All Forum Posts by: Christopher Schmidt

I'm in too.

@Aaron M. welcome, I spent 14 years in Brevard and hope to be back soon...to conquer not only Brevard but all of Central Florida... :) 1 property at a time.

Welcome! My entire in-law family is in Rochester NY, which helped to convince me on my first 2 units, both duplexes in Rochester. I think it's a great area for some buy & holds with cash flow.

Chris

@Steven Bays - My properties were about $30,000 per duplex. They both were 'cash' transactions, though I myself didn't have all the cash and had to get creative (i.e. credit cards).

I decided it was time to make the plunge, 5 doors now...hoping for 4 more in the near future.

Good luck!

Thanks for the info. I am being cautious but got tired of the city's runaround or unreasonable 'on hold' times. Plus these are lower income properties...so I know I would have to sensitive to that and their current rents. I was mainly curious if anyone's done that successfully and if there was a breakeven point. Most of the investors I know in the area haven't...so I am guessing there's a reason why :)

Thanks!

When I was first starting (I'm not to far past that)...I liked the idea of MFH for the following:

1.) My neighborhood investing in are lower income areas; therefore if at least 1 side is occupied, there is less of a chance of vandalism & theft

2.) If one side is vacation, chances are you still have partial income on the other side.

3.) I think it offers better overall cash-flow, the two units combined almost always seem to gross more than a single unit in a comparable neighborhood.

It's worked well for me so far, though I only have 2 duplexes at the moment.

We purchased our two duplexes (1 at a time) with credit card direct deposits. My wife and I both otherwise had no credit card debt, so we had a bit available to us unused. We used my wife's 'line' solely in case we couldn't make repayment (I'm the primary earner). She's had these cards only in her name prior to us even getting married.

Repayment wasn't always as planned, but I had a few 'backup' plans. Since I'm fairly new, 12 months was scary, I waited until they CC companies offered closer to 18 months.

Worked out for us and it's something I will keep in my pocket of tools...but I think having backup plans (plural) is the only 'safe' way to approach it.

I have two duplexes in Rochester NY each with only a single meter for water. Combined it's about 225/3 months I have to take in the costs for, I was wondering if anyone has been successful (or if its possible) in splitting the water meters in Rochester?

I explored this a little bit ago but I couldn't seem to get anywhere with the city agencies :/

Chris

Welcome Michael, I lived in Melbourne area 14 years before moving up to Greenville SC area (though I am visiting for the weekend). I have always lived near the ocean myself and the adjustment is hard, I am hoping to make a move back (job or no job) next summer. What brought you to Melbourne, with all your travels?

@Nicolaas W - The duplexes I bought weren't anything I would want to live in. I looked for areas within the city (Rochester NY in this case) that had good cash flow and decent tenants. When I searched, I looked at about 10 properties...only 1 or 2 were worth following up. I think if you are looking at living in one side, you have much better loan options available. Also, you'd probably want an a nicer area since you'll probably be in there a few years while you complete school. Be careful/selective when renting to students though...good luck.

And also, thanks for your service =)

@Adam K - It's certainly not without risk. The duplexes aren't in the nicest part of towns, though I have good tenants and a good PM. I did put a little work into them, but not too much.

@Tim Pommett - HML - Hard Money Lender
The arrangement I have with my HML is basically a 30 year amortization for lower payment, but in 5 years the remaining balance is due. I guaranteed them 2 years of payments (2 years of collecting interest) but after that I can refinance if I see fit. Congrats on the new job!