All Forum Posts by: Peter Lavetsky

Would folks mind sharing their experience with banks / credit unions in the Syracuse, NY area who have worked with you in the past using an LLC?

What has the normal process been ... purchase the property through yourself first and then transfer to an LLC or has anyone had any luck with a local-ish entity who has allowed you to buy directly through an LLC

Any war stories would be appreciated

Thanks

Pete

Welcome @Alicia Maloney 

My recent experience with banking in Syracuse has been frustrating as well. A lot of banks cite regulation this, regulation that, but it doesn't seem like anyone is following the same set of regulations. A bit bizarre.

Property + school + possible village / town taxes in places like E Syr and Fayetteville might eat your margins alive. I live in Fayetteville and haven't seen many places where the numbers work.

On a related note, for anyone in REI in Syracuse, I've been looking at properties in the University area and their prices seem to be a bit on the outrageous side ... I'm talking like >100% asking over their purchase price in just 2004 or 2007. Anyone else seeing the same trend? Recent comps are minimal so I'm wondering if anything is changing hands at all or if these props just come up every year with a fishing asking price.

Hi @Greg Potter ! So far I've been mostly looking in North Syracuse and the north side around N Salina. I agree there certainly seems to be some good opportunities. I'd be looking to keep rehabbing to a minimum ( if such a thing exists ), and then holding + renting the units.

Thanks @Darren Sager !

Hi Everyone,

I'm located in Syracuse, NY and new to REI. I'm interested in learning from other investors and contributing what I can.

I've looked at a handful of multi families but have not made any moves yet. Where are folks looking for properties? Loop, HUD and normal MLS?

I hope to make a couple deals in 2014 and grow from there.

I look forward to meeting and learning from other Syracuse, NY investors

Good luck in 2014!

Pete