All Forum Posts by: David Zuber

Hey Rob, sorry I didnt make it to the last meeting. I plan on being at the February meeting

@Natalie Kolodij  They don't have to be local, I just assumed it would be a little easier. It would  be great of you could send me some referrals.

@Esmir O. sounds good, hope it goes well for you. We can catch up next week

Hi BP,

Wanted to see if anyone knew a god CPA or Accountant in Syracuse NY (Upstate NY)?

Thanks,

David

@Bob Okenwa and @Thomas S. thanks for the responses!

@Thomas S. Would the seperate account need to be a business bank account or just another personal bank account?

Hi Nate, welcome to BP! Are you looking to house hack for your first deal?

Make sure you check out the monthly meetup that @Rob Sawyer started. There should be another one early in November. Great place for networking!

Hi Everyone,

I am about to close on my first rental property in a about a month. My business partner and I have been discussing getting an LLC and opening a bank account under the LLC in order to keep our personal finances separate from our business finances, as well as keep taxes simple. We would still leave the property in one of our names (to avoid the due on sales clause) and funnel all income/expenses through the LLC's bank account. To protect our personal assets we plan on getting insurance on the property, along with an umbrella insurance policy for liability purposes. Does this seem reasonable or is there a better method?

Thanks,

David

I would avoid the core of the city. We personally I like Lyncourt, East Syracuse, Liverpool and the Solvay areas

Hi Jason! Glad to see another new investor from Syracuse! 

I would say the best place to start is looking on the MLS or Craigslist and start analyzing deals. Even if the deal wont work out, the effort of analyzing it will help you recognize a good deal when you see it.

Make sure you have specific search criteria you are interested in to filter on, otherwise your head will be spinning with all the active listings. By this I mean if you only want single family homes then dont look at Multi family. Also make sure you know where you want to buy houses in Syracuse. Obviously some areas are worse than other, so sorting out areas you dont want to invest in helps a lot. Have criteria for the cashflow and CoC return you want to see too.

Hope this helps! Good luck!

I wasnt able to make the meeting at Colemans so I'm super excited for this meeting. Thanks again for setting this up Rob!

Hi @Rob Sawyer, welcome to BP! Thats a great goal, did you serve in the military?

I grew up in Chittenango, so I have been around Syracuse my whole life. Looking to invest in real estate certainly gives you a different perspective of the area. From what I have seen it is best to avoid the core of Syracuse. I would focus on looking for deals in the East Syracuse, Solvay, Liverpool, North Syracuse, ect... areas. However as you have said it have been difficult finding the right deal that cashflows. But im sure if we keep looking the right deal will come along.

I plan on going to Colemans on September 10th, so hopefully ill  see you there. Let me know if you would like to get together before then to grab lunch or something to talk more real estate