All Forum Posts by: Greg Miller

Hi @Sam Koch,

I’m a local Syracuse investor with about 130 units directly owned and managed. I’ve done a bit of every type of investing in the area and would love to connect if it’s helpful! I don’t have much insight into Rochester but have lived in Syracuse my whole life so I know the market very well. Feel free to DM me to exchange info and connect directly.

Thanks, Greg

Job Summary

This is about you, not about us! That said, we want to see if you are a perfect fit for us so we wanted to provide an overview of our organization and culture.

We are a local real estate company looking for an Operations Manager to work as a right hand to the Founder/CEO in managing the day to day, with a heavy focus on financial reporting and accounting. We currently own and manage approximately 150 rental units including residences, commercial businesses and Air BnBs in Onondaga County. With new acquisitions we expect to 2-3x our portfolio by the end of the year and need a focused, driven Operations Manager who can dial in our systems and help us build a solid foundation to support this growth.

The Operations Manager will be responsible for overseeing all financial reporting, accounting and record keeping across all of our numerous businesses. An ideal candidate would be interested in real estate, service oriented, detail-oriented and motivated and enjoy working autonomously on a wide variety of tasks. The job would simply put be to integrate the Founder/CEO’s vision into successful implementation.

Our core values are a critical part of our culture, so it is imperative that the candidate aligns with them.

CORE VALUES:

Rhinoceros Success

We are RHINOS. Unstoppable. Unshakeable. Unyielding.

Extreme Ownership

We OWN the results. We are constantly tracking and improving.

Childlike Enthusiasm

Work is FUN! We wake up every day excited to get after it! We don’t take ourselves too seriously.

Drop the Kimono

We are radically transparent. We think win-win or no deal.

Job Responsibilities

The general job description is to take “stuff” off of the CEO/founder’s plate. This may include the following (and much more):

• Overseeing day to day operations all businesses (currently 5) – phase to COO/CFO
• Overseeing all accounting in a dynamic property management business
• Updating the CEO/founder’s personal income statement and balance sheets
• Implementing “Profit First” accounting across all businesses
• Finalizing a draft “Operations Manual” by building out standard operating procedures (SOPs)
• Migration all real estate leads and personal connections to a high performance CRM system
• Curating investment and business opportunities
• Assisting with hiring – building leasing and maintenance teams across the portfolio
• Speaking on the CEO/founder’s behalf on any/all business matters
• Taking out the trash. Kidding, but not kidding. We are a lean company with an all hands-on deck approach. No one is above doing any task to support the rest of the team pushing forward.
• Anything it takes to get results without any excuses

Requirements:

• Must live in Syracuse, NY - we pride ourselves in being locally owned and operated, being invested in the Syracuse community and want to find a candidate who lives in the community
• Available for in person reporting (50% minimum)
• High level of computer proficiency and ability to learn new programs
• Accounting or Finance background (preferred – or potential with willingness to learn)
• 3-5 years minimum corporate work experience

Salary – TBD/Negotiable

To Apply:

Send one email to: [email protected] including:

• A few words articulating how you are the rockstar candidate we are seeking
• Resume (as an attachment)
• Linked In and Facebook profiles

Hi @Maddy C.,

I do a decent amount of BRRRR and creative financing type stuff in the Syracuse area. I've done more PML than HML, and I think you'll find them much more flexible. I'd start with friends and family - you'd be surprised how deep that well can be!

I think many sellers would absolutely be up to help with creative financing. I’ve had more luck with owner carry second mortgages than outright owner financing although I’ve done both. What areas are you looking at? PM me if I can help in any way. I’m a full time investor with about 130 units and love to talk shop!

Hi Karl!

What areas of Syracuse are you looking at? Overall the area has very good rent to value ratios. I would just try to stay away from some of high crime areas, as I think you would struggle to get a solid local team excited about working in those areas. Within the City, I like Eastwood (13206) and Tipperary Hill (13204) and have found a good tenant base with about 30 properties in those areas. The suburbs will be higher taxes but generally better schools and higher income tenants. Liverpool is an area I’ve focused on which seems to be growing in demand quickly. Let me know if I can help further and I wish you luck building out a local team!

Greg

Hi @Greg Elkins - I own and self manage about 100 units in the Syracuse area. Lots of 1-4 unit properties up to a 15 and 26 unit apartment. DM me and we can connect. I’ll be happy to help you navigate however possible. 

Investment Info:

Large multi-family (5+ units) buy & hold investment.

Purchase price: $1,200,000
Cash invested: $280,000

26 unit apartment building sits on 26 acres in the Village of Pulaski. We have been working diligently at transitioning all tenants into the 21st century with ACH payments and using an online portal for maintenance requests. We have also leased vacant units and turned over some of the most challenging tenants and begun implementing our unit quality standards. We have cleaned out the three (3) outbuildings and renovated one unit and converted to a Short Term Rental as a proof of concept.

What made you interested in investing in this type of deal?

Acreage, existing cash flow, value add opportunities

How did you find this deal and how did you negotiate it?

On market - looked at another listing offered by seller and was directed to this listing.

How did you finance this deal?

Commercial bank financing 80% LTV

How did you add value to the deal?

Renovate and convert units to Short Term Rentals (ongoing). Clean up common areas and outbuildings for additional revenue opportunities. Bring tenant experience online to streamline management.

What was the outcome?

Ongoing - so far so good!!

Lessons learned? Challenges?

Retraining tenants is hard. Owning property 60+ miles from my house which has coin operated laundry facilities is likely unsustainable :)....

Investment Info:

Large multi-family (5+ units) buy & hold investment.

Purchase price: $1,200,000
Cash invested: $280,000

Purchased in July, this 26 unit apartment building sits on 26 acres in the Village of Pulaski. We have been working diligently at transitioning all tenants into the 21st century with ACH payments and using an online portal for maintenance requests. We have also leased vacant units and turned over some of the most challenging tenants and begun implementing our unit quality standards. We have cleaned out the three (3) outbuildings and consolidated storage into the upper garage. This sets us up for future rental of the large pole barn. The third outbuilding (former apartment unit) has been cleaned and considered for complete renovation to become unit number 27 as a short term rental in 2022. We have renovated one unit and successfully proven the business plan to rent it out at a daily rate as a short term rental during peak salmon river fisher season. Early results have been so impressive that we are likely to transition additional units to short term rentals at turnover.

What made you interested in investing in this type of deal?

Acreage, existing cash flow, value add opportunities

How did you find this deal and how did you negotiate it?

On market - looked at another listing offered by seller and was directed to this listing.

How did you finance this deal?

Commercial bank financing 80% LTV

How did you add value to the deal?

Renovate and convert units to Short Term Rentals (ongoing). Clean up common areas and outbuildings for additional revenue opportunities. Bring tenant experience online to streamline management.

What was the outcome?

Ongoing - so far so good!!

Lessons learned? Challenges?

Retraining tenants is hard. Owning property 60+ miles from my house which has coin operated laundry facilities is likely unsustainable :)....

Also - as a follow up. This "wholesale" is not under contract, not a deal (even the seller wants approximately $2M more than Zillow) and the "wholesaler" is building in a 7 figure payday. So for me this is an "unfollow". Wholesale means you have the right to negotiate because you have it under contract. Without a signed contract, this is spam.....

I’m not sure about the stacking money....but I’m a real local experienced investor in Syracuse, NY and would look closely at portfolios. I’m focused mostly on 1-4 units in 13204 and 13206 zip codes and 10-100 unit apartments I the suburbs within 25 miles of downtown.

Hi Brian, I'm definitely interested in the details as well. Thanks, Greg