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All Forum Posts by: Christopher Meaker

Christopher Meaker has started 4 posts and replied 12 times.

Post: [Advice Requested] Deciding to Sell or Rent

Christopher MeakerPosted
  • Real Estate Investor
  • Syracuse, NY
  • Posts 12
  • Votes 1

@Jordan Holt

 I am a Flipper from the Syracuse area and just listed my current project on the market today and am now looking for another project. I'd be interested in taking a look at the house itself. I could pay all cash plus close in less than 3 weeks (from the date at which you would like to sell). Please contact me via email or phone so we can talk more. I look forward to hearing from you!

Christopher Meaker,
315-383-2793
CMeaker21@gmail.com

Post: Central New York Meet Up

Christopher MeakerPosted
  • Real Estate Investor
  • Syracuse, NY
  • Posts 12
  • Votes 1

Bradford,
I am a member of the OREIC. We meet the second Wednesday of every month at the Denny's in North Syracuse, Typical attendance is 30-40 people. I usually do not attend every meeting but I do try and make the ones with topics I'm concerned with. The club is moving in the direction of education on fix and flips as we have several seasoned investors and the market here in Syracuse is becoming more suited for flippers such as myself. We do cover Buy and Hold strategies as well due to that being the main objective of the majority of the investors that attend. First time is free and then 25$ every time after or 10$ for members. It's 100$ to become a member. Utica also has a pretty good club organized from what i have heard however I have never attended. I recommend attending the meeting in Syracuse. Great networking and decent educational info. We often have guest speakers that help educate on laws and taxes as well as some political figures.

Hope this helped!

Christopher Meaker

Post: My First Multifamily...Am I asking enough?

Christopher MeakerPosted
  • Real Estate Investor
  • Syracuse, NY
  • Posts 12
  • Votes 1

I have come across a deal that from my analysis is a great buy especially if I buy with cash as i'm looking at a 15-20% discount from the current asking price possibly more. I'm toying around with several ways of financing the property right now but most of that is besides the point. But before I go any further and place an offer I am wondering if I am asking enough questions? I viewed the property today and it's in great shape apart from few minor fixes that wouldn't require much money or work as I could do most all of it myself. There is one potential deal breaker but I will find out when she emails me back within the hour. Unfortunately the property manager does strictly maintenance and seemed to lack the knowledge of a lot of the questions I had. I sent the landlord a list of my questions. Some I know the answers to so I did not ask and others I am double checking what the property manager told me and making sure I have all my ducks in a row. I would really appreciate some feedback as to whether or not i'm asking enough questions and if there is anything else I should be asking or anything I should be making sure to ask the inspector when I have it professionally inspected before closing (assuming it goes that far). Below is a copy of the Email I sent any and all advice is welcome and much appreciated!

Dana,

I do feel the property is well maintained for the most part. There were no glaring issues that I saw. Obviously I will need the property professionally inspected in the case I missed anything. I am interested in placing an offer on the property however before doing so I will need some more information. Below is a list of questions/requests that I have before I can accurately value the property.


What are the rents for each individual unit?
When are the individual leases up?
Are all the appliances included for each unit. (Refrigerator, Stove/Oven, A/C if the wall units are yours)

Is there or has there been any tenant arrears with current tenants?
What is the current mortgage on the property and is it assumable?
What are the yearly taxes and insurance?
Would you accept additional monies (above closing cost) to pay the closing costs up front so we may roll them into the mortgage?
What is your idea of a "huge" discount if I am to pay cash (rough % estimate)?

Any major repairs needed? (i.e. furnaces, water heaters, windows, roof)
How old is the electrical and plumbing?
How old are the windows and roof?
I noticed small water leaks in unit 4, has the roof been patched successfully fixing the leaks?
What was the cause of the leak?
Are there any public notices associated with the property?

Why are you selling?

Post: VA Loans under LLC? Possible?

Christopher MeakerPosted
  • Real Estate Investor
  • Syracuse, NY
  • Posts 12
  • Votes 1
Originally posted by @Robert Leonard:

@Christopher Meaker it's good to think of ways to finance deals, but this one won't work as proposed. The VA loan program is for owner occupants. If a vet will actually live there, you can do up to a 4-plex. You can protect yourself on a property like this by having adequate amounts of insurance. Whatever you do, don't try to beat the system.

It would be a 3 unit property with one being the primary residence and the other two rented. Is there something illegal about doing a quit claim deed and transferring ownership of the property while keeping the obligation to the loan as well as keeping the primary residence at the home? I would make sure proper insurance would cover the home but in order to protect ourselves further wouldn't creating an LLC for the property be the correct thing to do? I don't want to cross some line that could cause me to lose everything. I spoke with a loan officer and he didn't make any issues out of the leasing part of the property I just never asked about a quit claim deed.

Post: VA Loans under LLC? Possible?

Christopher MeakerPosted
  • Real Estate Investor
  • Syracuse, NY
  • Posts 12
  • Votes 1

Does anyone have experience using VA loans to purchase multifamily houses? Can you still create an LLC that the home would be attached to as an asset? If not is there some way of getting the loan and transferring the property to the LLC afterwards? My father is a veteran and can utilize the VA loan. I believe that is house my parents purchased the home I grew up in. Is it possible to purchase a Multifamily property with a VA loan and then rent the property out without living in the property? I am especially interested in how it would be transferrable to the businesses name to protect yourself in any sort of catastrophic event.(If that's possible) Also any and all tips and advice using a VA loan to would be appreciated.

Post: Is this deal too much for me?

Christopher MeakerPosted
  • Real Estate Investor
  • Syracuse, NY
  • Posts 12
  • Votes 1

Thanks! i figured this was going to be the general response. Im still not swayed though I really do believe I can handle this and from what you guys say it sort of confirms it!. As far as management I have a great one who's not to bad on expenses not to mention he knows I'm starting out and he'd be willing to give me tips and stuff if I managed it myself. I am lucky enough to have family/ family friends with large complexes and who are very experienced in the real estate world as well however I have yet to approach them about this as we aren't exactly close just close enough for them to take me seriously with the right opportunity. I am working out the details of partnering with the owner of most of dominos franchises in my area as he has plenty of money if he will act as the money arm I believe with the experience around me and a site like this at my finger tips I will have a good shot at successfully managing the complex otherwise i'll take some from the bottom line and have it properly managed. Thanks again for the replies its been helpful.

Post: Is this deal too much for me?

Christopher MeakerPosted
  • Real Estate Investor
  • Syracuse, NY
  • Posts 12
  • Votes 1

I'm 21 years old and I have been searching for awhile for my first deal but it always seems like something is coming up and delaying things. I recently came across a 68 unit apartment complex (48 apt. 20 Condo)
with an asking price of 3.2m. I feel like its bigger than your normal first step and its almost common sense to think its too much and I shouldn't waste my time even thinking of it. But if the numbers all make sense why not right? Below are the Numbers I've gathered:

48 APARTMENT COMPLEX – PARK LANE APARTMENTS

20 UNIT TOWN HOUSE COMPLEX – NORTH COLONY TOWN HOUSES

202 – 208 NORTH MAIN ST., NORTH SYRACUSE, NY

PARK LANE APARTMENTS

16 ONE BEDROOM APARTMENTS

32 TWO BEDROOM APARTMENTS

RENT INCLUDES HEAT AND HOT WATER

LAUNDRY ROOMS – 8

NORTH COLONY TOWN HOUSES

20 TWO BEDROOM, ONE AND ONE HALF BATHROOMS

BASEMENTS WITH WASHER/DRYER HOOK-UPS

TENANTS PAY ALL UNTILITIES

WATER IS SEPERATELY METERED (TENANTS COULD BE BILLED FOR USAGE – NOT CURRENT POLICY)

CONDITION OF PROPERTY:

PARK LANE:

ROOFS NEED TO BE REPLACED

WINDOWS NEED TO BE REPLACED

NEW BOILERS WERE INSTALLED IN 2009

DRIVEWAY NEEDS TO BE RESURFACED

ALL APARTMENTS AND COMMON AREAS ARE IN GOOD SHAPE


NORTH COLONY:

ROOF WAS REPLACED IN 2009

WINDOWS WERE REPLACED IN 2009

DRIVEWAY NEEDS TO BE RESURFACED / REAR OF BUILDING NEEDS PAINTING


FINANCIALS:

OFFEERING PRICE $3,200,000

REPAIR INVESTMENT FROM SELLER $200,000

-SELLER WILL GIVE BUYER $200,000 AT CLOSING FOR ABOVE LISTED DEFERRED MAINTENANCE ITEMS


PROFORMA P&L - MONTHLY

RENTS @ 100% $44,000

LAUNDRY COINS $1,100

MONTHLY INCOME $45,100


EXPENSES

MORTGAGE - $2,560,000 @5.5% FOR 25 YEARS $15,721

PROPERTY TAXES 9,700

PROPERTY INSURANCE 1,600

ELECTRIC & GAS (2013 ACTUALS) 1,700

WATER (2013 ACTUALS) 1,300

VACANCY ALLOWANCE – 8% 3,550

ALLOWANCE FOR MAINTENANCE 2,500

($36,071)

NET MONTHLY CASH FLOW $9,029

17% RETURN ON INVESTMENT OF $640,000

A few things to note. I am aware these numbers are ProForma and I will be doing my due diligence to get proper records but I believe the numbers show promise and deserve to be looked into at the very least. I have visited the properties and even managed to get into one of the condos as well as spoke with several residents and everything stated above in regards to the maintenance and rents seems to be true and he left nothing out that i saw on my first run through of the property but I would obviously have it properly inspected beforehand to make sure.
Also is there anything I am missing and should have asked the seller for? I am kind of stuck at the moment with how huge of a move this could be for my career however I don't want to get caught up in what could be and miss something. Any advice or tips from anyone would be greatly appreciated!

Post: Newbie Multifamily Investor from Syracuse, New York

Christopher MeakerPosted
  • Real Estate Investor
  • Syracuse, NY
  • Posts 12
  • Votes 1
Originally posted by @Sarah Hart:
I buy turnkey opportunities in Sarasota, Fl, generally sfh but starting to look at multifam. Some great ROI there, and capital uplift if you hold, also considering land in sw florida, as impact fees are slashed I can see contractors knocking on the door in the next 12-18 months.

A great broker in Sarasota is a guy called adam robinson, if you mention my name, Sarah Hart from the UK.

Good Luck, I've just found this website and think it's so full of valuable info

Thanks Sarah! I have a few friends down in Sarasota and I've been browsing the Central and SW Florida markets but nothing too serious yet. I'll be sure to get in contact with him when I move down! Thanks again.

Post: Newbie Multifamily Investor from Syracuse, New York

Christopher MeakerPosted
  • Real Estate Investor
  • Syracuse, NY
  • Posts 12
  • Votes 1
Originally posted by @Greg Potter:
Welcome to BP @Christopher Meaker from another Syracuse native. Good luck with your move to Florida, little too much sun for me down there. With your multifamily investing, are you considering Syracuse, Florida, or another market?

I am looking towards all markets as I don't want to limit myself. So assuming I can safely and properly gauge the investment I am open to it. However for right now Syracuse and the central Florida markets are my primary focus. Do you happen to be apart of any REI groups around here? I have only located one and I'd like to personally connect with more investors. Also what is your primary strategy in Syracuse, if you still invest here?

Post: Newbie Multifamily Investor from Syracuse, New York

Christopher MeakerPosted
  • Real Estate Investor
  • Syracuse, NY
  • Posts 12
  • Votes 1
Originally posted by Account Closed:
@Christopher Meaker

Welcome.

Check out the Start Here page http://www.biggerpockets.com/starthere

Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.

Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice. And you get the benefit of having 40 past ones to catch up on.

Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info.

Two Great reads, I bought both J. Scott The Book on Flipping Houses,The Book on Estimating ReHab Costshttp://www.biggerpockets.com/flippingbook

Consider checking out HUD homes for small multi's owner occupied gets first crack.

You might consider Niche or Specialized Housing like student housing. Works well in your area. Rents can be 2-4 times more. Remember you don't have to own a property to control it.

Good Luck

Paul

Thanks Paul!

I appreciate the starting advice! I'll be certain to go through all of this. I have already read the beginners guide and am working on the Podcasts right now. I am also well aware of the student housing opportunities around here (currently living in one haha), and that is a main focus of mine as far as my investment strategy as a whole goes. I am looking to connect with a lot of the local landlords as well as finding the local REI clubs, so far I've only found one but I'm sure more will pop up.Thanks again for the advice!