All Forum Posts by: Raul R.

@Thierno Kouyate

When I started my RE journey 5-6 years ago I listened to podcast and audio books concerning RE and biz religiously 10-12 hours a week. Typically on my commute to and from work.. Now not so much I have more interest quick podcast that goes over the current news is basically all I listen to Now maybe a Hour a week I total. After you listen to so many they become very repetitive. For a new investor might be fine but once you experience the up and downs of being a REI sometimes you want to have a break from RE and just listen to some good Tom Petty..

@Marvin Bobb

9mm S/W and w my Germán Shepard....

Just kidding my PM collects my rent they accept all electronic form of payments. The 1 tenant i manage myself Zelle

I had your same idea 5 years ago.. If you're looking for small multis they are in very low inventories in both markets.. Both markets right now are extremely hot I can't believe how fast my Properties are appreciating in both market, pleasant surprise but not sure how sustainable that is... Rents are not increasing at same rate as home price personally I decided to take a conservative approach and have done no increases this year to avoid turn over during pandemic so far its been working.

@Joshua Nowell

Make sure you understand all the rules and be aware if the price is too low the Coop board might reject the sale it is their right to protect the price per share for each shareholder.. Personally I would stay away from Coop too many rules which provides limited options if things don’t turn out as you want..

@Tom Matousek

Talk about not following the herd mentality I give your wife that ... Is there a mass exodus from NYC yes I’m one of them bought a new construction 1.5 hours away are the prices reflecting the mass exodus sadly no or maybe not yet..I had a similar idea as your wife figured let me buy a condo in UWS use it for Airbnb and on days I work late have somewhere to crash near by but I’m just seeing modest discounts on prices in certain areas nothing to get excited about... The news are accurate, homelessness crime are high but the home prices are not being affected dramatically.. You can get some significant discount on rent and if you’re looking for commercial there are deals to be made but not residential.. Will see what happens in 2021 maybe Rich Dad will be right but I’m not convinced..

@Stefon Pegram

You are looking at too many States.. As an OOS investor you will be in a disadvantage vs the locals. You need to focus your energy w one or 2 neighborhoods and try to know it as best you can..

@Soniel Estime

If all your friends are inexperienced it will not be a good partnership ..

Other than $$$ you need to ask what are they bringing to the table? Things to look at do they have trade skills, Project management experience, bilingual etc do they have some skill that you don’t have that can help your future projects ..

@Jocelyn Doumani

If your tenant is paying rent and keeping property in order I don’t see an issue..

Don’t go by a rumor get facts

@Ahmed Saad

Ahmed made excellent points and I agree with everything he said..

You need to know your market you’re in a very Tenant friendly market consider yourselve lucky I have many landlord friends in NYC that their tenants are having difficulties paying rent due to Covid and stimulus drying up and they can’t do much about it your issue is easy to resolve vs a tenant unable to pay rent. This is why I invest 500 miles away in a good old Red state.

Pay for the exterminator and follow Ahmed advice i would have done a compromise concerning the pet..I would have allowed for the cat to stay for a pet fee.

Best of luck

@Sergio Martinez

Im not seeing any big price drops in the outer boroughs rents and sales price are pretty stable in Manhattan is where Im seeing the rent drops. If you have the reserves yeah it might be a good time to buy from a distressed landlord just keep in mind the eviction Moratoriums who knows when they will be lifted. You make a mistake w wrong tenant or you inherit a bad tenant there will not be much you can do