All Forum Posts by: Michael Sobotka

I have several outside loans that I have issued. When you scale to dozens of loans, is there software or does someone have an excel template that they have used for tracking/payment/due date?

I own 30 properties. I have my own salaried contractors. And I can help you grow your own investments. Perhaps, we are a fit.

Always good to get multiple opinions. These are what I have experience with as popular with investors.

Riverside

Blackrock

South Buffalo

Westside

Old First Ward

Fruit Belt

University Heights

University District

I would have liked to have seen these issues handled prior to the contract being signed. Knowing your situation prior to closing is putting you in a better position than figuring it out later. Since it is too late. I would advise you to increase the rents immediately, prior to asking for security deposit. The rent, you get to keep, versus the refundable security. If the rent increase comes with a long-term lease or month-to-month, it does not matter, but if not long-term, you should issues a tenant agreement with understandings made or rules of the house. Look me up, I host the largest investing network in Buffalo. We can answer all your questions in a group or one-on-one. Next time, I'd love to share how you should enter into a contract, so many people just don't know. I'm hear to teach.

My experience comes from averaging greater than one property acquisition per month. Two important aspects: the deal and the tenants/management. And too often, both points are missed. I would also be careful in updating a property. Too often the investment on renovations don't yield enough of a return. You mention $5000 for cosmetic updates. $5000 can get you into a 4-unit property that collects $2300/month...yes really, and that's not even rare.

Mark, I would only buy the property if you can get title insurance and a title insurance company may not write a policy. If it is a great bargain, take the risk of paying your attorney to get title insurance and if he can do that, buy the property.

The best secret I have is to invest with little as possible. If one truly knows how a transaction works, you can attain properties with no cash out of your pocket. I have closed with ZERO out of pocket on 3 houses, helped 2 others do the same and I'm getting 15 apartments right now for about $15,000 of my own cash.

Chris Mikienis will advise and help you form the proper business entity. Top attorney in the area, affordable and widely used to represent all the banks in the area.

Don't be afraid to be bold. I'm on my first year full-time in real estate and I purchased 16 rental units in the past six months. I plan on doing 40+ next year. If you want tips you could find me on Google. I'm free for a phone call or email. I think we could be mutually beneficial to each other.

The best place to invest… Is Buffalo New York. It's where New York City spends their money, California spends its money, can I spend the money, cross the ocean spent money in Buffalo.

Congrats Edgar a good luck to you if you have any questions I'm not a complete open book but I could offer suggestions. I'm in my first year full-time and real stayed after leaving law-enforcement. I've added 16 rental units in the past six months next year I plan on adding over 40. You have to be willing to take risks.i'm in the middle of writing a book and I've been asked repeatedly to teach a long-term course but I have no time for that. If you have a few questions I'm available.