All Forum Posts by: Jaysen Medhurst

Welcome, @Edmund Ricker, BP is the place to learn.

$5-10k/month is very possible with some thoughtful hard work over the next several years. If you can average $150/unit/month you will need 35–65 units. If you can buy 2 or 3 quadplexes a year over 5 years, you'll be right there! That's without even figuring in depreciation, mortgage paydown and potential appreciation.

Good luck!

Looks great, @Jorge Magana! Keep it up!

Great points, @Pamela DeLorenzo. Chris and his family member may both make out better with a lower offer that closes quickly and avoids realtor fees.

@Chris Lofstrand, my final thoughts would be that your repairs and CapEx look too low. I usually figure 7-8% each. Also, you should always include Property Management in your analysis, even if you're going to do it yourself.

1) Your time is valuable and you should be compensated for it. 2) At some point, you may want to hand off the day-to-day management and spend your time/effort finding new deals.

I know this is your 1st deal, don't talk yourself into a property where the numbers don't work.

If this were me, I'd pass. 

hi, @Juan Gonzalez, welcome to BP. Search the forums for "house hacking" there's lots of great info here.

I would recommend a 4-plex as they provide the most income against relatively static expenses. Problem with a duplex is your costs are only spread against 2 units. I doesn't cost any more to cut the grass at a 4-plex than it does at a duplex.

Good luck and don't worry, your English is fine.

@Ellis Barfield, do it yourself. Great way to house hack. Not sure what the pitch to an investor would be?

Sure, @Michael Cavitolo, $300k can go a long way. Maybe not as far in NYC, but...

Put 25% down on a $1.2mm property. That $300k will be $1,054,000 in 11 years at 5% appreciation. That doesn't even count the yearly cash flow, mortgage pay down, and depreciation.

Hi @Veronica Pollán, I've been looking at the Berkshires, but am open to VT (was poking around Bennington area).

Besides local investors, us BP to connect with investors in NYC and Boston. It's so expensive here.

I chat with other investors on the forums from NYC all the time about where to invest. Maybe VT is a good fit for some of us.

The best way you can build REI clients is to find them deals, especially off-market deals. Next make sure you know what we're looking for and how we evaluate properties.

Build out the rest of your team. Make sure you've got a great lawyer (RE and someone to help with LLCs/Partnerships), appraiser, insurance agent, contractor, etc. Become a 1-stop shop for out-of-state investors.

If I were to invest 4 hours away, I need to be darn sure there's someone on the ground with my best interest in mind.

@Matt Turner, I'm not a lawyer, but you should be fine with what you have. If you're nervous ask them to sign something to say they no longer wish to exercise the lease.

Doubtful they would come back at you. They didn't give you first/last/deposit did they?

Hi @Jonathan Moerdler, check out these 2 on-going forum threads
Flipping in the Tri-state area

House Hacking 1-hr from Midtown

@Melissa N., the Berkshires are about 3 hours from the city. For what it's worth, I have a colleague who invests in Albany and loves it.