All Forum Posts by: Alan Brown

that would be great!  I will contact you tomorrow

thanks,

alan

Hi out there, I've been going back and forth between Montana and the East Coast, and am currently interested in the Ulster County area of New York for investing... looking for BRRR's, flips, and partners!

My first concern though, is how are the laws for GETTING TENANTS OUT?  I just bought some places in Missouri, where I've had to get some trouble tenants out, and discovered it wasn't nearly as easy as Colorado and Idaho had been for me;  so I'm learning about a due diligence I had forgotten about!  Help!  

Also, will probably be looking for hungry, investor friendly realtor in that area as well.  Any suggestions?

Thanks!

Hi Hamar,

Yah, Welcome!  Hey here's a question I've had about the Hudson Valley that is crucial to my investment world:  I guess it's more of a question about NYS in general:  How is the tenant/ landlord law in NYS and or Ulster Valley, POK?  

I come from investing in Colorado and Idaho where if I move quickly at the beginning of the month, I can have a tenant out by the end of the month.  I lived in California where I hear nightmares about 6 months to 18 months to get a tenant out, if the tenant is wily enough.

I'm invested in Missouri now and everyone says 45 days max, but just had a tenant pull some crazy stuff to milk the free rent teat for waay too long;  I'm not even sure what happened there, yet!  

I'm just looking into Connecticut, which sounds like I don't want to go there.

Tell me about NY.  

Thanks buddy!

Hi Maria,

Sounds like you have some good stuff going on... are you making a lot of profit on you Butte deal?  because it sounds like you might be paying some tax on that, if so.  In which case you might want to think about a 1031 tax deferred exchange, which will allow you to roll your profit into another rental property (or two!)  You may already be aware of it, but if not, check it out before you close on the Butte property.  If you don't know about it, there are some very knowledgeable people on BP who can help.  I'd be happy to help, as I've done a lot of these exchanges, but there are definitely smarter people out there!

I LOVE the Kalispell area, but I seem to be commuting back and forth from the East Coast to Montana, and right now am in the East... otherwise, I'd be up there in a second to see what kinds of deals might be available in the Kalispell area... is there a Real Estate Investment group up there?  you might network that way if possible.... that can yeild some great contacts or leads, or even partners!  Good luck!

Hey John, sounds like you have a good project going!  I've sort of been commuting back and forth between Montana and the Hudson Valley, and have been looking at Kingston area to see if it's on it's way up...   I wonder if Rosendale's rules might be relaxed... it's a little off the beaten track, isn't it?  I would go online to the ulster county website and see what you can find under zoning, as Rob G says;  look at the zoning map and see what the property you're looking at is zoned, and then see what that particular zoning allows.  That being said, many places around the country, particularly more rural areas, are on a complaint-based system, which means that you can sort of do what you want as long as you don't bother the neighbors.  

But, since you're considering buying the place, it would be good to have it meet the governing criteria before you buy it!  That might figure into your negotiations:  if it's only zoned as a single family home, it might be worth a little less based on the income approach of the property, unless it's a nice residential area, in which case a duplex might not fit well into the neighborhood.  Anyway, if you need another set of eyes on the deal, I'm often out and about and would be happy to look at it with you.

cheers!

Let me be the first to say Welcome!!  I wish I had been that focused when I was your age... congratulations, Montana is truly the "last best place" (I just made that up!) on the planet.  And you're hitting at a time when unemployment in the state is crazy low, so jobs are plentiful.  Your mindset sounds perfect;  setting up the long term plan in the back of your head, while you work on the short term every day:  finding a good job that will help you to qualify for the investments that will enable the long term investment plan.  Can't lose!  

House hack!  do it as soon as you are able!!  I know of a duplex for sale right now that would be way better than renting, with minimum down.  Most likely will be gone by the time you get here, but there will be others!  pretty exciting.  Good luck

Fantastic deal in Super hot Bozeman market. Waaay Under rented, AND it has separate meters (yet Seller Pays Ute's), and it's Currently a 6.8% cap rate.  With rent and utility adjustments, owner managed, could be easily over 10% cap rate, which is unheard of in Bozeman.  Very Close to University and downtown.  Grosses $48000 now, could easily be $57k with minimal work! Expenses are $12k now, but with existing separate meters, could be reduced to about $9k!!  Net $48k makes cap rate 9%.  

Not on MLS yet; call or email very soon! I am a Realtor With Vellinga Real Estate in Bozeman, but I haven't put it on MLS yet. Hurry! $525k.

You might try "marketplace" in BP... I've never looked for HML, but they are definitely out there, and BP might be the best possible place to search.

I would agree;  Not being from your area, I have no idea how close those cities are, but, as a Broker myself (broker doesn't mean all that much--it comes down to what agents work harder for you, and a Sales associate may even have tons more experience than a new broker), I don't feel that comfortable helping people in cities over 1.5 hours away from me... I feel like a good agent in those areas will have their finger much more on the pulse of hot properties.  I like to think that in my area, I am an expert on values and can pick out a great deal for you, but when I look elsewhere, I always use a local agent.  Take the time to be picky--it's truly hard to find the perfect agent.  Sometimes the ones with a little less experience may be hungrier and work harder for you;  also, if you're looking for distressed properties, or cheap ones, more established agents are not that excited about the extra work involved and the smaller commissions.  Sometimes the best agents in an area are also the busiest, and no matter how hard they try, they just simply can't give everyone the time that might be necessary.  Especially for more distressed properties.

good luck!

welcome, Casey!  you certainly have come to the right place... a ton of information between podcasts, blogs and forums..  Sounds like you guys have hit the gground running... couple flips etc!  

Seems like you might be in great place for flips, or buy and hold... there's a lot going on between CF and Kalispell, no?

keep in touch

alan