All Forum Posts by: MJ Calabrese

Chris,

Despite the municipality being completely on board, the owner of the land some how found out about my plans and decided his farmland was worth 4x it's actual value. Ergo, I bid him a nice day. It's been a couple of years and I've continued with my rental unit portfolio during that time. Thanks for asking though @Chris Martin ! 

Best,

MJ

Mike, 

Were you able to sell your portfolio?

Best,

MJ

Charles, 

Congratulations on your business venture in Rochester NY. As Eddie mentioned, most of us do the DD and find the true numbers. I would suggest doing that prior to listings - even if the numbers aren't exemplary you will still sell and more importantly, build your brand as being reliable and knowledgeable by guiding the first time investors, equaling repeat customers and a scaling brand. Best of luck again in your ventures.

MJ

Anytime for a fellow BPer and NYer mate!

Jordan, it was easy to prior to the market collapse in 2008. Then if you had a pulse you could get multiple mortgages for little to no money down. 

If you're single and serious about diving into getting 60 units I would make your first buy a multi unit. Live in the worst apartment and rent the others to live for free. Save the money you would be paying in rent for your next down payment When you buy your next multi, move into that one so you can get a residential loan and do the same thing. As you continue to pay down debt and increase cash flow you'll be able to use your houses as down payments once you have enough equity built up. Then it's just a numbers game. 

Best of luck in your endeavors,

MJ

I know the feeling!

@Matt Handy By choice or government enforcement?

@Christian, generally speaking (for myself) the CAP rates are around 10% unless you get into college rentals and then you could have an ROI as high as 35% easily. Good Luck!

@Jason V. I'm back and moving around again. Let's get together this week if you can and we can show each other our properties and talk about potentially using private financing on this specific property. Hope you're doing well buddy

MJ

First, forgive me overall curt verbage, I do apologize and I am working towards bettering myself in this regard. My question is simple mathematics. With all multi unit buildings we get more of a headache sometimes, but more importantly between 2-5x more in rent for a home that is in the same neighborhood as these "We only do SFH, that's our brand" type of people that I've been recently meeting. The old me would have smiled and said "Great, enjoy losing potential income every month that could be used as a DP on your next purchase." I mean, the amount and length of return should be enough to sway any lost sheep back to the fold. I seriously am unable to understand why this happens. This is totally cliche, but I REALLY am a nice guy and I seriously would like to know what the mindset is here. Is it strategy? Circumstance? Inexperience? I do apologize to all here that straight up rock SFMs and love it, just looking for you folks in particular to drop some knowledge on me

@ryanvienneau With all due respect you may want to reconsider having a single person LLC as it defeats the legal protection of the LLC. Even if you had a family member as a non participating member, that would satisfy the legal requirements needed to get the fully protection of the LLC in regards to tax and bankruptcy laws. There is case law on it worth researching.

Best - 

MJ