All Forum Posts by: Matt Towner

I'm in the middle of this process now and am working to find an investment partner to syndicate with to transfer tax credits. I hadn't thought of working with the bank to use the credits as down payment. That's a good pitch to add to get the remaining funding needed for the project.

Would love to connect G Brian Juk! (I'm still figuring out the tagging and can't do it in edit mode)

My wife has had her eye on the town hall for years and when we saw that it was available, I didn't have a choice in the matter. We're planning a large apartment on the 3rd floor for us, split the second floor into 2 spaces with at least one being an apartment, retail/studio space on the first floor, and use the basement for parties and storage. It'll likely take us a few years to get it complete, but we'll hopefully get the rented portions ready early next year.

We were originally looking at Market St. properties, but the ROI was quite low and the buy-in has gotten crazy over the past 5-8 years. With Corning Inc. and tourists being the primary sources for income, it takes some creative thinking to mitigate risks.

Thank you for the warm welcomes!

I've reached out to a few people on here since joining about specific areas, interests and suggestions for the things that I'm interested in. The last couple weeks have been quite an overload of information!

Here's an before/current photo of the property that was just purchased. It's built like a fallout shelter and has 3 concrete safe rooms within that will be interesting to repurpose. Will be sure to post updates and more photos once complete.

There is an architect in Corning that specializes in historic preservation and she frequently does all the paperwork and proposals for her clients. I know it's a ways away from where you are, but the process is still the same. I can provide you with her contact info if you'd like. She's an exceptional person to deal with.

Very excited to be joining this amazing network!

I'm a 35yo happily married father of 2 in upstate NY (Corning area) that has been working an 8-5 job since I graduated from college with a BS in Mechanical engineering. I've always had my hands in a some sort of side hustle that typically didn't make me money, but did provide me with tangible items (outdoor gear, tools, toys/games etc). I started a side business 5 years ago selling collectible toys online and have been looking for commercial property over the past 2 years that I could "House Hack" to live in as well as run a retail store from along with having other rental space to pay taxes and mortgage. Last summer we finally found a property (12000 sqft, 3 story, masonry/brick building with 45 car parking lot) and will hopefully be closing on it this month pending any Covid-19 delays.

The last 4 weeks have provided more time at home with my family, thanks to the social distancing requirements in NY, and I'm trying to find a way to make this more of a norm than an exception. Real estate investing seems like an excellent way to make this happen!

While I'm just starting out myself, I have a number of friends and family that have done this full time to talk with and extract insights and information. I'm hoping to utilize my network and this community to grow and take back my life and have more control over my financial future.

Hi Everyone!

I’m new to BP and have been searching for commercial real estate for the past couple years to use as a “House Hack” of a different color. That deal has finally been found and we’ll be closing before the end of April. Of course, when it rains, it quite often pours and another great deal has come up but I’m now short on cash to make it happen.

I currently have a size able amount in my employers 401(k) plan that has recently gone from great options to sub-par. To make better use of these funds, I'm contemplating putting together a QDRO with my spouse and transferring the funds to her self-directed IRA. We could then use these funds to purchase the property and not miss out on the deal.

The only downside with this is that all of the income from the property will be stuck in a retirement fund that I can’t get to for close to 30 years (except to reinvest).

What are your thoughts on going this direction? Should I try to find investors instead and leverage my HELOC and a 401(k) loan instead? Cash flow would be low for a couple years until the 401(k) loan is paid off, but should bring in about $3k/mo once the down payment is no longer being repaid.

Thanks in advance for any advice and this place has been awesome at keeping me occupied while not being able to leave the house.