All Forum Posts by: Greg B.

Great job!!! Looks amazing! Are you a contractor? The rehab cost is a freakin steal. What's your secret???

Again, Great job!!!

Get a complete scope of work from a few contractors that breaks down the cost of materials and the cost of labor. Shop that around. If its the normal rates then do your homework on it and learn the numbers. Use what you learn and apply it to your next outing. Or you can simply use it to negotiate a lower purchase offer.

Good luck

@Cerwin Haynes 

Syracuse here. Born and raised. I'm doing the exact same thing as you. # fam, FHA, Owner Occ. The problem I'm having is finding the properties here in the city. Even the decent priced ones are not fit to be lived in. The problem is out of town landlords and half @$$ property managers. I've decided to find that "right" 2 family.

I haven't' attempted to knock on doors or some elaborate marketing campaign but just from what I've seen the 3 family market needs work. I wish you the best of luck though. Good luck

Greg

ps. IF you can afford to buy and rehab. There is a fortune to be made.

@Paul S. 

Thanks for the info. I'm doing my research now

Good afternoon, I'm starting to look in Solvay/Tipp Hill, outer Comstock, Eastwood, Valley area. Going for my pre approval next week. All I need is this first property and I'm off and running. How about you?

Hello guys/gals,

I'm a beginner in Syracuse, NY and looking to get into the game. I'm looking for my first multifamily investment which will be an owner occupied property. I'm looking to link up with an investor friendly real estate agent to help me find the right property to get my business going on the right foot. Thanks 

Welcome to BP!!!

Syracuse has a lot of areas that will cash flow quite nicely. I'm not sure what part of the city or surrounding area you live in but they all have their pros and cons. I'm in the same boat as you minus the wife and kids. I'm looking for my "first" multi to owner occupy and I've also had my share of real estate binges.

I'd talk with the wife about sacrificing 1 or 2 years living in a multi. Living rent free will free up extra shoe shopping money. During that time you should be able to build a nice down payment for a single family owner occupied and build equity in your new rental and maybe cash flow a bit. Get that rental first. Saving for real estate is a lot harder when footing the bill for a primary single family residence. The property prices in the area make it a great place to get started compared to other areas of the country. We have prices here that won't turn your stomach when deciding to jump in.

Good luck and again, welcome

@Anthony DeSimone

Welcome to Syracuse Investing. We're planning on starting up about the same time, so, you stay away from mine and I'll stay away from some of yours lol.

I think this is a great area to invest in. There are guys out here making it from wholesale to holding, it has a bit of everything. It has "low-end" cash cows to high-end flips.

Now, are you from the city of Syracuse or the surrounding area? (for my records lol)

Welcome and good luck!!!

why 17.5 years? Stretch it to 30 with a balloon somewhere down the road. Get the best deal, terms, cash flow for you not her. Can you really raise the rents and keep the tenants or will they bounce at the increase? If they do leave, are the units in good enough shape to make a quick turn around. Offer her $50k and wait for her counter.

I think they play with your money on purpose. I have my Club account with my credit union on auto transfer, 2 out of the 3 months I had to transfer manually. But who knows.

10 months is a long time. Especially for a person with my lack of patience. But it is forcing me to learn all I can before I enter the world of land lording again. I need this first property to be my first investment. I don't see the point of buying a SFR waiting to pay down the mortgage. Plus, you can't beat the $4:$1 ratio they're giving.

The one thing I worry about is the number of hoops I'm going to have to jump through before my funding is approved and I have a closing date, or if certain properties meet there "criteria". But we'll see.

Get back in the Club, it can't hurt