All Forum Posts by: Scott K.

@Michelle Backer what makes you think that things are a mess? I have a young child, but he's young enough (18m) that the pandemic has yet to have an effect. We're fully quarantining, but I expect there to be a vaccine in about a year, at which point people will be far less fearful of socializing.

@Akwasi Degraft welcome to the neighborhood! Where is the property if you don't mind me asking? What made you look here (I see you're in Harlem)?

I'm curious to know what you think of the Bushwick, Bed Stuy, Ocean Hill, Ridgewood area. I see you have a property in Bed Stuy. We bought in the area (2-family; reside in one unit, Airbnb the othher) in 2016 and have seen tremendous appreciation and fantastic Airbnb income so far. Since I'm close by, I'm inclined to buy again.

I'm also looking to BRRRR something, and there are a number of $500k-ish multifamily fixer-uppers in the vicinity. Most are a bit farther afield, however (Brownsville, East New York, Canarsie). I've heard these areas are gentrifying, but I need to do the due diligence.

@Sheldon Kohl, @Llewelyn A. - have either of you successfully BRRRed in Brooklyn or the close vicinity? I'm just starting out and preparing to being searching for deals myself. As it will be my first BRRRR, my inclination will be to stay local.

If so, I'd love to chat!

Are there any BRRRR investors or contractors in the NYC area that have gone through the BRRRR process already? I'm just starting out, am keen to invest, and would love to chat!

@Elbert D. your comment sparked a question in my head. Do you use, or are you aware of, any online tools that help with measuring the investment health of individual neighborhoods? Off the top of my head, these might look at changes in property value, income growth, etc. Or does this sort of analysis almost purely require boots on the ground?

Thank you for the additional context, @Evan Polaski.

Appreciate the insight, @Scott Passman.

@Elbert D. - David was using a pretty generic example in that video.

Sounds good @Andrew Postell, appreciate the pointer.

In the BRRRR podcast, episode 327, David Greene made a comment (1:08:30ish) suggesting his single-family homes tend to add equity for him and his multi-family homes contribute more cashflow. He suggested the two asset classes work with one another in a complementary fashion.

Can someone explain why this is true (particularly why single-family properties tend to add more equity). I'd be especially curious to see any example math behind this if it exists somewhere.

Video: https://www.youtube.com/watch?v=FBci62dfqaY