All Forum Posts by: Trevor Naumann

the others already said it but yes. I have done them and they are great when used correctly 

Sure, first off welcome welcome. What part of new york are you in? 

In my opinion, the best bet would be to try to get the rentals sooner rather than later, as the old adage goes, it's time in the market, not timing the market, that counts. So, I would definitely tap into your equity if that's what you need in order to get the rental. Unless you're locked in at a nice low interest rate, in which case, you may want to consider combining the cash you do have with a DSCR loan. Your best bet is to start talking to some banks and see what type of products you could qualify for. You could also consider moving out of your current home sooner and renting it, and then using a lower down payment to buy a nicer investment property to live in until you move out of that one. There are lots of creative ways to tackle this situation.

I helped a client in NY buy a similer situation a couple months back. i pretty much just printed off a list of 20 or so local banks called and asked if they had a portfolio product for this type of thing. 3-4 did and the rest told me it was impossible. Good Luck

i would always prefer coin op if given the choice since its a little extra income. That said if the comps in your area support that you could chage more for in unit go for it

I agree with the above comments, but also add the adage that it's less important where you choose to invest and more important that you choose to invest at all. Don't make a dumb choice, but don't get too caught up in overanalyzing it. People make money in real estate all over.

If I were looking for multifamily properties, I would go on Loopnet and Crexi and check out which brokers have multiple multifamily, mixed-use, mobile home park, and self-storage properties. Then, I would call them and let them know what I was looking for. After that, I would send a follow-up email regularly, probably every other week or month, and call every couple of months always during business hours.

The reason for this is that, as a broker, the majority of my investor clients are constantly calling me. This means that when I hear about a great deal or an off-market multifamily property, or even an on-market one, I know to contact them first and right away. At this point, most of them are my friends given we talk so much. Since you have not worked with these brokers before, they may not be incentivized to provide you with the best information first when they have other clients who have been paying their bills for years. However, if you come across as very professional and follow up during work hours in a predictable way, you will make yourself a desirable person to work with. Over time, they will want to get you what you're looking for.

In my experience, many of the best deals never make it to market. For example, you will see very few grocery stores on online sites compared to how many there are in a given area. This is because they are not typically bought or sold online, but through broker relationships.

That being said, my market in upstate New York is also quite behind the times in terms of tech in the industry, and it can be a bit of an "old boys' club," so relationships are everything. I hope that helps, and good luck.

This is always one of the age old questions. As far as i can tell its market specific. For example where i am at in Upstate NY we continue to see prices increase. DOM is also increasing showing signs of slowing down but when you consider how rediculous the appreciation has been the past few years its hard to imagine a crash as opposed to a correction. 

As a Realtor i am biased, but in my opinion, the industry sets up for-sale-by-owners (FSBOs) for failure. Marketing for FSBOs online is poor. On Zillow, you have to change the preset preferences to even see FSBO listings, and most people looking in those settings are Realtors looking to find FSBOs to poach, wholesalers, and desperate buyers who think they can get a bargain because they are dealing with a regular person rather than a Realtor. FSBOs are not in the MLS, so they do not automatically appear on major websites. It's a tough road.

That said, there are a few options to consider:

1. Use a flat fee broker to at least get the benefit of advertising in the correct channels.
2. Negotiate a lower commission with an agent. Don't go too low, as it may affect their performance. A good agent should get a faster turnover time due to correct pricing, effective advertising, and availability to "sell".
3. Pay full price to a good agent. This incentivizes them to perform their best, creating a win-win situation.

Keep in mind that most Realtors may not put in much effort, so choose carefully and thoroughly interview multiple agents. If they seem unaware of anything beyond their sales pitch, they may not be a good choice. Ideally, you would want a land specialist, but they may not accept a low commission. If you feel comfortable with the FSBO process, try a flat rate broker for the correct advertising channels and paperwork. Be as unbiased as possible with your comparative market analysis and pricing. Good Luck

I help people buy investment properties all the time in upstate New York, mainly in the Hudson Valley. There are still very good cash-flowing deals to be found just a couple of hours away from you. There is also a large contingency of investors near Albany in the capital region who are successful. While New York can certainly have a bad reputation from a tenant-friendly perspective, I have found that this stigma mostly comes from the southern part of the state. Upstate and western New York function more closely to the midwestern markets. Connecticut could also be a good option, as it is close to you. Honestly, I think what might be more important is defining exactly what you are looking for while still being realistic, and then going from there as there are many areas of the northeast that are overlooked. Good Luck!

Depends. On the Agent side i use mailbox power and am pretty satisfied as you can also send brownies coffee mugs and other treats which i have found really do stand out from the crowd when somone is getting a ton of direct mail. Mailbox power though would require you to import your data where other programs like dealmachine build the prospecting into their platform. If your approaching this from a true prospecting standpoint and looking to cover allot of territory i would go DealMachine. If you have a very targeted list of properties your looking at i would go mailbox power. Good Luck!