All Forum Posts by: J.R. Coffin

@Heyward Lovett stuck in Hampton’s traffic. I’ll have to catch y’all next time.

Hiii can you please share how many messages or connection requests will trigger a block? This has happened to me several times when I'm just trying to connect with a few good people in my area.

I usually copy and paste a little note about my specialty and how I can be of service. I'm not sure it would make sense for me to write one message to one person about who I am and another message to another person. So i'd rather limit my messages until you edit your algorithm. 

Personally, I inherited a long-term tenant on my first multi family. I had the opportunity to kick out them out because their lease had already been converted to month to month. But because it was my first multi-family, I decided to keep them and just raise the rent 2%. Finding a new tenant was one less headache a had to go through and I wanted my first year to go smoothly. 

That being said, I use a property manager and its well worth it for me. Even though its just a duplex, I already know that dealing with tenants isnt my forte and I don't wish it to be. 

Not always, but if your house doesn't have the adequate ceiling heights or isn't currently zoned for multi-families it can become quite expensive. 

Typically you'll need to have any architect draw up the plans to prove that you are meeting the required square footage's, dimensions, etc by code. If its not in the right zoning district often you will need to get a lawyer involved and apply for a variance. If this is the case, there are probably a few additional code requirements you'll have to comply with (which means added construction cost) so you better have an extra unit or be able to add value to the property quite a bit. 

I've worked on a number of these conversions myself, let me know if you need any help going through the code. 

Thanks for the quick reply @Bryan Mills. I know the following:

- 20% of rehab costs

- Because its a rental property, apparently I can combine both Federal and State tax credits for the Federal Historic Preservation Investment Tax Credit and the State Historic Preservation Commercial Tax credit.

- Unsure about which part of the federal HTC application but i'll ask.

- Owned by an individual.

I'm not sure I fully understand your last part. Its pretty much turn key at the moment. Looks like almost new construction - even the siding has been redone. So I wouldn't be making any repairs until the boiler goes bad or time wears it down. 

Looking at two properties up in Newburgh, NY this week - both 3 families that should cashflow easily. However one is about 100k higher in price with turnkey finishes and grandfathered in historic tax credit. Does any have any rule of thumb figures that could help me analyze this property? Should I just reduce the repair cost by 20% over the life of building?

One of the realtors/investors I work with now I met while he was doing his undergrad. He got his agent's license his 2nd year at university, worked and studied part time, and by the time he graduated he had his own property management business (since expanded into short term management). Now he uses many of the connection he met at university to syndicate deals. 

Do you have the opportunity to take part time courses? And potentially working and studying at the same time? I'm very much a fan of learning by doing - but definitely have forwarded my career quite a bit by achieving a few different certifications.

The benefit to renting out before refinancing is that when the appraiser comes through you are able to prove that the property not only has more amenities but also is renting at a higher rate. Therefore your appraise will come in higher and you'll have more added equity.

Going to try and make it if I can! Love to find a group I can meet with on weekends