All Forum Posts by: Benjamin Fertich

Hi Sam,

I purchased a town home in the Eagle Landing subdivision while I was there for training and have been completely satisfied with my investment. 

There are some pro's and con's to the area. 

You will have no shortage of military tenants and the property values have been appreciating nicely over the past few years. However, like many markets, you will have a hard time creating a significant cash flow when you purchase at market rates. Rent is competitive due to, what I would consider, a complete saturation of rental properties in the city. 

I rent my property as a short-term rental, focusing on TDY soldiers or contractors working on base, so far this has been highly successful. I would never have thought about doing except for the fact that regular rentals in the area generate such mediocre returns. 

The base will always be there. You will always have tenants. The population of Enterprise is increasing. Rent is competitive and property values don't leave much wiggle room for expenses. 

Hi All,

I am looking into purchasing a 3 unit building in upstate New York near Watertown. I have several properties here and although I have become accustomed to being robbed by the government something seems a little off about this one. The property is currently listed at 100k, I anticipate picking it up for about 90k. It has not sold or been refinanced in many years (over 20) therefore gaining an accurate assessment of the property is slightly difficult.

The town however has no difficulty assessing this property at $158,000 for tax purposes. $8,000 for land, $150,000 for the structure. I can reasonably imagine that the property could assess for 120k if you looked at it from the right angle with direct sunlight.

So my question.  Is it reasonable to expect upon purchase of the property the town will realize that the property is not worth 158k and will therefore lower the assessment to market rates? Or will I need to file a complaint and ask for a reappraisal? Or do I forget the whole thing and move to a state that actually doesn't hate property owners?

My numbers make sense even with the absurd tax rate so I may go ahead and take the plunge.... obviously nobody knows how the town i'm referring to operates without more information.. just looking for somebody who has dealt with this situation before.

Hi All,

I have recently been approached by a friend of mine who is interested in getting into real estate. I have a bit of experience as I have done 3 deals in the past. However they have all been relatively straight forward, using another person's money to invest is a totally new concept to me. My friend has about 10k in capital and is very willing to manage and improve on a property but has no idea how to obtain a mortgage or put together even the simplest of deals. He would like to go in together and buy a property. I am starting to love the deal making process and intend to read up about partnerships and using other peoples money but am reaching out for some preliminary guidance from the community. I have done some searching through the forums and it seems there are many ways a partnership can break down, but here are my specifics:

My friend can contribute 10k

I can contribute 10k

Property X costs $80,000, which requires a $16,000 down payment, with fees our total to buy the property costs $20,000

Property X generates $1000 NOI and we split it 50/50.

My confusion stems from how to bring the money together to pull this off. 

1. Do I need a partnership? an LLC? Some legal document spelling out our terms?

2. Will a bank want both of our names on the mortgage and title, or just one? Is my friend a GP or is it like a married couple purchasing a home? 

3. Do we split the cashflow, equity, risk 50/50? 

4. 50/50 even fair if he manages it? 

5. Who has final say on major decisions? or do both partners  need to be in agreement?

Like I said, i'll be doing extensive research, but any info provided simplifies the process and helps me move faster!

I appreciate any book recommendations for investing with partners.