All Forum Posts by: Alex Jones

@Justin Holley if you are refinancing via LLC probably why the interest rate a big higher but when you are refinancing in your name, the interest rate should be normally standard rate. There is a process relating to refinancing for example, are you aware of delayed refinance? Using HUD 1 forms to documents all rehab costs? Have you connect with your bank prior to moving forward with property purchase? It is good idea to build relationships with mortgage or banking community to ensure what their requirements are with the respect of refinancing once your property is rented out. Also seasoning play a role as well. For my end, I'm into BRRRR investing and I have work to connect with local banks and mortgage companies to understand their requirements before I move ahead with purchases. The biggest challenge with BRRRR is Refinance aspect. Let us know if you able to resolve this or if I'm making sense.

Alex

@Eric Pankratz I have a general contractor/handyman I work often with for 8 plus years. He is reasonable with rate and quality work. His name is Craig Marsh. I will send information to you directly

Let me know if you need anything else.

Alex

@Michael Dentico Hello Michael and welcome to this BP site and this is a wonderful place to start, develop relationships, learn, grow as Real Estate Entrepreneur and investor and most important gain knowledge, skills and ability. Welcome welcome!! Like Isaac mentioned, please consider joining local Real Estate group call Freedom First Real Estate Investor's Association, LTD. This organization is one of classic group I know especially general meeting and topics for personal and professional development. I believe it also good idea to acquire Real Estate License as it give you the foundation and immediate access to MLS before anyone else without license. You will be able to build your business. Please feel free to reach out to me or anyone else on BP.

Alex

@Aldo Balatti Hi, I do invest in Rochester since 2013 and it is a great market for cash flow and affordable entry into investing. All my properties are cash flowing well since 2013 and I'm extremely happy for sure. Nowadays it little harder to find good deals on MLS when you are looking for properties in Rochester. For the BRRRR to successful work, finding properties in off market will work and it is very competitive to acquires properties. Very very competitive and sometime 10 or more people bids on a property.

Alex

@Toby Hirsch Like Benjamin mentioned above, it is possible to flip in Rochester and that could be based off MLS but off market deals. It's tough here for apparently reason: excellent market in general...

Alex

I have a question for clarification relate to managing partners compensation. 2 Managing partners will be doing the majority of the work while two partners other will be silent equity partners. In your experience, how do managing partners get paid? What are your best practice?

Thank

Alex

@Martin Neal I love your line of thinking process when you look got build a systems and process including feedback loop to improve your systems and process for the next BRRRR investing. Great insights! Thank for sharing your experience with BRRRR method.

Alex

@James LePage Hi my wife recently relocate from Syracuse to Rochester. While my wife was living there, I see a lot of potential there for student housing for Syracuse University students. Definitely huge!!

Alex

@Mark Ostertag this is latest update from local expertise property manager and investor:

This is serious - This is no Joke

WELL, it happened, even with intense lobby at Albany and it was done practically stealth style!

I'll try to keep this brief

NY State signed into law June 19th with immediate effect, massive sweeping state-wide rent control law with sweeping changes in landlord tenant law regarding: evictions, Leases, security deposits, holdovers, repairs, and essentially what you can and cannot do.

This is very Pro tenant and took away substantial property rights. This will change the Real Estate investment landscape forever.

Theses laws will:

Cause eviction expenses to go up

Cause YOUR bottom line to go down

Tenants will be able to stay a lot longer without paying rent.

Longer vacancy periods

For the next year - many Evictions for Non Pay will be dismissed due to technicalities

We will have to re tool our operating system and this will take time

We are all on a learning curve so there will be bumps in the road

Over the long term:

City will opt IN to rent control - meaning what ?

There will be a board to determine what you can charge for rent!

Property values will go down due to buyers drying up

Many owners will bail - possibly including ME

Equate this to: every day you drive home to your house - all of sudden Government moves your house while at work and they do not tell you where it is - you have to go find it !!!

This is all new to EVERYONE - even to the judicial system etc so time will tell and a huge learning curve for the next 3-6 months - we have no idea where this is going and may make me re-think my line of work....... Essentially I will have to re-tool my entire operation! Yes it will hurt your bottom line! That I guarantee you.

So I will adjust and adapt as time goes on until I see this as a no-win environment. Then I will evaluate my continuation as a Property Manager. Not to worry, this will be at least a year

If you have business in other states without rent control: focus there - you may want to hold off on purchases here until we get a full handle on this.

Most will do the wait-and-see approach But if you have been thinking about selling for any other reason NOW is the time to do it.

Stay tuned: as I learn, I will communicate

See for yourself:

A link to the bill is here

@Levi Lewis BRRRR strategy investing is like a black belt. This required you to immerse yourself in learning all you can about the BRRRR strategy. There is articles on this site related to this concept and there is also recently released book title BRRRR by David Greene and it is an excellent book and I highly recommend you purchase this book. It is very helpful for me to better understand BRRRR investment and also forced me to enhance my skills, knowledge, and ability is each BRRRR. It slow, learning process. But in long term, it amazing opportunity.

I wish you the best with your continuing learning journey.

Alex