All Forum Posts by: Michael Beinetti

@Jon Hill thanks for starting this thread. It creates some vulnerability and cultivates inspiration!

1. Leverage my current portfolio and add 2 more cash flowing properties to my buy and holds. I currently have 8 units and would like to be at 12+ by year end.

2. Double my sales as an agent from last year (imitation = flattery). I had a short hiatus this year as I ventured out in the corporate world and have learned a lot about myself, where I really belong, and what I truly love  --> all things real estate!

3. Complete 2 flips. It's been a few years since my last flip and it's time to turn up the heat. 

4. Find a REI mentor to be intentional with while I work towards my goals. My network has many people in this arena, but I've never truly latched on to anyone and intend to change that.

In the $200k scenario a conventional mortage would make sense. 

What are your search methods? Parameters? Experience that you can draw from? I'd like to know more before offering any advice.

Some adjustments may need to be made or you may be looking at the elephant from the wrong side. 

@Cam Vankerkhove congrats on your first deal! That's such a great feeling! Watch out world!!!

@Hai Loc Renting the 2 apts upstairs will bring a profit. That gives time for finding a suitable tenant in the shop. We have a couple connections in our network for pizza shop folks.

The story is that they investor group who held this property has a few others as well. They did sell a couple so far and there is another building in the row they are selling with an unfinished upstairs and a rentable small retail or office space downstairs.

@Hai Loc Minimal work. The pizza shop was open until this past July. I agree that getting that rented would be the challenge. We were considering settling for a lower rent with a longer term if this went through.

Rural area. Main St building. Just under 5k sqft. Would be purchasing with a partner 50/50

2 apts upstairs - 1 rented at $450/mo. Vacant apt ready for tenant could be rented at $500/mo

1 commercial space built out as a pizza shop with all equipment included - vacant, rent would be around $700-$900

Ask $40k - Offer $25k - Counter (currently on the table) $30k

Taxes just under $3k

Tenants pay for all utils including h2o

Seems like a no brainer, right? I'm having some hesitations for some reason. Any thoughts from the masses?

I appreciate any input. I have run the calcs. The numbers all look good. I think the economically depressed area and rural location may be giving me pause...

This should answer your questions. 

http://www.cityofrochester.gov/article.aspx?id=858...

Welcome @Shane W. Chapin! BP is a darn invaluable resource for knowledge on the art of REI. I hope you snag a deal soon!

For area it depends on your strategy and target holds. Rochester offers a wide variety of options to any investor. MFR can be found in any investment class in Rochester.

Demand outweighs supply at the current time in regards to purchase and sales for most options.