All Forum Posts by: Noah Singer

@Marcia Maynard Thanks for the tip! I found plenty of information to keep me occupied for a while.

Hello,

I am new to real estate investing but I have spent enough time doing research to decide that I would like to being by purchasing buy and hold properties to rent in Binghamton, NY. I am currently a student in college so taking on a mortgage at this time could become a financial burden if I don't find tenants somewhat quicly.

I was wondering what advice anyone can offer me on the advantages/disadvantages of purchasing a rental property that has pre-existing tenants. It seems that it would be the best move financially because it would provide rent payments as soon as the property is under my ownership.

What are the big challenges associated with this kind of purchase? Are there any special considerations I should think about? How is the lease transferred between owners?

Thank so much for the advice!

Noah  

@Larry Fried Thanks for the welcome! It amazes me how friendly and helpful everyone is on BP.

@Brendan Hicks You seem to know the market pretty well. Lots of homes priced under $55k that make for great student rentals which is what I am looking into. The university is adding 6,000 students (mostly grad) by 2020 so there will be an even bigger market for inexpensive student rental houses. My goal is to start by purchasing a property with a bunch of bedrooms to use as a student rental and go from there. I have the advantage of being a student myself so I have an idea of what students look for in a rental.

@Mark Updegraff Thanks so much for the reply! That definitely seems like a reasonable next step. I made a plan which I am following so once I find financing I can keep moving along. I've also found a market to focus on so I think I m good shape. One of my biggest obstacles is that I am unsure how to properly estimate expenses such as insurance, maintenance, what to budget for vacancy etc. I've read a lot about it but there are so many differing opinions out there, it is a little overwhelming. 

@Dmitriy Fomichenko Thanks for all of the links and advice! I love the podcasts and I am going to start connecting with local investors on BP.

Hello!

My name is Noah and I just recently joined BP. I'm currently a junior studying mechanical engineering at Binghamton University. I have been interested in real estate investing, particularly buying and holding, for quite some time however I haven't had the funds or knowledge to get started. After a successful summer internship (and another one upcoming) I will soon have the money to take the leap. BP has been incredibly helpful when it comes to learning about real estate but I feel like there is so much more to learn.

Any advice on how to take the next step from learning to doing would be greatly appreciated!

Cheers,

Noah