All Forum Posts by: Kiernan LaFaver

Definitely sounds like a cash out refinance would be the way to go if there's no debt on the other properties. Typically with a loan you'd need 20-25% down with what I've seen in my experience for investment properties 

I'm in the Syracuse NY Market, and those numbers are definitely achievable here! 
-biggest challenges here are complying with rental registry (basically an additional codes inspection) and outdated electric, plumbing

-for finding a team, there are features available here on BP to help find PM, agents (like myself) and attorneys. 
-for tools to evaluate, zillow and realtor.com for sites. I personally use my own spreadsheet to calculate numbers on deals. Kinda basic i know, but it works for me! 
-as far as SFH vs MFH, it depends on your goals. Cash flow, appreciation, resale, etc. MFH lends itself to cash flow, but may be more difficult to sell down the road due to appealing to a lower amount of buyers. SFH appeals to all people (home buyers and investors) and would be reflected in resale price come exit time.

I'd be more than happy to discuss my area and the opportunities that are here! Hopefully this was helpful!

Analysis Paralysis will completely take over if you don't have a set, clear plan.

First thing I would consider is what market. What cities/towns would be ideal rental locations with growing populations, good rent prices, and will help you achieve your goals? Second, what strategy/goal are you going for? Buy and Hold, BRRRR, Flip, etc? This will also help you figure out the third thing, and perhaps the most important: Financing. Owner occupied vs investment properties have different guidelines and terms.

If you're able, I would recommend finding a mentor or a local investor group to help you learn the ins-and-outs of the investment world. Don't overthink things and just take some sort of action! If you have any questions at all, I'd be more than happy to chat and help you along the journey!

I'm an agent in Syracuse NY! Definitely a seller's market with residential market. Investment properties, at least with what I'm seeing, tend to sit a little bit longer due to sellers still requesting top dollar for a mid tier product, whether it be SFH or MFH. Alot of this is due to Micron coming, and the 40-50,000 jobs that come with it, in addition to Syraucse being one of the more affordable cities in the country

I have a handful I can recommend! Send me a PM and I’ll send you contact info

I would recommend figuring out your specific goals firstly. Are you looking for cash flow, appreciation, cash on cash, etc? Multi vs single family? As you suggested, meeting with local investors and people in that community can be a huge bonus in terms of building your network and finding deals. There's a thousand different ways to go with real estate investing, sometimes it can be difficult to narrow in on one or two specific paths. If you ever have any questions, I'd be happy to help however I can!

I'm in NY, so the requirements may be different. In my area, if you own an investment propert/non owner occupied, you need to add it to a separate registry and file with the municipality in order to legally collect rent and have backing in case of eviction. I would recommend calling your local codes department or planning board

You've definitely come to the right place. Something I would recommend from experience working with people is to figure out your ideal niche and stick to that, at least just starting out. Ie// fix and flip, single family vs. multifamily, etc. It can be very easy to get tangled down in the weeds of all the different strategies. Is there a friend, family member, or colleague that has real estate investing experience? Having a solid mentor that can show you the ropes and quicken your learning can be invaluable. Always happy to chat if you ever have any questions. Good luck!

Hey Dwight! I have a few I can recommend as well, for the city and suburbs. Send me a DM and I'll send them over

As others suggested, I would recommend house hacking (roommates) or house hopping (buying a new primary residence then living in it for a few years, then moving). This will likely be one of the only ways to obtain a smaller down payment as investment loans typically start at 15-25% down in my experience. I would definitely recommend going slow, and making sure you have solid financials on each property compared to trying to get as many as possible in a short amount of time; no need to put yourself in financial stress. HELOCs can be tricky with repayment periods and variable interests