All Forum Posts by: Ronald Starusnak

The coronavirus probably isn't as deadly as we're fearing but there will certainly be interruptions to the work force and our general lives. Forced quarantine or state of emergencies could impact tenants ability to work and their ability to pay rent. If it became a huge problem and all of your tenants stopped paying rent, I'm fairly confident you could make some mortgage modifications to get you back on track. A lot of lenders were doing these kinds of things in the 2008 crash. 

@Jay Hinrichs might have some good input on this because he was right in the thick of things during that time. 

Definitely, get on @Daniel Sisto's wholesale list. He has a lot of really good deals throughout the year and he gives you a good amount of information about each property and the anticipated ARV's.

Frank is hardcore, he's too busy for lunch lol but he can be a big help. He is a broker with a lot of hustle hard agents working for him. A lot of the investors around here know each other. 

Russell, are you BRRRRing down there? We manage a few down in Binghamton. I keep most of my personal investments in Onondaga & Oswego county.

Their alternative is to pay via certified funds and it's their responsibility to deliver it to you. I don't know how the laws will play out but we do technically accept certified funds but no one ever takes the extra steps to go and grab a money order, pay the extra fee, then deliver it to my office. 

We only accept payments through our online portal. It's required in our lease, if we take on a new management client that has tenants that aren't used to paying online, we work with them but ultimately everyone pays online. 

Rich, if you ever invest in the Syracuse / Rochester / Binghamton area shoot me a message. We do a lot of deals over here for ourselves and manage a good chunk of properties for other investors. 

ARV's are very low inside the city. Very hard to make equity for BRRRR even if you're getting the property for pennies on the dollar. Too much volume, too little B+ demand, and a lot of trash properties selling all over will really kill the ARV that you actually get from an appraiser hired by your refinancing bank.

Dean Johnson is an architect in Liverpool, NY - I use him often. Converting an old homes attic into living space is more difficult than just framing it in. Those spaces were put there to help control the house climate. Many cases it can be $30,000+ to convert a decent sized attic properly into a living space (to start). You can find contractors that will slap drywall, paint and lights up for less but you'll just have a prettier attic. 

It's not like asbestos, just don't eat it.