Property Manager · Upstate NY · Member since 2020 · 19 posts · 9 votes
Closed an owner financing deal. 3 unit and 2 unit multifamily homes. Rented and cash flowing for $43,000 for both. $80,000 appraised value after sale. After listening to the bigger pockets podcast I figured I would approach owner financing and my offer was accepted immediately. Ready for the next opportunity!
Property Manager · Upstate NY · Member since 2020 · 19 posts · 9 votes
6y
@Account Closed Thank you! You are definitely correct. I am glad I listened to others and made the jump. The hardest part was having the confidence to make an offer.
Property Manager · Upstate NY · Member since 2020 · 19 posts · 9 votes
6y
@Christa S Rickard Thank you! Well, I just started talking about real estate to everyone I talked to. Then someone said well I have 2 properties that I have that I might be interested in selling. He had them for over 20 years and just said put together an offer. So I immediately went home that night, did my research and had an offer to him the next morning. He accepted. It actually caught me off guard that he said yes and did not even have a counter.
Financial Advisor · Elmira, NY · Member since 2015 · 132 posts · 67 votes
6y
Congrats! FYI if you're not already going, @Christopher Stanis runs a REIA in Binghampton and there is a monthly landlord association meeting in Elmira
Tampa, FL · Member since 2017 · 63 posts · 28 votes
6y
@Jeff Jansen Very cool. I have yet to do my first deal. I've been searching and running numbers but I'm struggling to find something where the numbers work. From what I've read/heard multiple places is you should expect to analyze 100 properties before getting your first deal. By that time-frame I should find something in the next few months.
After you get your first deal, they are supposed to 'come' a lot faster. So hold tight. This buy may be the first of multiple coming your way!
Property Manager · Upstate NY · Member since 2020 · 19 posts · 9 votes
6y
@Christa S Rickard I am sure you will find something soon. I searched for about 4 months to find the perfect deal. All of my mentors just said you need to jump in and you can't sit on the sideline or you'll never play the game. I probably crunched numbers on about 50.
It is funny you say that because I may have another deal already!
@Jeff Jansen. It's been four months since you first posted. I'm about to pick up 4 units in Elmira. Has everything worked out!? I'm interested in hearing your story. Have you had any major issues working in Elmira with the lower income tenants?
Financial Advisor · Elmira, NY · Member since 2015 · 132 posts · 67 votes
6y
@Daniel Whiddon and @Jeff Jansen, if you haven't already discovered Under One Roof and Jaime Caine at Boylan Code, check them out. Jaime is an ace landlord/tenant attorney and now official lobbyist, and is doing daily landlord/tenant law updates (old ones posted on the Boylan Code FB page, newer ones are on zoom). If you reach out (easy to find on FB), you can access the live zoom calls for Q&A, plus get a link to a page with lots of *free* landlord resources including updated COVID compliant eviction paperwork and much much more.