All Forum Posts by: Don Li

https://www.jacfcu.org/ is the local bank

I own 11 units in Jamestown NY by the way that area of the country is so picturesque is almost unreal , I was blessed to find a really good property manager he is a local 48 year old leader of a new church that is involved in development of city of Jamestown and knows everyone in the city .  I own a 4 plex, 1 single home, 3 x Duplexes , the good properties in good shape typically fly off when they go for sale literally in one day, usually ones you see on market are ones need quite bit work to get them to rent. Looking back think rather buy stabilized units down there vs ones need remodeling due complexity of finding good contractors.  Avg Rents for a property remodeled is running me about $700 not remodeled $500, single home getting me $1000, however be cautious you  need have a local guy that knows the area well so you buy in good areas of town and need good contractor.  My yearly gross revenue is  about $92,000 and my cost per unit/door stabilized remodeled is about $60K . I also found a bank that would finance that low cost of property as a regular 30 year loan so payments on debt is way low obvious $100 - $120 per unit. Eviction was difficult during Covid now is better. However with good property manager and not a slum type tenant they pay like clockwork as they are 50-65 years of age lot of them working at grocery store or school etc. Think my 4 plex has tenants that lived there 10 years :) from prior owner . let me know if further questions be glad help anyone from my 3 year experience down there so that maybe you don't make my mistakes.