All Forum Posts by: Adam Stelmaszynski

In theory, there is an axiom to purchase the best property in the best neighborhood at the lowest price. A ten percent increase in the value of that best home starting at $325K is much larger than a ten percent increase of a home purchased at $85K. Perhaps that $325K property may be available for a large addition or tear down and replacement with a new larger home; perhaps the land can be divided to create two or three lots. The current rent is a subsidy until the master plan may be determined. In Cincinati, there are opportunities to acquire existing buildings for under $15K, suitable for re-hab into three, four or five apartments. So leveraging your own money depends on your own strategies and the type of property that you may be interested in. Hope this helps? Adam

Hi Brian. I am looking at a project in Auburn, NY, just south of Syracuse. Came across these guys who are friendly, honest and go to where the work is. Worth a call at least. Adam

FIRM CHRISANNTHA CONSTRUCTION CORPORATION

For your information, there are other areas where you may look to find a prroperty that is undervalued and rents may provide positive cashflow. Clearly, the higher the purchase value, the higher the rents need to be to crete positive cashflow. I had looked in St. Joseph, Missouri, where certain properties are relatively lower priced than in Washington State. There was one house, approximately 3,000 Sf, solid brick and free standing garage, potential two apartment division, asking price $20,000.. Also may I suggest another web site called historicproperties.com that has listings of many properties across all fifty states that introduce available residential or commercial buildings for sale. Makes good use of an hour's time to look to see what's available at various price points. Have a look. Adam

If you are using 60% for expenses, did you include the property management in those figures? Your expenses sound high based on tenants paying their own utility costs. You could ask the listing agent or a local contractor to go thru your property and itemize any foreseeable repairs or restoration work that is at this point unscheduled. Then there are no surprises after you take possession. I had been told that you can re-finance after owning the property for six months with established and proven rental history to get that cap rate perhaps to a lower number. Good luck with your multi-family purchase. Adam

I agree that a new camera with a wide angle lens and tripod helps immensely. To save some money at the beginning, perhaps you may consider buying a used camera and save some money. There are several software companies that provide both a photographer and their imagery to assist in providing floor plans and pics of your property. Have a look at floorplanonline.com as one example. By the way, I support floor plans as a tool to assist in selling ANY prooperty. You can take pics and post those pics to your floor plan so potential purchasers can envisionage a walk thru your building. Hope this helps. Adam

Hey Sean. You are in California and I'm in Canada. Also looking for lenders for a multi-family project in upsate NY. Good luck in your quest to find money. I had contacted alender in Ca recently and I'll look up their info. Contact you later with their numbers. Adam

I understand that properties can be re-financed after ownership of six months. So, in your case, if the cashflow is approximately 12,500. (or sixty percent of your down payment and investment of $20K), you ought to be in a position to leverage yourself out of this deal and get your capital back and some additional funds. Even with a cap rate of ten percent, you may find a lender who would provide $125K in new financing. Is that possible in your area? Adam

Good morning everyone. My name is Adam and I am on the outskirts of Toronto, Ontario, Canada. Attended the University of Notre Dame and graduated in Architecture. Been involved in real estate development for thirty years, dabbling in land subdivision, construction management and my true love, converting historic properties into new uses, mostly loft style residential condos or rentals. I joke around telling people that I can draw a straight line and count to ten and not get confused (about buildings for sale!). My first attempt in the US market took me to the Finger Lakes Region to a four storey downtown vacant property. Let me tell you about the frustrations about a foreigner (although I don't look like one, LOL) seeking conventional financing on an undervalued, promising opportunity. Perhaps this will be our forum to share ideas, concepts, and opportunities freely. I attended a recent seminar on investing in the US and it was worthwhile expereince. So I extend an invitation to dialogue about new individual properties or multi family projects, to make new friends, and to share our joint vision that a dream house or project is out there with our names on it and that those new opportunities may create bigger pockets for each of us.