7 unit apartment building in NY selling 8.34% cap rate in Ellenville. Is it a good area to invest?

Good question.

You need to get a proper financial education instead of running around wasting your time trying to purchase a 7 unit apartment complex in New York.

First, you want to generally avoid apartment communities that have less than 100 units. A 7 unit in Ellenville New York is too small to be able to have proper onsite management.

You need to find someone that has 10 or 20 years of experience in multifamily to invest with that already owns hundreds if not thousands of units instead of wasting your time trying to buy these smaller sized assets.

However, if your goal is to be a general partner in a multifamily syndication, you need to get a real education in multifamily investing. A good way to do that is professional mentoring which my company offers or to work as a commercial real estate agent for a few years specializing in multifamily.

The new investors that do the best in multifamily don't look for apartments. Instead, they look to find experienced apartment investors that will let them invest into their deals. Being a limited partner you will avoid all the problems a general partner faces.

You then can focus on your core business or work and make more money to invest. If you are the type of person that wants to do things the easier and more efficient way, I created a group that can help you learn how to invest.

My group, the Benjamin Z Miller Investor Networking Group, meets every Sunday on Zoom. I created this group for new and experienced investors to network and make more contacts.

If you don’t know the market and are trying to act as a general partner in New York, I can’t even tell you how many problems this will give you compared to being a limited partner that does not take on that responsibility.

Try and avoid investing in multifamily in states where the tenants have more ways to make problems for you. It is much more difficult being a landlord in New York compared to Texas. Texas is a landlord friendly state.

If you would like to learn more about multifamily investing, you should join the Benjamin Z Miller Investor Networking Group.
Once you attend one of the Sunday meetings you will receive a Google Sheets document with the phone and email of the other investors that attended.

From there you can reach out to numerous multifamily investors. I also am good friends with some of the best well known multifamily investors so if you need an introduction to a particular investor in some cases I can help you.

Before you do any investing you should invest more time and money in your financial and legal education. I offer education and training to landlords, engineers, doctors and dentists, and many others that would like to learn how to enjoy the benefits of multifamily as quickly as possible. If that sounds interesting contact my office by going to www.benjaminzmiller.com and fill out the contact form.

You also can register at meetup.com at the link below:

https://www.meetup.com/benjamin-z-millers-investor-networking-group/

I hope that helps and good luck with your investing!

Benjamin Z Miller
www.benjaminzmiller.com
1-817-203-4160
ben@benjaminzmiller.com
https://www.linkedin.com/in/benmillersells/
https://twitter.com/BenjaminZMiller