All Forum Posts by: Kiernan LaFaver

Hello all. Have any Agents on here used the BP Featured Agent lead service? Had a call with a sales rep and they bundle 25 leads at a time, and have mentioned they would refund a lead that gives incorrect info. I have only found posts about this from a few years ago, and with mixed reviews. I am looking into growing my investor clientele, and would appreciate anybody that has any experience with this or can give any insight. Thanks in advance! 

I’d be happy to be a resource! Can I ask why single family and not potentially a multifamily to pull higher rent? 

Awesome to hear, somewhat in the same boat myself. If you’re looking to escalate as quickly as possible, it may be worth looking into a multi family and rent one side, and live out of the other. That way you have a primary residence plus rental income and gaining equity. If that isn’t your thing, possibly consider looking into an area that is going to appreciate. If you can get into a building that needs a little bit of TLC, but is in a good part of town that’s also a great way to build up equity quickly after renovation 

REITs and etf funds can be a pretty passive way to get into it. I, and likely most people on here, would recommend finding a mentor in your area that has sor hands on experience with REI or property management. Think contractors, landlords, etc. possibly even finding some form of part time job with a contractor or property management company is also a good way to get hands on learning and property management can pay fairly well once you get systems down

Seems like it needs to be determined what’s most important to her. Is it her enjoyment as a priority or is she primarily looking out for the family? If it’s primarily her, flip for immediate cash. However, brrrr, especially in stable areas can be consistent over the long term and for generations to come. Can you do two rental properties with the 400,000 in your market? If you can do two properties, that would be quite the consistent income stream PLUS building equity. If she’s like most grandmothers/mothers, she’d likely opt for the second one that benefits her a little in the meantime but her family greatly in the long run

Hey Anthony! I’m in the Syracuse area. Not yet a landlord but I have lived in the SU area for the past 6 years. To my knowledge, there is no “zoning districts” that students are regulated to live in, such as some other college towns in Ny. Student rental properties are either going to be R1 for single unit or permitted as multi family residence. I’m not familiar with any sort of restriction on how many students are allowed to live in each property, but for obvious reasons should use number of rooms as a guideline. I haven’t really heard of any occupancy restrictions being enforced by the city. You’re correct, there’s a large portion of houses that are not listed on the rental registry, and therefore legally aren’t allowed to collect rent or have any case when trying to evict tenants (at least pertaining to the City). The rental registry application is $150 and is good for 3 years. Happy to help with any other questions!

Hey Luke! I have an agent colleague in the Rochester area that deals frequently with investors. I’d be happy to share his info!

Hey Tony! It’s never too late to get into this space. Objectively, it doesn’t seem like waiting for rates to come down would make a huge impact in the current economy. Rates are only expected to drop to the 6%ish range by the end of the year if everything goes according to plan. But what happens after that? For all we know, interest rates may not significantly change for quite some time. And honestly, a few 1/100ths of a percentage doesn’t make a huge difference in the monthly note. Does the return now (rental income, asset appreciation, etc) outweigh the potential for rates to slightly drop in the unknown future? That’s a personal question, but time is money! If you have a 10 year plan, it seems like you may need to be more aggressive in order to get notable returns in that relatively short period of time 

I’d first suggest figuring out what your goals/strategy is. Finding properties that are ready to go, or need some love and rehab? Are you cash flow oriented, appreciation oriented, looking at resale value, etc. 

what class markets/neighborhoods are you considering? Various classes have different property values, tenant pools, turnover ratios, etc  I’ll posit a link below as this can get to be a lengthy note  https://www.realtymogul.com/knowledge-center/article/what-is...

Are you looking into short term, mid term, or long term rentals? This is going to affect your purchase price, turnover ratio, maintenance expenses, etc. it also may impact your exit strategy when it’s time to sell the property. 

Are you planning on living in your first property? This will impact your loan program, down payment, terms and conditions. 
I’m happy to be a resource as you start out! 

I’m in the CNY region as well! Syracuse more specifically. I think right now is a great time to get investing in the area. Syracuse is one of the top locations that Gen Z’ers are moving to in recent reports. The area in the grand scheme of things is very affordable, and with the likelihood of micron coming housing and rent prices are expected to boom! There’s also plenty of property managers to help you remotely manage the property if you do end up moving. I’d be happy to have further discussion with you and answer any questions you may have!