All Forum Posts by: Adam Wigdorski

@Joe Aquilina

So the buffalo market for 2+ units is not “hot” right now. It actually has gone down the past year and a half from the peak. And in June when the new tax assessment kicks in you’ll see more houses available than average which will also lower the price.

Hears the deal. Your young, probably don’t have a lot of money, and more than likely don’t have a decent credit score because your young.

Find a double. A decent one. You don’t have to buy a piece of **** and dump a butt load of money in it to make it cashflow. Because where are you getting that money to rehab? You’d actually make out better buying a more complete house right now than rehab. I personally won’t touch a rehab over 25k. Anyways target a property in a neighborhood your comfortable living in. Pick a house and buy it. See if your parents will “split “ it with you. See if the bank will let you do fha. House hack it. Move into the worst unit. Rent out the other. Get some roommates and collect. Or have no roommates and have the rented unit pay your mortgage. No your living rent free. Take what you would have paid in rent and save it each month. It’s going to take some time but before you know it you’ll have a nice downpayment. But then you refi your house to conventional and go house hack another one. And then another. Your young enough that you can do this every couple of years. After 3 houses you’ll be set.

Don’t be scared of the mls.

This whole buffalo is hot , doubles are hot, etc is bs. Do the math and make offers.

@Alex Leana

Huh ? I literally bought a north buffalo house in north buffalo that cash flows $1277 a month.

Where are you looking. You can literally cash flow on almost any buffalo 2+ unit on the mls?

@Nicholas Standford

I literally just had exactly 26 windows done. For

7984 Them removes wood windows, disposal, removed triple tracks, installed new windows, insulated jams, caulked inside and outside, and wrapped exterior in aluminum.

Energyking 100 double hung double pane with grids , half screens, and security locks.

@Jon Adamowich

So instead of tieing yourself to the 15 year mortgage why not get a 30 year mortage and pay it off in 15 years. Because if one day **** hits the fan you wont be tied to the higher fixed mortgage payment. 

Are you eligible for a fha/va loan?

To raise more capital , why dont you do a cash out conventional refi on your current house. Rent out your old unit. Buy a new 2-4 unit property fha/va with almost no money down and house hack it. If your not buying your forever home for 7 more years. You can house hack a new house once a year? Yeah you have to move every year or two but after you get 2-3 rentals your set. You should have no problem buying a thousand more using leverage in the current properties you own. I have 4 rentals and 5-6 on the way soon. I never have used a penny of my own money. And i buy on the mls.

Sewer/Water line insurance. Its a must have. I have the full package including landscaping on my primary and the non landscaping on my rentals. 12.99 a month

Yes i can take my money and buy a bunch of cashflowing and great 50%+ ror 35-65k properties in buffalo but i dont. As a police officer in some of those areas i dont want the double headache. You get what you pay for. 

Simple math. North buffalo average double. As long as you are all in acquisition cost 240k or below, you will cash flow 1000+ a month and cashout refi in 5 months at the minimum your down payment back . Now that on conventional mortgage. If you house hack it to fha/va , you only put down 3%. After you do your small rehab and high rent, I average 1500 a unit in nb you can do a conventional cash out refi and get more than what you put in back. 

Its not all about volume or speed. Sacrifice quantity for cashflow when you start. Youll grow more steady and make more money a month. With my 4 properties i have already replaced my w2 earnings.

Good luck and reach out if you ever have some questions

@Khaled Morad glad you took my advice

@Jon Adamowich

As far as numbers you factor in...... everything

Here’s some rough numbers

Mortgage

Insurance

Taxes

Snow removal- 450 per year

Lawn care - 350 per year

Quarterly water bill - 170

Sewer/water line insurance- 12.99 per month

Yearly user fee - 375

5% of gross rent held in reserves for future vacancy

7% of gross rent held in reserves for future mx and repairs

@Jon Adamowich

Do you have equity in your current house to put a heloc on it to free up more cash?

Why would you want a 15 year mortgage?

@Tim Delaney

Google wnyrei

They have been meeting since the 90’s

At what point aka number of units per building do most people integrate coin laundry.

I normally buy doubles and 3 units. When I buy those I always buy roeper washing and dryers per unit and include it in rent. So 780 per unit investment one time cost. Between the laundry and created off street parking I usually juice the rent 150 per month per unit. So on a 4 unit building it would cost 3,120 up front. So it would take 6 months to recoup initial cost. Let’s say they last 5 years.

Now looking at the commercial coin operated. First I’m lazy and not collecting and rolling coins every month so I’d need the card reader ones. But then now your talking big money.

3k for a decent stacked machine. 500 for the card reader setup. 40 bucks per month on internet service for the card readers. What ever per swipe fee the processors charge.

So say you want 4 stacked units. What’s the final cost 14k and 50-100 per month?

I was looking

@Brittany Gary

Tonanwanda is good but way higher taxes then buffalo. Niagara Falls is a dump. But good if your doing strictly rental.

Certain parts of the east side of buffalo are war zones. West side buffalo is nice but can get sketchy around the grant ferry area. Good value in south buffalo and black rock.

Short list but hope it helps. Pm anytime.

@Farshad Mansouri

I can recommend a portfolio lender and great agent that I’ve been using. As far as contractors, I act as the gc and sub everything out. But I have sub contacts for everything.