All Forum Posts by: Matthew Drouin

@Drew Kai what’s the address? I can look it up for you. You can PM me if you feel more comfortable with that!

@Kathryn Baker the real estate investor's eternal dilemma is running out of money! That's why the BRRRR method or other creative finance must be used as tools for an investor/developer to keep growing their portfolio.

Cash out refinancing will usually result in reducing your cash flow, however if your objective is growth (accumulating great assets in great locations) your goal should be to grow your portfolio, not necessarily cash flow as much as possible.  Now cash flow is important but it's not the only metric to use in evaluating your objectives.

For instance, if I don't make a dime in cash flow on all of my properties, I still pay down over $100k a year in debt just by the way the mortgages are amortized.  REWIND A LITTLE WITH ME:

If I focused on paying down as much debt as humanly possible with the cash flow from my first investment property I bought 13 years ago, I would still be paying on it today (maybe I would be done in a couple months now that I think of it).  I would only own that one property, paying $38,400 a year in rent, not the portfolio I have accumulated paying over $850k year in rent.

Think like a bank! Don't think ROI (Return On Investment), think ROE (Return On Equity)!

@Casey Pritchard Under $100k is going to be tough in Henrietta.  There is Riverton Knolls in West Henrietta where townhouses sell around that range.  They are townhomes but if you ever considered holding onto it after moving you could rent to RIT graduate students.

You might want to consider Lima, it's adjacent to HFL but you have to live in Lima haha

@Tony S. Contact Eastside Realty Management.  They have a welder on their staff and they've been doing this for other people.  

Greetings BP!

Our next #buybacktheroc: Building Wealth In Real Estate Is Coming Up in November!

The link to the event details are here: 

https://www.biggerpockets.com/forums/521/topics/765317-buybacktheroc-how-to-find-great-tenants-and-keep-them

However, my questions is, what types of topics would you like to hear touched on by us at our events?

Also we are looking to fill our speaker line up for 2020, so we want to get your suggestions on who you would like to hear guest speak, somebody local to western new york in real estate or someone who has thought leadership on wealth building!

Please let me know!

Join us for November's #buybacktheroc: Building Wealth In Real Estate as we welcome Barrington Nelson, our special guest.

Barrington is part owner of Smith and Nelson LLC and Bluecat Properties INC. They are a locally owned real estate holding company. They own a portfolio of properties in Rochester, Caledonia, Ontario, NY, & the surrounding suburbs. His partner and him have been in a partnership since 2012. Barrington loves to volunteer, travel, practice Muay Thai, and read.

At this event you will learn:

1. How to advertise and market your rentals to reach your best tenant prospects.
2. How to show an apartment.
3. How to screen tenants so you minimize eviction risk and maximize retention.
4. Tips on how to run your property to retain your tenants, reduce turnover; maximize cash flow, reduce headaches and make your real estate income more PASSIVE.

Buy your tickets in advance at: http://buybacktheroc.eventbrite.com

@Ronald Neverenko ok great! So at least you have some good experience. I would start with increasing your knowledge about Multifamily by picking up some good books about the subject. @BiggerPockets .com has some and you may also want to check out David Lindahl's Multifamily Millions. Surround yourself with other investors doing Multifamily deals by going to meet ups. There are several in our area. I happen to host one called #buybacktheroc: building wealth in real estate on the third Thursday of every month. Check us out. Check out Freedom First REIA they are having a fall summit this month. Get obsessed. Go for it!

@Ronald Neverenko ok so you would be looking for a deal you could buy between $1.7 and $2.2 million if you were buying in a somewhat decent area. So you would need about $500k to buy that type of deal or finance it creatively.

What types of deals have you bought in the past? Do you have a track record?

@Ronald Neverenko are you talking about before tax cash flow (revenue minus operating expenses, before debt service) or gross potential income?

@Ronald Neverenko what’s good cash flow to you?