All Forum Posts by: Scott Wolf

 I actually decided based on response time, professionalism, and client testimonials.  I reached out to 6 PM's in the area, and only 1 was really responsive(I guess the other 5 didn't like money.) They had a proper website, great follow-up and everything could be automated for me (direct deposit)

After that, I got 3 client testimonials, and all were rave reviews and I was sold. I'm sure the PM I chose has had clients that were dissatisfied, and obviously doesn't use them as referrals, but just knowing that there were satisfied clients, I was good to go.

What doesn't a newbie worry about??? Picking the right property, unpaid rent, evictions, rental unit damage, etc.

But for me, my number 1(outside of property choice) was choosing and managing my property managers.  I knew I didn't want to deal with the tenants, but knew that I would still need to interact with  my PM's.  I'm only 3 months in on my first managed property, but so far, so good.

@Sam George, that's a terrible situation.  I know of a Tenant/LL attorney who does evictions on the Island if you want someone to speak with.

@Andi Sjamsu there are some deals to be had in Upper Westchester, and Putnam County NY as well, that would keep you within the 90 min train ride.  Croton on Hudson is a 45 min direct train ride and has some good MF. Peekskill in particular seems to be having a renaissance and have some sub-400K properties.  In Putnam county there are some properties that have two single family homes on them, although they may put you just above the 90 min train ride mark.

Best of luck!

Just had to share this story from the NY Daily News.  I'm sure it's been on BP before, but it blew my mind!

https://www.nydailynews.com/news/national/ny-news-knife-booby-trap-home-20190215-story.html

Be careful out there!

@Kendall Short, congrats! Gotta disagree with your assessment of this deal as a "single" 70% CoC return year 1 is definitely a home run!

Keep it up!

Please send me the info.

Hey @Antorious Kelly where in New York?

@Jason Rogers may every deal be that profitable!

@Lauren Cooper, depending on where you live, house hacking might be a good foray into REI. Being on steady ground, with housing taken care of, can be a great place to start.

I also saw you mentioned a "we" in your post about selling to a developer.  Make sure your "we" is on-board with all plans, otherwise things can get rocky!