All Forum Posts by: Trevor Naumann

Theres allot of great advie in here already but ill have a go

Since your not looking to make big moves in real estate at this time, I might consider buying in cash and viewing it as a store of value initially. Long-term, I would bet prices in NYC will go up right? So, this could be a comfortable place to store some money and let it grow over time. Then, in a year or whenever there is some rate improvement, assuming you like being a landlord or manager of a property manager, you can make the decision to refinance. Im upstate not in the NYC market but I would be willing to bet that you will get a better purchase price and have an easier time buying what you want as a cash buyer. 

Many of the more rural areas will be fine but i find calling the local municipalites is always your best bet. You always want to hear it from the horses mouth and ask if laws are going to change in the near future. 

Definitely talk to your attorney about this. I have been on both sides of this as an agent and it is not fun at all, that is for sure. I would sue him for the down payment at the very least.

I don't know how Buffalo is, but where I am it's really not as bad as some make it out to be. People often associate all of NY with NYC. I agree that NYC is its own animal when it comes to rental real estate and personally would not look to invest there. That said, I honestly think it's all about tenant selection and screening. The book 'Managing Rental Properties' by the bearded godfather himself does a very good job outlining the process, especially for a smaller operation landlord. I think as long as you pick quality tenants and are providing nice units which are not dangerous or in total il repair you should be fine. 

Tax’s are reassessed annually based on the neighborhood appreciation. Spot assessment as they call it meaning increasing the taxes on an individual purchase is illegal in NYS. That being said some towns are truly annual, and some are every 3-5 years. It depends on the area.

In general, in New York, Zillow struggles with its estimates because the inventory can be so varied from neighborhood to neighborhood. I would recommend checking the county tax assessor websites to find accurate numbers. Most counties are easy to use, except for Dutchess. Additionally, instead of using Rentometer, I would suggest looking for rental comps in the area as it can also struggle to provide accurate rents due to the variations in units. Your process looks good, and you are doing everything right. Additionally, a note on taxes, what is referred to as 'spot assessment' is illegal in New York. This means that if a home is purchased for significantly more than it is assessed for, they cannot increase taxes because of that purchase. Instead, neighborhoods as a whole are reassessed for growth. This happens at varying times depending on the area, in some areas every year, and in some every 3-5 years. hopefully that helps

Very cool. What part of the Hudson Valley are you lookin in?

Credit Matters.... But not so much that you shouldn't get started. The sooner you get started the sooner you will get to your goals.

just recently i would have said i like to use walgreens stock as a savings account but i pulled and went liquid earlier last year when the market started shifing 

Interesting problem. IDK the best answer but i feel like if you put the them into an entity maybe there would be a soloution? I will ask my accountant and report back if i hear anything helpful