All Forum Posts by: Brian Barfoot

Amazingly, most of my tenants still mail checks although I've taken paypal and venmo as well. Digital payments tend to me more on-time in my experience.

It shouldn't be a problem as long as you have decent income to support the new purchase. I've done this several times now and the banks only care about debt to income, credit score, and potential cash flow of the new prop. If one bank says no try a few more or ask a realtor for recommendations.

That is their preference but similar to the homepath program they have ways for investors to get in. This page explains most of it. 

Personally I haven't. They are usually in pretty rough neighborhoods and the mandated work plan makes the numbers fail to make sense. Neighborhoods change from block to block here too and so unless you know the area it can be tricky. If you're looking to invest here I'd be happy to help you since I've lived here most of my life and I've been an investor in the area for about five years.

Thanks @Rob Sawyer. I'm expecting to make it this week. Looking forward to seeing everyone.

A big advantage I see in HELOCs is flexibility. Because you only pay on what you borrow it means that you have less cash sitting around while you're finishing the next deal. With a cash-out you have to pay interest on the whole sum even if it takes you some time to close on the next purchase. In my experience a HELOC will have a lower rate too but as you said, there is the risk of rising rates.

It probably depends on what your lease says. Many landlords in this area provide washer and dryer as a courtesy but make it explicit that they are not part of the rental. I suspect that as long as they're functioning you wouldn't have much of a case in court however if you have a good relationship with your landlord you could probably send out a friendly communication expressing your concerns. If the landlord is any kind of decent human being and if you were any kind of decent tenant they will probably find some way to leave you with a positive feeling.

If it's an account that is going to be the same for a long period of time I'd just sit with her while she fills it out online and answer her questions as you go. She'll probably appreciate the care and service you're giving and you'll get to know that it was done the right way.

@Barb Nelson Here's some of the story: http://wrvo.org/post/syracuse-bans-section-8-public-assistance-housing-discrimination

Hey @Jason Jenney, 

   I've been actively investing in Syracuse for the last 3-4 years and I feel like there is plenty of money to be made here (and though the points made by Michael P. about declining population are valid.) There are some new laws about investing in the city that you should be aware of. There are also a few groups in town that get investors together and a BP meetup 3-4 times a year. I'd strongly recommend stopping in on some meetings to get to know other investors here. It's surprisingly collaborative in this area with a few minor exceptions and there are a lot of mistakes that it's better to let someone else make and learn from their experience rather than making them yourself. Good luck!