All Forum Posts by: Trevor Naumann

lol

Pros: i would say are that many of the smaller communities function more like the Midwest in terms of steady cashflow. There are also a number of SUNY schools in the catskills which make it possible to find affordable student rentals. Then as stated above there are lots of interesting STR markets that work. Cons: Winter can be a pain if your far away from the properties so having a good plumber on call is a must. There is not a ton of market appreciation depending on the area. Not all of the sub markets are created equal and finding "quality" tenants can very.

Overall though im a big fan. There is definitely a trend where NYC investors find the Hudson valley affordable and HV locals find the Catskills affordable. That said again there are so many sub markets in the region that its hard to compare the different areas.

DSCR all the way. Or look for a seller financed deal.

i found an off market airbnb for sale. price is 280K and includes all furniture. The owners is no longer interested in running one but says he was doing around 5k a month on it. Shoot me a message if you would like more details. 

Hey guys i have another off market property. its a duplex in pine bush. looks like a 7cap and would make a great house hack slash long term rental. Shoot me a message if you want details

Hey guys, i got a tip on some yurts in northern ulster if anyone is interested shoot me a message.

Hey Jake,

i would call a bunch of banks. I would ask them what you qualify for with the product you inquired about and then would also inquire about DSCR products as well as rehab loans and what they would need you to put down on a conventional. I might also ask about if they are offering portfolio products. I once had a scenario where an investor was purchasing a property with a single family home and 4 trailers built in the 1950's and we called 12 banks. The first 11 told us nobody would finance the project and the 12th did. In my experience many banks will tell you what is and is not possible for them but this will vary based on the property your looking to finance and your qualifications. Not only will you get to hear about allot of products and get a sense for who you actually want to work with but after hearing it from the horses mouth say 10 times will feel much more confident in understanding your financing options.

What part of the HV are you in? As usual it depends. My first question would be what is your rent? I ask this mainly because depending on where you are a 1 bed can rent for 1600-1900 which is allot. If thats the case for you guys i would say buy a small multi and eliminate your housing expense. Your money will go way further for paying off the credit cards if you eliminate that first. On the other hand if your rent is like 5oo each maybe chunk down a bunch of your debt first to increase savings rate then buy. 

Hey Joe welcome. What part of upstate ny are you in?

Saratoga is not my main market but in an attempt to provide some general value i think it depends. What kind of debt if any do you have on the property? Did you manage to get a loan With a low interest rate? If so do the numbers work to rent? If so then i would be looking to hold until rates drop again because evidence would suggest that when rates go down prices will go up and increase returns. If renting doesn't make sense numbers wise i guess the bigger question is do you need to move asap or need the money for a bigger opportunity sooner? If not then i would wait until spring when the market heats up more or consider renting it through the summer for race season as a STR and then sell in the fall for the second wave of the more busy market. If you on the other hand have a project that could put the capital to work and produce a greater return faster then sell. Lastly if your going to sell i might consider making some upgrades to prepare for the sale. Not having seen the property its hard to say what those upgrades are but an example might be that in the era when the house was built there was a theme of everything being painted grey. If this were the case aesthetics have changed a bit and i would say white is back in fashion especially with the black painted windows, black door knobs etc. Some fresh paint and minor upgrades could ensure a maximum return when its time to sell. I would speak to a local agent who sells residential real estate in the area if that was the case and they should be able to provide you with basic upgrade ideas that don't cost much and increase appeal especially for the marketing photos down the road. Going backwards if you decided to rent then i would wait to upgrade when the time comes to prepare for selling. Hopefully that makes sense and is helpful.