC has been something I have contemplated. I am not sure how much more certain areas of the city have for appreciation Darren but I completely get your take on this.

Thanks @Kurt McDowell

Just wondering Upstate NY folks take on a situation I find myself in.....a good one.....

Original goal was to be @ around 5K/month in passive net income through buy and hold properties mostly doubles/duplexes, in Buffalo.

Got up to 11 units over 5 properties, had to sell one, now @ 4 properties and 9 units. 3 doubles and a 3 unit.  
Full rent roll is 5,600/month gross. Up to about 2,500 net after management, etc.

Properties since purchased (2014-2016) due to the Bflo market heat have appreciated. One about 50%. The other three more in the 20% range.

I am contemplating "scaling up" via 1031 and using equity to purchase 1) a larger apt complex or 2) perhaps 1 or 2 "more desirable" properties in better areas of the City. Doubles in the 150K range say.... With equity + some cash reserves for down payment, I am thinking in the range of 200-400K worth of property I could secure @ 75% financing.

VS

Just continuing to use cash + net income to secure down payment money on the next purchase and continue to snowball into more units. (original goal) Concern there is raising offer prices on these Bflo doubles are pricing out investors like me and of course the "normal" investor qualms about unit/door management and tenants, etc.

Anyone have any thoughts/constructive criticism, comments?

Thanks. Appreciate the honest take.

@Dave Foster, thanks for the heads up. 

Thanks to the Bigger Pockets forums, blog posts and podcasts, etc -  along with some mentor friends and good ole' fashion research (including Rich Dad Poor Dad) I am here to offer a grateful thanks to people on here who have taken the time over the last few years to help out this newbie, and also offer my own success story report with a question.  I started investing inn January 2014.  I am now at 9 units cash flowing $250-300 per unit and ready to make the next move.  (I would have 11 units but did some work on my personal residence and sold off my fist one for some cash).  All financed.  These are 3 duplexes and 1 triple all in Upstate, NY.  I am now considering my next move and again turn to BP.  Because of appreciation, I likely have 110-120K in equity with my four properties.  I am considering adding 2-3 more properties (4-6 more units) these next 12 months (by basically taking some FT income from job + cash returns monthly off present rentals to save for more down payments) OR scaling up with a 1031 and getting into a single apartment complex in the 400-600K range with similar cash flow margins.  As always, any and all thoughts appreciated!  Thanks.