All Forum Posts by: Matthew Drouin

@Mike Chevalier welcome!

To Alex Jones’ point. Get involved with a group. Check out FFREIA!

To add to @Jerry Padilla you might not need to get an FHA loan. You might be able to go straight conventional. There are conventional products that offer 3% down options so you can at least have the opportunity to burn off private mortgage insurance. FHA might be useful if you have debt to income issues or need the rental income of the property to offset debt to income (I believe?) correct me here Jerry.

Also when you are negotiating offers, being an FHA buyer can put you at a competitive disadvantage, because appraisal guidelines are much more stringent and might require repairs to the property even if it's not really warranted by custom.

@Jah Brooks are you registered for our #buybacktheroc event yet?  It will be a great launch pad to get this thing going!

Western and Upstate NY Landlords,

View my YouTube Video Call To Action

I have to say that this is our fault. While we have been keeping our heads down focusing on running our businesses and revitalizing housing inventory in our communities; someone else has been controlling the narrative of housing in Western and Upstate NY. The tenant’s unions have been strong and well organized; and consistently painting THEIR picture of housing to Albany. To exacerbate the negative image of investors and developers even further, we have the countless stories like those of Peter Hungerford and Rochester Asset Management that have been used as powerful ammunition in their fight. Rochester and other upstate cities are NOT controlled by unscrupulous landlords. Many of us use real estate to build long term wealth for our families or as an alternative to Wall Street products in our retirement planning, a vehicle to pay for our children’s college education, etc. Most of us are responsible, ethical, hardworking landlords, who take care of their properties and fulfill the incredibly important need for safe, affordable, quality housing in our communities.

When we stay silent, we lose control over the narrative and policies that get enacted like the ones on June 14th. Which, by the way, are going to disproportionately hurt those who it was intended to protect.

And it already has… I’ll give you an example. We own property in primarily affluent white neighborhoods think Park Avenue, Southwedge, North Winton Village etc. I just had a young lady recently who applied for one of our apartments. She was gainfully employed, had a decent income, but her credit history was horrendous. Our screening software denied her application, but I could see that she consistently worked two jobs and felt that I could take a chance on her where no other landlord would (she had been looking for apartments for a long time). Normally I would agree to accept them to the apartment as long as they agreed to pay a double security deposit. This allows us to hedge our downside risk in the event that they default. In these cases of policy exception, a default has a 50/50 chance of occurring. She said that the double security deposit was doable and was very excited to move out of her chaotic living environment and move into a “safe” neighborhood. After I learned about these laws, I had to cancel her application. This is how these laws inadvertently affect both low and high income areas, and the people who reside or own property in both.

Furthermore, this new act affects the flow of investment capital across real estate asset classes. Private investment capital will steer away from where it’s desperately needed: in affordable work force housing and instead flow to asset classes like self-storage, office, retail, luxury apartment housing or out of the state entirely.

We’ve been talking about it a long time but it’s time for us to stop talking and to start walking; take action and assemble a Landlord Coalition to represent Western and Upstate NY. These laws are slap in the face and a further indictment against the ease and cost of doing business in NYS. If you are interested in getting involved with the coalition, we are holding an event on the morning of September 10th at Turning Stone Resort. I encourage you to spread the word for us and save upstate housing.

Western and Upstate NY Landlords,

My YouTube video call to action  https://youtu.be/gi2wh6JEddg

I have to say that this is our fault. While we have been keeping our heads down focusing on running our businesses and revitalizing housing inventory in our communities; someone else has been controlling the narrative of housing in Western and Upstate NY. The tenant’s unions have been strong and well organized; and consistently painting THEIR picture of housing to Albany. To exacerbate the negative image of investors and developers even further, we have the countless stories like those of Peter Hungerford and Rochester Asset Management that have been used as powerful ammunition in their fight. Rochester and other upstate cities are NOT controlled by unscrupulous landlords. Many of us use real estate to build long term wealth for our families or as an alternative to Wall Street products in our retirement planning, a vehicle to pay for our children’s college education, etc. Most of us are responsible, ethical, hardworking landlords, who take care of their properties and fulfill the incredibly important need for safe, affordable, quality housing in our communities.
When we stay silent, we lose control over the narrative and policies that get enacted like the ones on June 14th. Which, by the way, are going to disproportionately hurt those who it was intended to protect.
And it already has… I’ll give you an example. We own Rochester property in primarily affluent white neighborhoods think Park Avenue, Southwedge, North Winton Village etc. I just had a young lady recently who applied for one of our apartments. She was gainfully employed, had a decent income, but her credit history was horrendous. Our screening software denied her application, but I could see that she consistently worked two jobs and felt that I could take a chance on her where no other landlord would (she had been looking for apartments for a long time). Normally I would agree to accept them to the apartment as long as they agreed to pay a double security deposit. This allows us to hedge our downside risk in the event that they default. In these cases of policy exception, a default has a 50/50 chance of occurring. She said that the double security deposit was doable and was very excited to move out of her chaotic living environment and move into a “safe” neighborhood. After I learned about these laws, I had to cancel her application. This is how these laws inadvertently affect both low and high income areas, and the people who reside or own property in both.
Furthermore, this new act affects the flow of investment capital across real estate asset classes. Private investment capital will steer away from where it’s desperately needed: in affordable work force housing and instead flow to asset classes like self-storage, office, retail, luxury apartment housing or out of the state entirely.
We’ve been talking about it a long time but it’s time for us to stop talking and to start walking; take action and assemble a Landlord Coalition to represent Western and Upstate NY. These laws are slap in the face and a further indictment against the ease and cost of doing business in NYS. If you are interested in getting involved with the coalition, we are holding an event on the morning of September 10th at Turning Stone Resort. I encourage you to spread the word for us and save upstate housing.

Have you seen my YouTube video call to action? https://youtu.be/gi2wh6JEddg

The event info is here: http://events.r20.constantcontact.com/register/event?oeidk=a07egho7mecbf2285c6&llr=vjljhkqab 

The link to the dashboard on the new laws is here:https://drive.google.com/open?id=1dXJEn1-LuHOAfWdGukrVl41jhMr2kw6z

Please spread the word on the event!

In Rochester, NY we have many people of color who live in our community but not many investors of color.  I want to see who's on BP that can help us get the word out on an event we have coming up called: #buybacktheroc: Building Wealth In Real Estate

Also.... I want to see who might be interested in building a minority based group of investors in our area!

Post below, so we can see who's here!

Rochester is a black city.

Therefore we believe that Rochester should be a black owned city. In this event, we will inspire aspiring investors to take action and build communities owned by people of color.

Enter #buybacktheroc...

At this event, you will learn how from seasoned investors on how they started their investing career and why. You will hear from local bankers on how to finance and grow your portfolio. You will hear from experienced Realtors on how to find and close investment property deals. And much much more!

Our amazing panel consists of:

Harold Bain of FIOP and OTSS Properties - Investor and Financial Coach

Matthew Perry of LMP Real Estate Partners - Owner of over 140 rental units in Rochester and Buffalo

Demetrius Washington-Ellison - Real Estate Investor currently flipping 5 properties and building a buy and hold real estate portolio.

Courtney Benson - Realtor with ULM Realty

Christopher Thomas - Real Estate Broker and Owner of New 2 U Homes

Rochelle Fields - Business Banker Relationship Manager at ESL

Malik Evans - Business and Consumer Prosperity Manager at ESL

Hosted by:

Matt Drouin and OakGrove Development

@Alex Jones message me if you want to link to the new workflow process that was drafted by Jamie Cain of Boylan Code... very helpful

@William Coet

09/10 morning, myself and many other upstate NY landlords and developers are organizing a conference that is going to be held at Turning Stone.

Direct message me if you want to receive an invite once we firm up details.

This event is going to help galvanize an upstate landlord coalition.

Stay tuned...

Are you interested in building wealth and want to diversify away from risky Wall Street products?

Are you interested in learning how to take back our communities from unscrupulous absentee landlords and actually improve our communities by helping provide better housing?

If you answered YES then you need to become a real estate investor!!!

In this workshop you will learn:

1.) "How to get started and why you should invest in real estate." - From seasoned real estate investor and developer Matt Drouin.

2.) "How/why to develop without displacing, and how you can help move the needle on poverty in your community" - Shane Wiegand of City Roots CLT & Calvin Eaton of 540 WMain Communiversity

3.) "How to source sustainable & affordable building materials and implement sustainable building practices and why" - Eric Menz, Licensed Architect and Sustainability Expert

Tickets are available at:

http://mattdrouin.eventbrite.com

@Lauren Cooper after reading your story, I would be patient. Lock that money up in a CD. They are actually paying quite well now. In the mean time build out your network and educate yourself on investing in general, not just real estate investment. One of my favorite books ever is the biography of Warren Buffett called “The Snow Ball.” Do not live off your savings. Find some type of flexible income through Uber or Upwork. Then when you are ready, invest a small chunk of that $500k into a small Multifamily deal to get your feet wet. That is IF you want to do real estate! Hope this helps!