All Forum Posts by: Greg Potter

If it is in decent shape you can probably get a couple of bucks. I'd try craigslist first, take some pictures make a general list of what is there and tell people you'll accept any fair price offered. It is tough to just throw stuff like that out but at the same time you don't want it getting in the way of your rehab.

Hello @Barshay Graves , there are probably going to be several opinions on this subject, but what I would suggest is running your numbers as if you were going to rent out both units at fair market value. That way you can compare the numbers apples to apples with other 100% investment opportunities.

Hello @Alexander Vitro , there are several people on BP that started just the way you are describing, including myself. One main advantage is you need a place to live anyway, why not reduce or eliminate that major expense through owning a small multi family?

Some things to consider - I don't know your market, but if possible I would suggest looking for a 3 or 4 family building for that first property. In many markets a 2 family property will come close to breaking even for a owner occupant, but with 3 or 4 units you can actually generate positive cash flow and the financing options are the same as a 2.

A lot of your success will depend on your ability to manage the property and the tenants. You will need to be firm but fair with your tenants and screen very well. The people who get hurt in this business are most often those who didn't spend enough time screening their tenants and those who let tenants slack off on the rent. Especially as the owner occupant you need to treat the landlord/tenant relationship as a business relationship. A good place to start would be BP Ultimate Guide to Tenant Screening

@Joseph Tarallo are you saying you intend to actually occupy one of the units and rent the rest, or that you intend to rent out all the units?

Intent is what matters. For example, I could purchase a home with the intent of it being my primary residence, then due to some unforeseen circumstances have to move, that is in general ok. However if your intent all along was to not live in the property then no, that is not moral or ethical and is against contract law. You could do it and the bank may not care, then again the bank could get upset and cause you all sorts of trouble.

Welcome to BP @Anthony DeSimone , once you start looking into property management companies I'd be interested in in hearing your thoughts on who you end up interviewing. I haven't done much research in that area as I self manage my Syracuse property but should I move out of town I'd want a manager.

Welcome to BP @Timothy Collette . I've not delved into the world of creative financing so I have little to offer in that field, however like @Greg B. I've spent plenty of time in Syracuse looking at the real estate market in the city and could offer you insight into many of the neighborhoods.

Do you have an idea of what type of properties you would be looking at getting involved in?

Hello @Nikolette Dwyer and welcome to BP. I too own a two family in Syracuse. In what area of town are you purchasing and where are you looking to purchase in the future? I feel there is a lot of opportunity here to do well with small multifamily properties.

Hello @Donald Longo and welcome to BP. I wouldn't worry about your students loans holding you back from getting an owner occupied loan on your first property. Lenders do look at your debt load but it is all about the ratios between your minimum monthly payments and your income. You indicated your loans aren't a lot so they shouldn't have much of an impact. As far as credit scores go, having good credit should be enough for most lenders, you don't need top of the line scores for your first property.

As others have said having control of your personal finances is an important first step. If you are deliberate with your expenditures and are able to save money you are on the right track. One thing to consider when you are thinking about property investment is that you want to have some extra cash reserves to keep you moving in case of repairs or vacancy.

I like the idea of buying a duplex as a first investment and learning the ropes. There are several two family properties available in Syracuse and you should be able to get something in decent shape for between $30k and 50k a door. If you can find a three or four unit that is a good deal I would recommend that over the duplex as those will have positive cashflow even while you occupy a unit.

I own and live in a two family home on the Northside and I had student loans when I bought it, so you can see why I think this strategy works.

Have you been to a local CNYREI meeting? The club meets on the second Wednesday of each month in North Syracuse.

@Daniel Ringwald I own a 2-family on the Near Northside in Syracuse and two out of state single family homes. I have previously visited a REICNY meeting but am not a member. I am going to go to the meetings more frequently this year.

Welcome to BP @Daniel Ringwald from another Syracuse investor! There certainly is a lot of activity currently going on in the downtown core, not sure if there are many 1-4 opportunities in the area though. I think it would be awesome to get involved in a downtown project turning one of the underutilized buildings into a lovely mixed use property. Have you met with anyone from the Downtown Committee? They have a website that shows downtown buildings that are available for development.