New York City, New Jersey, Connecticut discussed on Think Realty Radio
By six thousand dollars. This happens every day. And the seller says, oh, you got me. I wasn't line. I just didn't know because attended lived in the house that I wasn't aware. So either discount a six grand, or I'll send my guy into fixed those things then you have you extend your due diligence period, the point is you got to see it or somebody from your team has to see it. But it's a good idea to look in other markets, if you're from Orange County, California where you can't generate a yield 'cause the houses the taxes to expensive it kind of blocks you out from single family. So I think it's a good idea to find another place. Elsewhere. And and just get somebody to go in there for you. Yeah. It's like one of those things when you do a Carfax, and it's like, you only do a Carfax, but you're also not going to do one hundred and fifty point inspection on your car, and you're in California, but your car is in Michigan somewhere you need to do the inspection pay the hundred and fifty dollars or a buck seventy five. So, you know, unequivocally you're not buying a lemon, and you're getting this inspection on this car done from a professional the exact same thing with the house inspection out even go as far as getting a survey. Right. Make sure that they're no you're not intruding on anybody's property. These types of things matter, otherwise you will inherit problems, and then you'll have to deal with them accordingly. I just don't understand like how people can buy cars without seeing them or at least paying analogy. The interesting to your knowledge is that you don't actually have to test drive them. Okay. That's the thing. Is that the the idea that you could buy a car if you were gonna buy late model car, and you got inspecting the person said it runs drives I test. Drove it. It looks good. It's got a ding here. It's got needs new tires in the front. Okay. Good. Now. I have the inspection and I can buy and if if it gets to me. It's a piece of junk. It doesn't drive. I've made a mistake. But you actually have bought cars from across the country without doing a test drive. But the inspection. That guy did a test drive. And so it was good nothing. Both times it worked out. And that's what you pay professionals. That's exactly why you have them in your life. All right. Avoid mistakes that way, right? A hundred percent. All right next question. I think that was that was an awesome question. First of all Andrea. Thank you so much for that second question. I would say I would say third question comes from Danny New York, New York City your old stomping grounds, Greg and I want to invest within an hour's drive. I can tell Greg's New Yorker where let me guess is it as overall general attitude toward life. Silence in North Carolina. So I don't know what he's talking about a north Carolinian. Right. Is that what they really call them north Carolinians? Yeah. Man, that's a mouthful out where where should I invest I have a quarter million dollars in cash? Okay. Quarter million dollars in cash, and he wants to stay within an hour of New York. Well, here's the thing about New York is that the taxes are super high same with New Jersey. And so what tends to happen and the prices are high. So it tends to happen. When the prices go up higher and the taxes go up higher the rents don't necessarily keep up. So like in the last question about Davenport about Iowa, I made reference to the fact that the prices are low and the rents aren't as well. I mean in proportion with each other when the prices are low the rent still say one hundred thousand dollar house, there's still going to rent it for eight hundred you could buy one hundred eighty thousand dollar house in New York suburbs and still be paying eleven hundred dollars in rent. And so it's is a it doesn't quite keep up. So for that reason, it's not a great place to get a yield. However, if you go further out Connecticut's an interesting thing because the taxes lowering Connecticut, but you could go to the multifamily space multifamily is really interesting, you know, when you can get in a single family. Home. You get two thousand dollars a month in rent. But if you buy a two family home in the same town, you get fifteen hundred dollars a month for each apartment. Right. So now the same Madison Square footage you're getting three thousand dollars a month instead of two thousand dollars a month. That's where almost anywhere. I'm sorry. I know most any direction outside of New York queens into long island's Connecticut. Westchester Rockland county into New Jersey. Staten Island in any of those places you can find two and three family properties. The not quite the same as single family because you're never going to sell them to a home buyer later on which is one of the advantages as we talk about single family homes, but I would say two and three family houses in in growing neighborhoods neighborhoods that are improving in and around the city would work, really. Well. What do you think about Long Island city now that it's become Hugh three for Amazon? Do you think that we should re kind of redo our strategy to go all in into Long Island city, five seconds. Maybe it's it's definitely gonna make a big difference in queens. And so that should have been my first answer to debt to daddy. From New York was.