All Forum Posts by: John Boychuk

That's a tough situation. The safer route is to continue as you have been doing, however, if you are willing to network with a lot of United States investors, maybe you would be able to find someone that you could partner with on a few deals.

I would be cautious if you plan on buying anything in New York going forward, the recent laws that were passed have been extremely tenant friendly, and have made getting rid of non-paying tenants several times harder and longer than the previous process. 

Side note: Rochester, NY is considering (heavily) rent control.

Why not re-rent the house after she moves out. Refinance and take some money out to purchase another property?

From your post it is a little unclear as to what your goals are. Are you looking to cash out? Sell and buy something else?

You are going to need to find a partner for the deal, or at least someone who has the income/credit to co-sign on the mortgage.

Although that is the easiest solution, you may be able to work out some creative financing for the deal. Maybe the seller is willing to finance?

 That's a great neighborhood! What's your goal? Are you going to purchase more up here, or spread around different states?

My mentor has done this with a large (44 Unit) apartment complex. Be careful of what contracts the LLC you are purchasing is in. We now have the joy of a 9.5year coin-op laundry contract that we don't want.....

Unless you have someone in a market OOS that you trust, you shouldn't attempt doing it. You have to be extremely knowledgeable in the market, and I don't think you can do that unless you lived in that area recently, or you have spent a LOT of time studying the market in a particular location.

Can you still do it? Sure. It is much more risky however.

Unless it is a corp, or a multiple member LLC, you won't be accomplishing much, if anything, by doing that.

That's my understanding, however I'm not a CPA nor attorney.

Nice deal! What area of rochester?

I don't think small multifamily (2-4 units) comes with many more headaches than SFH. You are going to have more turnover, and if you don't put the right people in, you may have neighbor disputes, but IMO in the big picture it is the same.

Once you are doing 5+ unit buildings, that is when the dynamics change, and you have a lot more going on. I prefer MFH, there is more cashflow and I'm able to grow faster than if I were buying SFH, just by my strategy.

 Actually PrimeLending. I chose to pay a few points to bring down the rate, it would have been closer to 6% without doing so