All Forum Posts by: Tony Rinaldi

Hi, looking for a little assistance on this deal. It would be great if anyone familiar with investment properties in the Adirondacks (upstate NY) could provide their thoughts. It is a 3 unit home in fair condition. The sale price is the offer I want to make. All units rented but they could use updating. I don't see a lot of appreciation in this area but I want to venture out into cheaper areas and I really like the town. I currently own (2) 3 units closer to NYC in which I self-manage but since this is 3.5 hours from me I added in property management fees (which I believe are conservative). The area is known for seasonal rentals (5 minutes from a Lake) but there is a demand for yearly rentals since there are almost no rentals in the town.

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Hi all

A very good friend of mine is planning to develop a 10 unit apartment complex in Costilla County, CO. He lives in California and I live in NY. His dad's lived there for over 20 years and knows the neighborhood and players very well and actually owns the land outright. Below link is the financial summary. He's estimated to need $150K down and asked a potential investor (me) to come up with (33% or $50K) but is only willing to give up 25% equity in ownership since he is doing all of the work for the development and is only looking for a passive investor. I buy in to the strategy and like the deal but need help analyzing if its fair or I should ask for more. The construction loan and term is 6.5% for 5 years but we can refi after development is stabilized (1 year) to a 4.5% 30 year which makes the returns much more attractive. Thanks in advance.

The Fort Apartments Development