All Forum Posts by: Jeff Piscioniere

@Tonye Jack great to hear of another Tri-stater looking west. My partner and I @Diana T. are taking a very close look at the state of Ohio. Columbus is on our list but so are Akron, Dayton, Toledo, Youngstown, and others! Just seems like incredible opportunities compared to our overpriced market here in NY/NJ/CT. I must say I am intrigued by the mention of Indianapolis and KC. Two more states to consider. What are your thoughts Diana?

Tonye, the best of luck to you!!!

@Tim Park so excited for you at 26 y/o! Gosh do I wish I started at your age! Reading your entire post, forgive me for saying, but I sense you’re like a person stranded in the middle of the desert. There’s no reason I smart well spoken guy like yourself should go it alone. Certainly making your connections here on BP is great, but ultimately we’re all perfect strangers. There’s got to be a couple friends or associates of yours, even family, you can get into this together with. It might make it more of a relaxing experience for you.

Besides that, with the kind of capital you have, you might consider making a big splash for your first property and look at a larger apartment complex in the Midwest. My partner and I who both live in high cost CT are looking very closely into Ohio. Lots of good things going on there and your money will go far. Plenty of money to turn over all operations to your property managed.....naturally after the vetting process mentioned by all the earlier comments.

Finally, I would be remiss if I didn’t ask, but what kind of stock investing did you do? Are you self educated? Equities, options? I’m trying to get more and more involved in stock trading and rather than just getting googlied-eyed over ever marketing scam I see on tv I might as well just ask a fellow trader. LOL

Either way best of luck. Don’t overwhelm yourself because you’re at a great age to set yourself up for incredible success!!!

@Julie Williams I’m also extremely curious where this property is you’re talking about! Somewhere between NYC and Boston I might guess my neck of the woods in CT? If you’re putting it on par with one of these 2 cities and speak of it being artsy, I might guess a city like New Haven. A city like New Haven is very easy to describe. Take out the university (Yale in this instance) and the number one employer such as the well known medical system and you might as well be living in East Berlin in 1946. Pretty much the case for all Northeast bigger cities these days. Their best days are way in the rear view mirror. It’s very difficult to find cashflowing buy and hold rentals shy of a war zone and if you want to go the only real route to make money like with short term rental on AirBNB, how can you ever expect to gain traction when your guests should be reviewing their stay? Just my 2¢

@Diana T. This is a discussion I think we should be following!

@Matt LaRue just curious if there was any reason you didn't just buy an existing cabin/STR? Seems you could have avoided a lot of stress and aggravation from such a distance.

I've owned a STR cabin for almost 5 years in Gatlinburg. Incredible investment! Prices however have skyrocketed in the area in the past year or so.

@Steve Morris yes the 3 way split is a given but do you have any suggestions on how a owner finance from the 2 of them to me could be structured?

@Michael Noto I think there’s some truth in that. I hope you’re right. Thanks for a bit of reassurance!

Ok I need some math help! This is probably common sense, just a lot of moving parts I’m jumbling around.

Scenario

Great 2 family property in upstate CT with monthly cashflow of $700. Bought with 2 business partners (friends) in 7/2018 for $130,000.

Likely sale of $160,000.

Outstanding principle is probably just under $100,000.

So say net $60,000.

Without considering closing costs, this means I’d be on the hook to pay them each $20k right? One of the partners is a real estate agent so hopeful commissions could be avoided.

Wondering if there’s a scenario where I could get them to owner finance because I don’t have the $40k I’m willing to part with?

Here's some quick background because this idea was only dumped on me less than 2 days ago. The 3 of us live about 50mins south of the property. Big snow storm couple days ago and the plow guy one of the partners thought he secured was a no show. The 2 of them had to go up there to clear the driveway. I had to work. They luckily seem to have found a neighbor who agreed to be our guy for the remainder of the winter. Unfortunately the 2 of them were stressed and one says he's always nervous because the property is so far away. Their idea is to sell and buy condos closer to home where we don't have to worry about outside maintenance. Everyone I talk with has agreed with me what a shame it is to want to get rid of such a great property for the unknown of condos and their HOA fees especially considering prices in CT have surprisingly gone up significantly since Covid with so many NY'ers fleeing the city.

Me personally, to avoid a long story and get to the point, I’m ready to move on from this partnership because the original goal back in 2018 was to slowly acquire a portfolio of properties to the tune of 1/year. Here we are 2.5 years later with only this one great property to our names and I’m so disappointed that I’m on the brink of partnering with someone new. I’m willing to do the condo with them because I don’t want to ruin friendships and plus I have the seed money for the new partnership I’m ready to move on to. Also on a personal note, I own a very successful short term rental cabin in Gatlinburg TN that I self manage from 700 miles away so I’m not phased by long distance real estate.

Would love to hear any feedback on avoiding the sale of this great property. Thank you in advance!

@Clayton Murray as already stated, there’s almost zero price appreciation to be had in southern NE, specifically CT, although with so many NY’ers fleeing north, prices have gone up. But how long will that last. Depending on where you are, you’re not investing for appreciation. I disagree on what was said about cashflow. There’s plenty to be had! We have a cash cow on a 2 fam in Torrington CT, a good blue collar community. Keep that in mind too, the kinds of workers in your area. There will always be a need for service industry blue collar workers, a good thing to consider. Depending on the area of NE, there is very poor economic prospects. I can only speak of CT where one big name company after another and high net-worth or even moderate net worth individuals are fleeing to cheaper places. Tax policies are through the roof and as the saying goes, people vote with their feet while the politicians shout themselves in the feet. Good luck!

@Filipe Pereira I appreciate it. I will reach out.