All Forum Posts by: Nicholas Mann

@Shane Terwilliger

Hey Shane,

Start analyzing deals everyday even if they are above your price range, determine what cash flow and ROI you would like!

Investor friendly markets in Westchester tend to consist of Parts of Yonkers, Mt. Vernon, Ossining Peekskill, portchester and other areas further North.

Don’t be discouraged if you haven’t found a deal in 3 months, just keep looking and something should turn up eventually as you save and grow your investment capital.

Good luck!

@Muna A.

I am also interested in finding good contractors in Albany, realizing this post is a few years old how did that deal turn out and who did you use!?

@Shemroy Mccarthy

Congrats on beginning your Real estate journey! I too am currently looking for rental properties in the New York area... our market is very expensive compared to other parts of the country, my advice would be to possibly BRRRR a property, find something that you could potentially flip but hold it for long term investing. Learn to analyze deals everyday and continue saving and learning, when the right deal presents itself you'll be in a better position. Good luck!

Since you own the property free and clear it looks like you would cash flow about $800 a month after Taxes, Ins, Cap Ex and Repairs. Analyze similar deals in your area and see if its worth it to do a 1031 exchange. Good Luck!

You could always go to your local banks and just get a pre-qualification to see what they say. I'm pretty sure major banks like Chase will let you do a pre-qualification online just to get an idea of where your at. Good luck!

@Mo Muigai

Just to add to this post. I recently got pre-approved for 5% interest on 30 year but it was 25% down?? Just wondering if 25% is the normal downpayment for investment properties, think I have heard it was.

@Ron Singh

I’m pretty sure I’ve heard the max you can buy with a conventional mortgage is 10 properties, then you need to get creative with financing. But by the time you have 10 properties you would most likely have a better network and good foot in the door of the real estate investing game.

@Andrew McCotter

Everyone posting on here, great thread! Definitely wise to use your 20-25% on leverage and let bank finance the rest.

@Randy Dargan

If you can find a good tenant and believe it will rent out for the long term go with the BRRRR method. I too am currently looking for deals in my area so I can rehab then rent them out. Good luck!

@Dontrea Riser

Just a thought to everyone posting about there cashflow numbers. I’ve been analyzing deals and I’ve been running numbers at different purchase prices. For example if a property is listed at $400k I’ll figure out my CoCROI and Cashflow on that figure, then I’ll rerun the numbers at 25k or so cheaper and so on and so forth. It never hurts to put an offer in on a property below asking price where the numbers and cashflow work for you!