All Forum Posts by: Bradford Myatt

I've had the same thought. I have two SFR that I would love to landscape and present nicely, but both are tenant occupied and I'd rather cut my maintenance costs. Looking forward to the discussion.

Are there any meet up for CNYers?  Anybody interested in organizing one somewhere between Utica and Syracuse?

Awesome goal Brandon. I think it's great you set your sights high. I, like you, am young with lofty goals. Those goals should be the motivation to educate yourself enough. I see a couple of potential issues. As mentioned earlier, your region would limit your ability to find adequate rentals at a reasonable price. Also, the issue of down payments could lose a problem. Listen to a few podcasts about creative financing and lending to give you some ideas. Hope to hear more about your adventure. All the best.

Hey all,

Looking for advice. There is a commercial property I have an interest in that features a restaurant (that will be vacant), a two BR house, three apartments, and 28 storage units for sale. I was looking to raise some capital in exchange for an equity interest in this property. I am still awaiting specifics from the agent, but in what terms have you structured a deal for a property like this? I am new to the commercial side of REI and appreciate any feedback.

Thanks!

Commercial property in Oneida, NY which includes a functioning restaurant, three income units and 28 storage units.  In the very early stages but wanted to gauge interest towards a deal.  Know few specifics but in the process of inquiring.  Please see link below.  Would be looking for an equity stake style transaction. 

http://www.huntrealestate.com/Real_Estate/NY/Oneida/424_Genesee_St/549-2-1402755/?listingID=549-2-1402755&searchID=382188191&pso=ListPriceDescending&referrer=%2fSearch%2fResults.aspx

Hey Robin,

Is there a minimum amount you are looking for to get involved?  

Thanks!

A soft market is a buyers market when supply outnumbers demand. Good deals are to be had. The first half of 2015 is a great time to buy, since interests rates will be closer to 5% by the end of the year. I agree the house should be bought with little maintenance, especially in a great place like Ithaca. Syracuse is a tough place to figure out. The area with the deals isn't close to the University, but the city is littered with distressed properties.

One thing I've learned as a first time investor is to not always rush into a home. Ithaca is a great location, especially with the College and Cornell nearby. You may also be able to attract weekly or weekend rentals to a place like Ithaca (AirBnB, etc.). Why do you list closing costs as 0? In the current soft market you could offer lower than the 110K and make some money going in. Set a price that is a good deal for you, and if it doesn't work out find another property. Making money going in is always a great way to start. Good luck!

Hey All,

I will be closing on my first SFH next week and purchased it with a residential mortgage. At the advice of my attorney I formed an LLC to protect my personal assets as I continue to grow. After speaking with the bank I was informed that since this was a residential mortgage I can not instantly place this property into an LLC. The bank said I would have to apply for a commercial mortgage, which increases the interest rate, appraisal, and closing costs. Has anyone had any experience placing properties into an LLC? What is the best strategy to continue with this? Any advice is appreciated.

I will be buying in an area where appreciation is below the national average, and I am using a 1% appreciation rate with no rent increase. In a sense I guess the numbers are very conservative. I used deteriorating repair number over time to get to the six year positive cash flow.