All Forum Posts by: Brian Barfoot

Hi Dustin. There are a few of us here. I work in Mexico but live and invest in Syracuse. You probably have a lot of opportunities in Oswego since prices are so low but I honestly haven't run the numbers on that market since I don't like the drive up 481 all that much :) Feel free to reach out if you have any questions.

Thanks for the responses all.

@Vincent V., @Maria McCreless, the contract does say that it turns into month-to-month if no new contract is written and both parties agree (the assumed default.) I'm going to modify our lease for future tenants to spell this out a little better and put the onus on the tenants to contact us with a decision 45 days out of have a financial consequence. 

@Michele Fischer you're absolutely right. I'm aware that I missed the timing on this and it's something that I'm not great at in my business. I get better every cycle though because of lessons like this one.

The fact is, I'd rather she stay and so this may be a moot point but I'll start the advertising machine just in case (in my area craigslist is all I've ever needed.) If I don't hear from her this weekend I'll have a friend drop the "for rent" sign in the yard as a scare tactic :) 

I have a tenant who has been notoriously bad with communication. Her lease is due at the end of the month and we wouldn't mind either way if she stays or goes. I called her a few days ago and then texted today to find out if she wanted to renew and she hasn't given a clear answer. My concern is that if she doesn't renew we won't have time to properly advertise and will have a vacancy for a couple of weeks. Can I prorate the time and take it out of her security deposit for not giving reasonable notice? The contract says she has to let us know within 45 days of termination of contract (which was 20 days ago.) 

Hi Fadi,

You're getting all of the usual suspects to respond here. You'll find there is a small handful of Syracuse investors on the BP site and we're all friends and supportive of one another. I have a grad student rental in the SU area which has done quite well for me. There is a lot of new construction happening in that area which will inflate rents but also glut the market. If you can find a good buy (think 2% rule) you should do fine but if you can keep away from the undergrads the upkeep costs go way down. Screen well and communicate regularly. Good luck!

Hi David, welcome aboard.

Syracuse can be a fun place to invest (in my experience anyway) and there seems to be a lot of opportunities. I've been at it for a few years and have four properties with an eye to pick up one or two more in the next couple of months. If you want a person to bounce ideas off of feel free to reach out. There are a few of us on this forum who are active and it's been a very positive experience for me any time we've gotten together. Do you know where you'd like to buy? 

Hi Jason. PM me if you want the name of the guy I use. He's good (and therefore pretty busy) and reasonably priced. I'm sure he could handle everything you mentioned.

Hi Paul, 

First of all, congratulations on your success so far in this area. If I understand your situation right you have the income to support another property but not the cash on hand? If so I don't see why a HELOC wouldn't work and you shouldn't need any kind of seasoning period on it. The bank will want to see it in your account the week before closing but it shouldn't be necessary to tap it until then as long as the credit line has been extended. Any broker should be able to help with specifics and if you want some names of the good/bad people around here just send me a note.

Glad to hear it Tom. Nice work! I'll PM you the closing attorney I use. He's been good to me and he's prompt and local.

Thanks @Chris Mason. That 1038 form is exactly what I needed to see and I am running a profit of 1-200 per door. I'll put pressure on the banks again that I have a relationship with. I'd love to keep getting 4-5% 30 year mortgages while I can.  

@Russell Brazil I agree with you in principle but the lenders I've been dealing with are telling me that the properties haven't been showing a profit long enough for them to be counted as income. I'd like to keep expanding our business and commercial will allow us to do that. I can't even get a HELOC from my credit union because I bought three properties last year and they're too fresh even though I have spreadsheets showing an average of 410/month profit after PITI.

@Jeff B. That's what I was hoping to hear. I'll post something if it goes as planned.