All Forum Posts by: Mark Updegraff

If you or anyone you know is an experienced quickbooks professional and looking for a job we're hiring full time.  Please send resume to [email protected]

Thanks all!

Sincerely,
Mark

Can we get a Sub Forum for Rochester NY?

Thanks!

@Brandon Turner

Prices in Canandaigua are pretty high making cash flow pretty dismal.  I looked at one off market (4 unit) but it was the biggest dump I've seen in a long time.  It also diddn't have lake views... but yea, who wouldn't want some rentals on the lake right!?!

Cheers,
mark

Do you have a better site map?

Can you be more specific about your offering?  This is the vaguest advertisement I've ever read.  Hey, got 7.5MM to buy something on some island?  Uhhh.... sure.

Good question @Charles Worth - for the driller's they need the price to go up.  Right now they're operating at breakeven at best and in some cases taking a loss just to preserve lease rights.  Hopefully technological advancements in gas products will increase demand. We saw almost a complete halt in activity last quarter for the frac companies we service.  A few companies kept active, but most just plain shut down.  

Things have slowed down in the Marcellus mainly due to the decrease in the price of gas.  They are still actively drilling but not anywhere near the pace of the boom when prices were up and everyone was rushing to get in.  You still see a lot of service company trucks at the hotels, but I would imagine finding a room isn't as difficult as it was previously.  We anticipate the drilling activity to continue at the current rate and gain momentum if / when prices rise.  We're getting some infrastructure that will produce long term jobs for local rural residents.  For instance a facility that converts gas to electric and sends to the big apple.  These jobs will be based in Bradford county and add to the tax base.  A lot of the service companies that were commercial have left the area (some to Ohio, some back west) so I expect a huge decrease in the price of commercial leasing.  I also question the stability of any existing leases.  Many are breaking terms early, many people are stuck with buildings constructed for service companies that have bailed.  Don't get me wrong, the service companies paid for them, and people profited but the commercial marketing is coming back to reality.  Commercial prices have dropped significantly, as well as land.  You can actually get some good deals buy stepping in a working with the service companies that are exiting.  I'll elaborate more on specific deals after closing.  We're purchasing for about 66 cents on the dollar.

There are plenty of deals that come to market, you just have to be positioned to take them when they come.  You can't force it either.  It is like @Joel Owens says in finding other solutions like short sales, REOs, buying from a foreclosure investor, or just plain being ready and watching.  When it hits, strike quickly with all you got and pray! 

In Rochester your lucky if you can get 5% on a 4 unit in a nice area.  Pretty salty.  And that is when the market is calm.  

The market is ANYTHING but calm right now.  

We'll get a breath of fresh air as the fireworks go off and then everyone who was thinking about doing a transaction this summer will slap themselves in the face as they realize the peak is over and they will flood the market with the last push of volume before the season slows into fall.

Limited Multi's in good areas make those prices high and higher.

Open up your search or pay the price.

Fun times!

Nice job taking the plunge!

Purchase Price 117,000

Closing Costs 3,000

rehab & holding 10,505

total cash for cash on cash calculation = 130,500

gross rents 24000

minus 35% (10% PM, 10% Vacancy reserve, 10A% Capital reserve, 5% repair reserve)

NOI (gross rent - 35%) = 15600

minus operating costs 

insurance 800

water 800

garbage 400

taxes (assume 5k total, not we're not including any interest / principal this is for a cash on cash calculation)

=8600

cash on all cash = 8600 / 130500 = 6.6%

Hi Everyone, 

I just listed 537 South Goodman St in Rochester NY.  It has an excellent location positioned within walking distance to all the avenues (Park Ave, Monroe Ave, Alexander Ave, South Ave, University Ave).  It is an up down double with 3 car garage.  They are large 1 bed 1 bath apartments.  

They are currently under market rent and month to month leases $575 & $595.

The other (not yet listed) is 1092 Dewey Ave which is an up down duplex for 59,900.  It is priced under the assessed value for a quick sale and is currently tenanted.  This location is among favorites for cash flow investors as tenants are relatively stable, demand is good, and location is not terrible.  

If you're interested in these or other opportunities that we will be marketing in the future, please reach out to me and I will add you to our preferred investor list and you will be notified on investments before they go to market. 

Sincerely,

Mark Updegraff