Twelve thousand years ago, the hamlet of Pine Island, NY was literally underwater as part of an inland sea created by the last ice age’s glacial retreat. It took many centuries to produce the sulfur rich soil that lies beneath as it also trapped Mastodons and fossils for posterity. But finally at the turn of the twentieth century, savvy European and Polish farmers used their knowledge and figured out how to drain the vast “mucklands” and convert it into viable farmland.
Today, Pine Island, well known for its “Black Dirt,” is a thriving hamlet on the brink of becoming one of the area’s top destinations. With the visual appeal of hundreds of scenic acres created by the draining of those “drowned lands, ”Pine Island offers a backdrop for locals and visitors alike. Nearby are wineries, craft breweries, golf course, sports center, shops and restaurants – all making Pine Island a great place to live and work.
792 County One, being offered for sale for the first time in decades, sits right at the heart of this community. With the unique layout of this 8,000 square foot+ building, there are numerous options for the investor with vision. Set on more than an acre at a prime intersection, currently there are five retail/office spaces and two residential apartments in its footprint. With a history that dates back to 1930 when it was a popular eatery, this renovated mixed use property has so much potential.
With easy access to Vernon, NJ, Warwick and Middletown, it is ideal for someone with a vision to continue to invest in the community right in the heart of Orange County, one of NY State’s fastest growing counties. What are you waiting for? Now is the time!
The Green Team is pleased to announce that Vikki Garby has received her Commercial and Investment Real Estate Certification. Vikki’s new certification, coupled with her previous work experience, further strengthens her skill set when it comes to assisting real estate investors and commercial clients. Not only is she Commercial and Investment Real Estate Certified (CIREC). Her own experience informs her knowledge and ability.
A 1997 graduate of Cornell University, Vikki worked for Deutsche Bank in New York City as an investment banker. There she reviewed and negotiated complex contracts on a regular basis. During that time, she also became a real estate investor. And she negotiated transactions as a buyer. Her love of real estate and her skill at navigating its many transactional parts lead her to obtain her license so that she could help others
The CIREC Program
The intensive CIREC program covers a wide range of topics vital to commercial and investment transactions. Among them are the financial related aspects. These include tax implications of selling a property, 1031 Exchanges, valuing properties for sellers, preparing a financial analysis of properties for investors, and comparing financial impacts of leasing vs. buying for user buyers.
Every time I meet with a new person or new couple to speak about their first home purchase I give them what seems to many as “wild and crazy” advice. The advice I give is that, if they are truly interested in building wealth over the long term, then they should make their first purchase a multifamily property. Not a single family property.
Now, I know many people reading this may be thinking, “what bad advice, I couldn’t stand being a landlord”, or “when I had a rental property the tenants ripped me off”, or most commonly, “I want nothing to do with being a landlord”.
While I hear these comments loud and clear, I beg to differ. In fact I am myself a landlord as I own and manage many rental units. I will address being a landlord below, but first let me elaborate on why purchasing a multifamily first before a single family home is a great wealth building strategy.
Five wealth building reasons to purchase a multifamily first:
- Have you ever noticed that most of the rich people you know own more real estate then just their home? In fact most rich people own lots of real estate. I don’t have any firm stats on this, but just think about the rich people that you know and I think you will find this to be true.
- Real estate investment is all about the long term. No matter what you hear from these “guru’s” on T.V. or the radio it’s simply not a get rich type of plan. It takes time, so the sooner you get in the game the more likely you are to become wealthy from it over the long term.
- Most first time buyers are already living in a rental unit. They haven’t purchased the dining room set just yet, or the super sized TV, or the formal living room furniture. They know how to live minimally, so why not take these very important minimalist skills and use them to get rich? Living beneath one’s means is a universally acceptable concept. Getting rich takes a mentality of frugality.
- How else will you get started in Real Estate investing? That is a serious question you should ask yourself? If you are not going to do it this way, then what is your plan? The fact is most people don’t give this a single thought and this is why most people do not ever own any real estate other then their home.
This multifamily that you now own becomes part of your investment “portfolio”. You never sell this property unless you have the opportunity to sell this one to get into a bigger and better deal. Einstein said that compounding interest is the 8th wonder of the world. Income from Real Estate Investments provide the same compounding effect.
So here is the bottom line. If you are ambitious and seek to build lots of wealth over your lifetime make your first Real Estate purchase a multifamily. Live in one of the units while renting out the rest. You will be forced to learn the extremely valuable skill of how to manage real estate income properties. Over time you will save enough money to purchase your single family home. By that time you will have so much valuable information in your brain on how to manage real estate investment properties you will have no problem managing your single family home in addition to your multifamily. Finally, if you do a good job with your first multifamily you will naturally go looking for more. This is where the wealth building “rubber” hits the road.
So there it is. A minimum of $100,000 equity in your pocket. Now all that you need to do is execute it. Don’t know where to start? Call us. We have many Realtors in our firm who are very well versed in Real Estate investing because many of us are Investors ourselves.