All Forum Posts by: Calvin Thomas

So I have been mostly using my brokerage account to buy properties as my credit line.  No issues, and I have the cash to pay off the loan at any time.  I am thinking about possibly getting a line of credit.  Any suggestions on where to go?  I currently use a large bank, but they tend to frown away from lending on investment properties under 1 million dollars.  The other bank I also use was interested, but wanted me to move over to their private bank and transfer over my investments to them (they charge a management fee, which would equate to around 12.5k a year for doing nothing).  Again, not interested.  

Any ideas?  I just want to have them setup so in case I need to use them they are there for quick purchases or renovations.  Not really wanting a mortgage on any of my properties at this point.

Mostly one bedrooms.  In the process of making a few 2 bedrooms.  The building needs a lot of work, and we're doing it.  As we continue to improve the building over the next year, we will steadily raise the rents.  

These are in Newark, NJ.  So, that gives you the idea of the type of tenant.

I was hoping we'd be able to once all the upgrades are complete. Since the closest laundromat is a few blocks away, it may help fill the units.  It is a low income area, so that also distresses the pricing for the apts.

I was thinking about purchasing 15 of those compact washer/dryer units on Amazon.

Like this one:

https://www.amazon.com/gp/aw/d/B01JB7PSCW/ref=mp_s...

I was certainly considering that.  However, I really didn't want to lose an apt.  An apt goes for 750 a month.  750 x 12 = 9k a year.  I was thinking a combo unit in each apt. might make more economical sense.  No?

We took over a 15 unit building and have been renovating it ever since.  It's not in the greatest area, however, the people who visit the apts within the building state they like the upgrades that we've done.  Issues that we've been told by perspective tenants are no parking (can't do anything about that) and no laundry in the units or a general laundry room within the building.  I was thinking about taking one of the vacant units and turning it into a coin-up laundry room.  It would sacrifice an apt, but if that is a big issue, we need to find a solution here.  Or, would it be better to just add a washer and dryer combo unit to each apt?  We could put it in the basement, but the basement is a mess.  The stairs need to be reenforced, floor needs to be set, needs a ceiling, etc.  Trying to find the best and most economical way to fix this problem. 

Any advice would be great.  Thank you.

So no one knows any brokers in these areas?  It just cannot be so..  Help a guy out here..

Purchase properties for rental income.  College rentals preferred, but open to properties with good rents and long term tenants.

So no one has any suggestions?

Anyone recommend some good brokers for me to reach out to in Albany, NY & Oswego, NY?  I am focused on college rentals and / or good long term tenants within said locations.

Open for suggestions.