All Forum Posts by: Kelvin Espinal

Welcome @Colin Peffley - I'm also getting started and respect your desire to be independent. I just moved to Groton, CT a month or two back and purchased my first multi-fam in Rochester, NY just last month. Interesting market and finding a deal isn't easy but I will say that it helps having a great property management company on your team. I'm working with the Updegraff group and am having good experience. 

@Jaclyn P. - what are the odds to find someone else in Groton also investing in Rochester :) Hi!

@Richard Mueller 

Hi Richard,

My Partner and I just did this and we opted to use an attorney our first LLC. NYS has some funny rules and being that we are not local we chose to use Marchioni & Associates (Ashley R.). Best of luck.

Kelvin

Thanks, @John Warren. Appreciate the advice - I will do just that. 

@John Warren - Thank you for responding, John. That is consistent with the recommendation I received from another team member. I will initiate my offer as conventional and switch out as you did. Thanks again - I feel you on the nervousness! But, luckily the deal makes sense either way.

Any advice on opening an LLC? We most definitely want to do this but are wondering if we should do that before acquiring or after. Also, does the LLC need to be in the same state as the property?

Hi Everyone - I have a pretty solid lead that my Partner and I are pursuing. It has not been listed yet but we are very interested in making an offer. Knowing that the market we are in is "moving quick" (we've seen this w/ every good deal that pops on the MLS), we want to get advice on the right strategy.

I am currently working to lock in a Home Equity LOC but we are still in the application process and I would imagine that I am still several weeks from being fully completed. As such, my question to everyone is do you recommend that I submit an offer noting we will seek conventional financing (putting down 20%) or do I note the LOC and the timeline? My objective is to win this deal but I'd really prefer not to tie up capital with the down payment.

Thanks in advance for any input you all may have! -Kelvin

Hi Matthew! Thanks for responding. I read your profile and sounds like you've had great success in Buffalo. At the moment we are focused in Rochester but Buffalo is on our short-list of markets for the future. I lived in Buffalo for 10 years and am a big fan of the area.

@Anton Ivanov Thank you, I will do just that.

Thanks for sharing, @Anton Ivanov. Can you share how you selected your market? Also, any recommendations on building your management/support team remotely?

Thanks again.

Kelvin

Hi everyone!

About 6 months ago I began my journey to establish a passive stream of income and build a portfolio of rental properties. My practical experience as a Finance/Accounting Professional coupled with Brandon's book and this blog has helped me establish sufficient ground and we are ready to pull the trigger on a property. I've partnered with an old colleague, collected down payment funds, developed business plans and strategies, networked with other landlords/property investors, and selected Western New York (Rochester to begin) as our target Market.

I'm writing to the other's on this blog seeking advice for a new comer, to network with other like minded folks, contribute to conversations, and share/learn experiences in this space! To start, any of you working in WNY, specifically Rochester or Buffalo? Hoping to share some experiences along my journey! My partner and I are compiling properties, networking w/ property managers and agents while developing a target list of neighborhoods and properties to visit in May. Hoping to be placing offers before the end of Q2!

Look forward to great discussion!