All Forum Posts by: Michael S.

@Tab Teehee

Awesome!! My wife and I are looking to do something similar. Starting a single family flip next week to generate some cash. We are looking out of state, haven’t decided on an area yet but it’s very inspirational to see what you have done. Love @biggerpockets for giving us all an opportunity to help each other and learn. Best of luck in your next venture

@Ryan Hoffman-Scranton

Brrrr’ing is a great way to accumulate properties. There brrrr’ing book is on bigger pockets and there are quite a few podcasts that go into detail. There is a local real estate meeting up in Albany that I have been attending and it is awesome. There are about 100 people there from contractors to money lenders, agents, investors. The majority of people there are vetted and all the businesses give members discounts on materials for rehabs. It’s a great place to network and learn more about the business it’s the 3rd Monday of every month. Action investors network if you’re interested in going let me know and I can get you the information.

@Ryan Hoffman-Scranton

Congratulations! Taking the first step is the hardest. I am also in the process of starting my first flip. I close December 3rd. I like the idea of house hacking a multi unit also sweat equity in a flip is a good way to get started in the business. There are a lot of stories on here about starting that way. What part of upstate ny?

@Vincent Plant

This is the fun part of being a landlord. I have been through the same situation many times. From my experience, I was the nice landlord who was understanding and worked with them. It has cost me thousands of dollars and tons of extra stress which I do not need. My advice is to stick to the rules once you deviate from them it gets worse and worse. this situation is  going to get nothing but worse. use it as a learning experience and file the eviction. I have learned it is better to have an empty unit than one that people fall behind on rent, they will never catch up. Everyone in the post is right and sounds like they have been through it. Good luck

@Gilbert Dominguez

I am always open to suggestions. I am in the process of refinancing my building and getting a line of credit. If I move forward with this deal I am just going to pay him this time and see what the future brings. I was thinking long term of building a team but from what I read I can hire work out until I have enough work to bring someone in full time. I plan on doing  some flipping and brrrr.

@Teri S. A friend of mine bought it at auction for $7500 and gutted the whole thing jacked it up and leveled it out and put a whole new floor system in the downstairs and upstairs. He is too busy to fInish It. So it’s a big project but my town has a high demand for renters but it will not appreciate.

@Teri S. Yes that makes sense, I think we are going to do the discounted labor. I would like to do more projects with him in the future. So I guess we need to decide if he just wants me to hire him or if he wants a percentage.

@Teri S. We haven’t decided if he is going to be an owner, probably not. So I will refi after it is complete. $75-$100 is materials and labor. I’m hoping to have a breakdown of the materials and labor tomoroow night. I know I do not have all the info but figured I would get an idea.

I am looking at a 4family. 4900 sq feet. It is a full, rehab. I have a contractor who would like to partner with me, it would be a buy and hold for me after it is finished.  Purchase price $25,500. Arv $150,000. Rehab cost $75,000 to $100,000. The contractor is going to bring just the labor. I will provide the rest. Rents will be $2500 -$2800. I am using equity I have in a building.  How do I structure this so it’s fair for myself and my contractor. Thank you for any advice 

I'm 35 minuets from Utica. There is a lot going on there. There is a decent sized downtown revitalization going on. They are probably building a new hospital. So from my limited experience, depending on your goals there are good things going on there. That being said, it all depends on the location. There are several very bad locations there. I have not looked at many properties there, I'm slowly building but would look there. I've looked in Albany and cap rates are low and you have to look very hard to find a deal. I've been told Troy is a good location, haven't had a chance to look yet. Hope that helps a little