All Forum Posts by: Shawn Ackerman

Hello @Account Closed congrats on getting started on your real estate journey.  As a Ny'er We chose to invest completely OOS as Ny landlord tenant laws are not the best if you are considering holding long term.  The prices in the markets we looked at i.e. troy, Schenectady and Albany all had great prices and rents were inline but kept coming back to "what if the tenant doesn't pay".  I think you have many great opportunities in that part of NY but I would say develop some metrics and measure markets according to your metrics.  Here were some of our metrics for long term holding.

All the best!!!

1. Price to rent ration of 2%

2. Favorable landlord tenant laws

3. Availability of Multi-Family

4. Ability to build a team

5. Ability to find properties off market

6. Ability to write our own contracts

@Will Mejia Congrats on getting the property paid off and also on the income you have coming in. Seems like you are looking for a passive income play. Have you considered becoming a private lender? I would look for a low interest line of credit to put on the property and lend at a higher interest rate. Downside is possible foreclosure but upside is having interest/control over more real estate at pennies on the dollar(55-65% of ARV). Just a thought. Or you can look at transactional funding, but you'd likely spend more on marketing as the need for double closings are less than fix and flip deals.

Again, all the best to you on your journey!

Hello @Shania J Seibles Welcome to BP and congrats on making your first post! All the best on your REI journey

Hello @Tony Thomas Welcome back.  I took a 5 year hiatus from BP but despite all of the deals, ups and downs I found my way back.  Never once did I cancel my membership though LOL!!! 

Big shout out to you and all of the members that make their way back to BP!

@Tiana Lazard Congrats!!!!

@Paige Gardner HM is a great way to get started however understand that it is SHORT TERM FINANCING 6-18 months. using this form of financing is a great way to acquire/fix a property but if you are looking to hold long term you would want to find long term financing. Additionally I would suggest having the long term financing relationship built so that they can easily transition the deal after renovation. This is an Interest only loan product that typically lends at 65% ARV. Keep those parameters in mind as well.

Lastly, A great HML would have options for you to transition into after your loan term ends with them.

Best of luck to you on your journey!!!

@Melinda Dore Welcome to BP!

@Zack Whiting welcome to BP!

Hi @Arthur Tolentino Congrats on getting things rolling. To find value on residential 1-4 unit properties you could ask your realtor to run comps or complete a CMA(Comparative Market Analysis) on a subject property once you find it.

or you can find the value on your own.

We use prop stream to run comps.  You want to look for like/kind SOLD properties to compare so, single family to single family and multi to multi (2-4).  You also want to look for these like/kind properties that have sold in the past 3-6 months within a .25 to 1 mile radius.

This comes with practice so the more you do the better you will become at it.  Finally, if you cannot find sold properties to compare within the timeframe or distance you can go out a bit to find properties to compare.

This will get you started with finding values for residential 1-4.  If your "small Multi" is a 5 unit or higher disregard everything I've written here LOL! you'd find those values a different way.

Best of luck!

Welcome back! @Jonathan Chan