All Forum Posts by: Trevor Ewen

@Jaago Viitkin I have an extended network in the JC / Union City area that may be able to help you out. Hopefully there are folks on the forums who can give you a more direct answer, but if not, send me a message. Happy to send an email or two on your behalf.

Thanks @Vonetta Booker 

If you have a good network up in the Bridgeport/Stratford area, I would love to talk with your people. Whether it be agents, partners, contractors, or otherwise. 

The only other market we are currently looking at in the NYC metro is Paterson, NJ. We have a very good reason to be over there (my brother-in-law is able to manage), but Connecticut is still a bit of a mystery to me.

Thanks @Curt Davis 

It has been going well. I am definitely a fan of Memphis for the near term.

@Alaiya Aguilar 

You may want to reach out individually to some of the members and facilitators of the local REI group. I would recommend checking out meetup.com.

Add a keyword alert in your Bigger Pockets profile.

Finally, a technique that I love is use Facebook and LinkedIn to see who you may already be connected to within the market. You may have friends from another part of your life who have surprisingly ended up in the area.

@Vonetta Booker 

If that's in Connecticut, then it's very good by my read. I can't make those numbers work in Memphis, and that's a pretty good market for cash flow. Assuming your numbers are good, very excellent. 

Are these properties in Stamford? If so, interested to hear about your experiences there.

@Thomas Burns 

As I am sure you know, cash flow and investing potential in this part of the Northeast is tough. I live in Queens, and although I have been looking more on your side of the river, it's hard to find a deal that sings.

I would target working class areas in Long Island with some B's and C's available. Eager to hear what you find out. I wouldn't look at larger class A type residential, which does occupy much of Long Island.

@Jayson Greenblatt 

As a New York resident, I do believe that the Bronx is the best remaining market within the boroughs. If you know the Bronx well, you may be able to find some deals. We spent most of last year looking at deals in the Bronx.

For us, the prices were still at levels that didn't make sense. Manhattan, Brooklyn, and Queens are simply ridiculous! The Bronx was not as much, but we did find that we were competing with retail buyers with much more immediate need (large family, in-laws moving in). As someone who focuses on numbers, it's nearly impossible to outbid the family who has found their 'Dream Home.'

@Angelica Trevino 

I know a few good managers in Chicago. I grew up on the North Side, so Englewood may be a bit of a hull. 

We should speak via message about how many properties / price, so we can determine if it's worth sending it over to them. If it's a couple+ properties, they may be interested. For a 3 unit, it's probably a tough sell.

As for property values, a conservative estimate of inflation is 2% annually. When you invest in modest markets (Memphis, Indianapolis, Midwest) this is usually the kind of appreciation I expect, fueled by nothing more than the economic cycle.

Given the current loan climate I would not go near variable rates. Rates are very low, and now is a great time to get a bargain on fixed. Even though variables will not likely get to nightmarish scenarios, I am reminded of this: http://www.npr.org/blogs/money/2014/12/05/36872367... If your situation is so constrained, just remember that todays down interest rates are tomorrows highs... factor that into your calculations.

Variables rates in Iceland became astronomically high during the financial crisis.

I have found that once I truly got in REI, it became very personal.

Initially I went through the "Don't get into real estate, it's all a scam!" speech from older friends and relatives at Thanksgiving. 

After people started to realized that I was making money, still pursuing real estate, and not bankrupt... they all became much more interested.

If I was trying to crowd-fund a deal, for better or for worse, my friends and family is where I would have to start. Until I have a track record on that side of the line, there is no way to avoid it. I would rather have everyone aware of what I am trying to accomplish. That way they can let me know when they want to be involved.

As for me, we are heading to Southwest Virginia, where my parents have retired. It's so different from where I live, and that keeps things interesting.