All Forum Posts by: Brian Dickerson

Regarding ROCHESTER NY specifically, those #s looked great on paper to us as newbies.  They're up for sale now.  Anti-landlord laws and bad tenants have taught us a lot, particularly that there are much better areas for cashflow with a lot less headache!

@Shant Ohan

There is no official app so it must be a specific company’s app.

The “catch” Is that there are more bad turnkey providers than good. Their numbers look great on paper but you will probably have more expenses than they project with lower returns than they’re projecting. As with most property managers, you will overpay for maintenance / repairs as well.

This isn’t to say you won’t make money if you use a reputable turnkey provider. Just do your research.

Google “Morris invest scam” or read about them on here to learn some turnkey horror stories, red flags, and what to avoid.

In theory I believe so.  Getting the judgment should be easy, but how easy will it be to collect on it?  That's the question... 

In most cases, you will pay significantly more for repairs in one form or another when you are using a PM , unless you coordinate repairs with your own handyman.

In a similar situation with two tenants in NY right now.  Cash for keys didnt work, literally stuck with no options at the moment ...

You could also talk to a good real estate agent in the area.. they will be able to look at the property specs (size, # beds baths, location) and give you a good idea of the ARV. Just go on zillow and find the highest rated/most active listing agents in the area and reach out to one.

Funny story... we ACCIDENTALLY bought the glue down LVP for a flip and had it installed.  Looked great in the pics.  Had some left over and told the guy to use it for the next job.  We saw it in person this time, and had him use click lock for the rest of the house.  There are inevitable small gaps between the planks w/ glue down.  The click lock looks a lot better close up if its done right and I think it's more durable.

I dont care so much about brand as I do wear layer.  If you're keeping the property as a rental, you want a minimum of 12mil wear layer.  Floor & Decor has a brand called duralux that has some good ones.  Found our last batch on sale at lumber liquidators for less than $2/ ft.  And that was a 20mil wear layer one.  This is going to be an overall thickness of at least 5-6mm 

Sounds like you and maybe her (or you both together) would benefit from some counseling/therapy before you could even try to answer this question, or invest in real estate for that matter.

Hit a home run on our first flip...

Got a deal from a mailer I sent , 3/2 SFH purchased for $63k 10/2019. Rehab took longer than expected (just used one handyman for it all), cost was $25k including holding, but we also severely underestimated the ARV. Sold last month for $169k for a net profit of $72k!

With the crazy laws in NY these days, I personally won’t be buying anything more in Rochester. Better returns and landlord friendly laws to be found in other states