All Forum Posts by: Kiernan LaFaver

Hey William! I'm right in the Syracuse area!

If you are purchasing a property that is tenant occupied, you will more than likely be required to honor their existing lease. Notice to vacate is ependent upon how long the actual tenant has been there. There is technically an option to buy out the lease, but its not too common based on my experience in the area. 

You could absolutely purchase with a VA loan, but as you mentioned there are tougher conditions with the appraisal process. I have access to a lender that offers a VA Conventional loan hybrid, so all the benfits of a VA program, but Conventional appraisal process.

For the tax concern, you would need to simply apply for the VA STAR Exemption in NYS by the required deadline. Inheriting tenants can be a mixed bag. If you're in the Univeristy Neighborhood, those leases are typically structured around the school year, so inheriting a long term tenant is not too likely compared to the greater Syracuse area itself.

Any questions, comments, concerns please don't hesitate to reach out, I would be more than happy to be a resource as you look to purchase a property in the Syracse Market!

I'm in the Syracuse area, let me lead off with that. "Upstate" is a huge term that spans quite the geography of NY from the Albany to Syracuse to Binghamton areas. First and foremost, I would check into whatever city you are investing in and see if they have specific laws/ordinances relating to rental properties. For example, in Syracuse there is a Rental Registry that non owner occupied investment properties need to be on (essentially a separate Codes Inspection). I can't speak to any other college neighborhoods, but from what I'm seeing in the Syracuse University area is properties are priced at a premium as its essentially the closest thing you can get to full occupancy at any given time with steady turnover year to year for college students. If it's a multifamily, I advocate for renting by the floor. If its a single family, it typically makes more sense to rent by the room to appeal to a wider variety of potential tenants. Property management fees may be higher with college properties due to increased turnover and any potential cleanup fees.

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!