Anyone in the NYC area looking to purchase investment properties?
My colleague and I have been buying properties in PA on the side for the last few years while we work full-time here in NYC (both 29 years old).
We currently have 5 properties (17 units) in PA between the two of us. We know the market where we are buying very well and have a great relationship with a property management company we are currently using. I figured I'd share and see if anyone is interested and maybe we could open a dialogue -- the properties are an hour and a half from NYC.
do you buy these as joint tenants? is it risky owning properties with someone who may not want to sell at the same time? how much do you each invest?
4/5 properties are in our personal names and are a 50%-50% joint TIC structure. We have one 5-unit we obtained with a commercial loan and own the property jointly in an LLC.
We both have the same investing mentality and are adamant about investing and holding onto our assets forever, while refinancing and picking up more properties along the way.
The average down payment is $40K-$60K per property (25%). The properties we've purchased range from $150K to $300K. However, if we had more partners and created a partnership we could start looking at larger deals. With a partnership, we could change our business plan accordingly based on everyone investment goals and I would say the average hold would be 5-7 years with one or more value-add components needing to be completed within the first 24 months. I'm open to ideas, I am not trying to syndicate, I am looking for people who want to act as other GP's.
how are you financing these? I've done ok buying single apartments, but it takes so long to save enough $ to buy even one. Did you get third-party equity? Are you buying whole apartment buildings then, and syndicating?
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