All Forum Posts by: Fan Bi

@Staneley Cesaire Are there any local property managers you'd recommend or do most folks self-manage?

Looking to get feedback from the BP community on investing in Central Maine - from a quick search on MLS you can find small multis for $50,000 a unit with rents going for $800 a month. Back of the envelope, there's plenty of margin for cashflow.

Most of my experience has been investing in B and C-class multis in Providence, RI where units are closer to $80,000 a unit in decent condition, renting for $900 a month. The economic occupancy with B and C-class in Providence is pretty challenging and it's not uncommon to be running a 5% delinquency rate.

Would love to learn a local investor's perspective on Central Maine (Lewiston, Auburn, Bangor, etc) over the last couple of years.

Looking to get feedback from the BP community on investing in CNY - from a quick search on MLS you can find small multis for $50,000 a unit with rents going for $800 a month. Back of the envelope, there's plenty of margin for cashflow.

Most of my experience has been investing in B and C-class multis in Providence, RI where units are closer to $80,000 a unit in decent condition, renting for $900 a month. The economic occupancy with B and C-class in Providence is pretty challenging and it's not uncommon to be running a 5% delinquency rate. 

Would love to learn a local investor's perspective on CNY (Syracuse, Utica, Rochester, Rome) over the last couple of years.

@Tom Chen Do you mind me asking how the purchase ended up working out, and if you closed, what your experience has been as an investor in the area?

@Daniel Sweet @Mike LeFever Are there particular tracts of Utica you'd stay away from or others you think are better?

Most of my current properties are B and C class neighborhoods and one delinquent tenant can kill the cashflow for that building for the year, e.g. lost rent, legal fees for eviction, heavy turnover of $10,000 due to a trashed unit.

@Daniel Sweet Congrats on taking action. I'm a multi-family investor in Providence, RI and have been researching Utica. As you mentioned, it looks like the cashflow on this property won't be great so if you're able to flip that seems to make the most sense.

It seems like you can get multis for $25,000 a door in Utica but still get $800 rents, is that real?! 

@Ivan Soto Thanks for posting this here, do you mind me asking any particular reason why it's been hard refinancing?

Sorry for the newbie question but if prices in L/A are $35,000 a unit for MFH and rents are $800 a month, how bad does the economic occupancy have to be that this isn't a goldmine? 

@Peter Kuck I spent a few hours on this a couple of years ago and found that no one was willing to dip below the 75-80% LTV mark (accumulative 1st and 2nd lien) which I imagine would be even harder in this environment.

If you find anyone, would be a game-changer!

@Jake Noreau Good luck on the appraising coming back par and getting to the closing table.