All Forum Posts by: Carini Rochester

I've had two fires in the past 5 years. Allstate wrote out checks for 100% of lost rent while units were under repair.

Wish you well! I've switched over from single family to 3-4 family in the last 3 years. Better cash flow, but more tenant issues in multi-family.  My advice is to avoid the cheaper houses and/or houses in higher crime neighborhoods. Spend a bit more for the more desirable neighborhoods.

I would get some assurance that her responsibility to pay the other mortgage won't impact her ability to pay her share of the rent. Ask for one year history of the rent payments from her family's rental property. I assume her credit history shows that she's making that mortgage payment dependably.

As soon as I create the LLC, I go to the bank and open a checking account, savings account and apply for a credit card in the name of the LLC.

Looks wrong. Specifically, the amount invested is wrong, then that wrong amount is used to calculate the ROI, and so gets that answer wrong. The investment is the down payment plus the closing costs: 40,500+5500= 46,000.

ROI = 4297/46000 = 9.3%

GPT doesn't understand the power of leverage?

The only maintenance is to clean the filter three or four times a year. Maybe you have a tenant who would do that. Other than that, a refrigerant leak, the fan motor burns out, just throw it out and get a new one.

Cam, I've worked with many contractors in Rochester. Who to recommend really depends on the specifics of the job. What's the extent of the work? Are you looking at a $20,000 job or $200,000? What's involved: plumbing? Heating? Roofing? etc. More info might help me point you in the right direction.

I like your idea of targeting older listings. Expect to find less desirable properties, deferred maintenance, low curb appeal, maybe even damage that needs to be repaired. But, there won't be a bidding war and any fix-up you do will make the property worth more than what the improvements cost you (I hope.) 

In the scenario you describe, it would not be you who is being robbed. You bought from the architect the right to use the plans once to get one building permit to build one house. You still have that even if a contractor 'steals' the plan, and is able to get a building permit (on a different lot.) You still got what you paid for. It would be the architect who is being robbed. The architect got one fee, allowing one contractor to build one house, but in fact two builders build two houses. The architect has twice the responsibility, twice the liability, but only one fee. You should do a google search for 'instrument of service,' which, I would assume is what you got from the architect. You did not buy a 'product.' You bought an instrument of service and the right to use the plan once. I provide my clients only the number of stamped plans they need (as dictated by the town issuing the building permit) to get one building permit. The stamped plans always have an address on them in the title block. I'm hoping a building inspector would not issue a permit using these plans for a different lot.

About 10 years ago Rochester, NY stopped performing these inspections and now requires the owners to hire a licensed architect or professional engineer to make the inspections. The inspection must be done once every 3, or 5 years, I'm not sure. I do these, but Sacramento is out of my service area, oh, and I'm not licensed in CA.