All Forum Posts by: Wesley Sherow

Mark, Let's! I've sent a PM.

Bob, thanks for the connection. I'll reach out to Stephanie! :) 

Where are all the deals
I've looked across the region
Please help me find them

Hey Bigger Pockets Family,

I'm a property manager in Albany, New York, and i'm checking on the community's investment journey. I recently got connected with a big investor who wants me to find deals & build their portfolio in upstate New York. I'm a numbers person, so basically i'm a nerd who adopted a wallet! With that said, finding deals right now is tough! They're far and few between. What's the most creative way that you all have been finding your purchases? 

If you're a numbers person like me, what criteria do you look for? I'm typically gunning for at least 9% Cash on Cash, with an IRR of 20-25% for my "good" investments. What are your criteria?

On a side note, i'm looking to network more now! If anyone is near Albany, NY or NYC - let's connect!

Hey, I manage about 500 units in upstate NY, and I use Gilah Moses at Moses Law. She's super professional. I'm not sure if she services your area, however feel free to check it out! 

Hey Bigger Pockets,

I realize i'm becoming the most frequent (or annoying) poster on the Upstate NY Forum. Ya'll need to chat more! In the meantime, I'm looking for a recommendation for a superintendent in Kingston NY for a rent roll of $2,000,000/year. We have a part time office person already, and are looking for the second part of a one-two punch that can knock the management operation out of the park. 

If anyone knows anyone skilled in the area who might be interested, i'd really appreciate the recommend.

Best wishes and keep being awesome Upstate NY Real Estate Professionals! 

@Maria Tor to add to the previous answer. Take the state information to the city. Often state regulation trumps local. That’s your evidence.

@Kathy Scott what a fantastic investment! I’ve done a lot of AirBnBs myself - I’d love to chat about that part of your deal.

@Kyle Fitzpatrick I think a lot of good points are here. I wanted to add, consider the time value of money when deciding. If you worked x hours to get a $40,000 payout, what’s your hourly rate?

Similarly how much more can you get from it? How much work will it take? Would it be better to do the next one sooner?

These questions will give you your answer.

@George Pappas I use Yardi Breeze which is something low like .50 cents per unit, or a higher end version for about $1-2/unit. I like it because tenants get a portal, and it’s layout is simplified.

Basically a lot of PM software I find overly complicated. And trust me I’m a tech guy that likes advanced and functional.

Perhaps give it a look! Otherwise yes for a small operation Venmo might be okay. Just make sure you document your payments and write receipts.

You may also consider jerryrigging a invoicing software which might be the best of both worlds. Consider invoiced, which doesn’t use all the complicated PMS features, and is simple enough to schedule repeat charges to follow up on. It’s strength in your case is the record keeping for financials and receipt sending.

Jeff, Ah, here in NY it's not required to have a license if you manage for just one client, so it happens more often here.