All Forum Posts by: Zack Reyes

Hello BP community, hope all is going well! I'm looking for my first investment property and was going to look through pre foreclosures. I did a free trial with foreclosure.com but I've read that sites like that may not be as up to date with current pre foreclosures and that most likely people have already been contacted. I've also read that you should be able to find this information locally because it's cheaper. I know the county clerk's office has Lis Pendens but when I went to the site (Nassau county clerk), it seemed like you had to go house by house to see if it was on Lis Pendens. How do I find a list of Pre Foreclosures? Will the county clerk's office provide me with a List of Lis Pendens? is there another source? Is this something I should out source? just not sure how it works, would appreciate any advice! Thank You!

0 Votes

Long Island, New York

Hello BP community!

My name is Zack, I’m a newbie RE investor, still learning/researching and looking for my first investment property. I’m on the hunt for a Duplex that I could House Hack or fully rent out.

I live on Long Island, and finding a multifamily for a good price is it a bit challenging because of competition (still haven’t given up searching there). Which has lead me to keep an open mind to investing closer upstate, more because the market is ore affordable and I’d be able to get into a 2nd property sooner rather than later.

I’ve read on a post that the Market there is always stable. Houses don’t appreciate much but you could make great cashflow on rentals. But this was a post from 3 years ago on BP.

I know the houses are old and it’d be student rentals which posses risk. But I see a TON of Multifamilies for sale at affordable prices over there. which is making me consider taking chance on it. now my question is...

Is the fact that there are a lot of Multifamilies for sale in Albany a bad sign?

Would anyone have any insight/experience on investing in Albany?

hope you guys are having a wonderful 2024 so far!

2 Votes

Albany, New York

Quote from @Preston Garcia:

Hey, a lot of investor clients that I talk to are in a similar situation. They’re from all over the country and some outside. They reach out to me for single and multi-families over here in Rochester, NY. The rent to price ratio is fairly high over here compared to a lot of places. You can get a lot of multi-families over here under $200,000 and some under $100,000. Of course there are ones more expensive too. Keep in mind that crime rates are going to be different throughout parts of Rochester, which is usually dictated by their price. If you’d like to connect, feel free to reach out!

Yes! I've been hearing a lot about Rochester! If anything the only place in NY that seems to have more affordable prices are upstate in general!

0 Votes

Long Island, New York

Quote from @Dave Kapsack:

Hi Zach

I am also on Long Island. Its pricey. Have you looked out East or “upstate” on the otherside of the city, could be some deals there.

Do you have an agent?
are you pre qualified for a loan

Check with some of the local credit unions

If you ever find a meetup let me know. They’ve been tough to come by on the Island

It is very pricey! and I haven't mostly because of the distance, but starting to consider it for sure because the prices up there see advantageous. I've been hearing Rochester is a good market but is it bit to far for my first property. I want to transition into OOS rentals/ short term rentals (air bnb) in the after the first property or 2.

I do not ave an agent just yet, although I'm starting to reach out to see now. and yes I've prequalified. and Yeah Long Island real estate meet ups are hard to find!

1 Vote

Long Island, New York

Quote from @Patrick McCann:

Hi Zack

If You're in Long Island I'd suggest you look up Matt Porcaro @the203kway, he has greta info and resources for househacking and 203k renovation loans. He also is from Long Island.

I'm a union ironworker the same age out of the boston local by the way. I househack a duplex in NH

Hey Patrick! thanks for replying and thanks for that contact, I'll definitely reach out to him! Was the duplex your first investment?

0 Votes

Long Island, New York

Quote from @John Ojo:

Quote from @Steve Kenney:

Quote from @Zack Reyes:

Quote from @Steve Kenney:

Hey Zack,

I'm up in Maine so I'm not too familiar with the Long Island market, but there are a lot of advantages to investing locally, so my advice would be to buy local and house hack your first deal. When house hacking, you get much better financing terms (less money down) compared to if you weren't living in the property. Also, I know most people start out wanting to buy a duplex, but don't shy away from the three and four unit buildings if you find one that you like. More units typically equal more cashflow. You can get up to four units with an FHA loan.

My advice for getting started out would be to:

1. Go to a local meetup to network and talk other investors

2. Talk to a few lenders at local banks/credit unions and get pre-qualified

3. Find an investor focused real estate agent in your market. They'll get you setup with an email list and should be able to help you analyze deals.

4. Analyze deals every day so you get comfortable with running numbers. When you see a deal that matches your buy criteria, setup a showing.

5. Make offers on properties - this one sounds obvious but is important. If you are analyzing deals but not making any offers you won't ever get a property!

What are you next steps to move closer toward your goals?

Hey Steve, thank you for responding and I hope you're having a great New Year! I've done most of the steps/ if not all. but its a good to know that I following the right steps. I could spend more time running numbers, I haven't offered on anything just yet!

Glad to hear it! Getting comfortable analyzing deals is important and it's free. Once you get into a routine it takes only a couple minutes. Try to set a goal for yourself to analyze one deal a day. Once you do that often you'll feel more confident making an offer when a good deal does come up. When I started it was pretty scary for me at first and it took me a year before I found my first deal. Looking back, I had passed up on several solid deals because I just didn't feel confident enough. Finding a mentor that knows your local market helps a ton, so that's another reason why meetups are important. Just remember you'll likely have to get out of your comfort zone for your first deal, but if you put in the work it will be worth it!

Hello Zack,

Good on you for taking advantage of the your living situation and saving. Would you want to continue to stay with your parents or move into the property? The 5% Multifamily loan would be ideal and if you got a 3 or 4 flex you'd be able to kill two birds with one stone if you wanted to move in. Interest rates do vary if you are not going to reside in the property.

I am not in your area, but speaking to local lenders and agents would definitely assist.

Hey John, thanks for your advice! As for what I'm planning, I would like to find a multifamily that would be cash flow positive. then make a decision more closer to the moment of closing whether I'd want to House Hack, or rent it out fully. I am planning for both scenarios. but what will help me sleep at night know that if I had to move out of a house hack, my unit would cover the mortgage (plus more). But its what's advantageous in the moment.

I'd love to take a jump on a 3 or 4 flex, but in the Long Island market it'd be out of my budget for my first investment. but also to be fair I haven't come across anything larger than a duplex just yet!

But you've given me a lot to consider because you're not the only one who has mentioned 3 or 4 plex's , thank you for responding!

0 Votes

Long Island, New York

Quote from @Steve Kenney:

Hey Zack,

My advice for getting started out would be to:

1. Go to a local meetup to network and talk other investors

2. Talk to a few lenders at local banks/credit unions and get pre-qualified

3. Find an investor focused real estate agent in your market. They'll get you setup with an email list and should be able to help you analyze deals.

4. Analyze deals every day so you get comfortable with running numbers. When you see a deal that matches your buy criteria, setup a showing.

0 Votes

Long Island, New York

Quote from @Bonnie Low:

We love fixing up homes, too, but you're talking about a PROJECT. Without experience, it's going to be a lot. Even with experience it's going to be a lot. Everything is harder in old homes. Nothing is straight or plumb which makes installation of things like cabinets, doors and windows more challenging. Check with your local authority - either Building or Environmental health on their lead paint standards. Some jurisdictions won't issue a permit for anything if lead paint isn't abated. I wouldn't touch that deal expecting it to appreciate unless I was buying it at a drastic discount.

Thanks for responding Bonnie, hope you had a Happy New year! This was good insight to know, I mean the rehab on face value itself seemed to be a lot. I know for a fact that fixing something would actually cause more problems. but thank you for replying! this just supports that I made the right decision to move on!

1 Vote

Long Island, New York

Quote from @Jaron Walling:

@Zack Reyes As your first investment probably not.

What's this place actually worth? Is $500k a good deal or way over priced given the issues you described? What's an estimated ARV? Will it cash-flow, break even, or loose money every month as a LTR, MTR, or STR? These questions need answers before you make offers on properties.

Any property can be a deal for the right price. Lead paint isn't an issue if you don't disturb it or tear it out. If you don't have to replace electrical wiring (big if here) maybe it can be painted over like you mentioned. If you're upgrading to 200amp panel the odds are against you. Old properties can become full gut jobs with a massive remodel budget real easy. You have to KNOW THIS before you make an offer. Maybe you can save $$$ on specific areas of the property without demo'ing everything. A remodel of that scale is intimidating for a newer investor but it's not an impossible challenge. Don't give up. Keep learning, asking questions, and eventually you'll find the property you can't pass up. Cheers.

I appreciate the response! and hope you had a happy New Years! it seemed like it could have cash flowed at the very least would work in my favor as a house hack. but taking into account the amount of rehab and the issues I could run into (with it being an old house and all). the numbers didn't work. rereading your post also makes me feel better on my decision haha

1 Vote

Long Island, New York

Thanks for the Advice! definitely good insight on the situation.

1 Vote

Long Island, New York

All Forum Posts by: Zack Reyes

Zack Reyes has started 6 posts and replied 16 times.

Post: Long Island (Nassau/Suffolk) Lis Pendens, pre foreclosures

Post: Albany Market insight

Post: Newbie RE investor Long Island

Post: Newbie RE investor Long Island

Post: Newbie RE investor Long Island

Post: Newbie RE investor Long Island

Post: Newbie RE investor Long Island

Post: INVESTOR advice on Old House

Post: INVESTOR advice on Old House

Post: Newbie RE investor