All Forum Posts by: David Stott

@Mark Updegraff @Frank Dimino 

I'm using Attorney Erin Elsner from the law office of John Nacca.  www.naccalaw.com

So far, I'm happy with the service Erin's providing . . the court date is tomorrow.

I'm also going through the process right now, also in Rochester, NY.  My costs thus far are $285 for the one adult, and it would be an additional $20 for each additional occupant for 18.  

In my experiences with small claims court, you are required to represent yourself.   The purpose and intent of small claims is for everyday folks to have their cases heard before a judge and to get a judgment in your favor.    It is likely cost prohibitive for you to get a lawyer to hear your case on your behalf.  You said were you suing for "$2k, maybe more."   Know that there are limits to what you can sue for in small claims . . usually 4-5k. Here is an A-Z guide i found online:  http://www.nycourts.gov/courts/8jd/pdfs/SMALLCLAIM...

In my recent experience with small claims in Rochester, my hearing took about 7 minutes and judgment was issued to me right away.   My witness happened to be my attorney, but he was there only as a witness.

Good luck.

. . .  have you gotten an estimate for having it painted?   if the paint is in disrepair, you probably should expect that the city will give you a hard time and require that it be remedied before they renew your CofO.  At least, that's been my experience with my properties in Rochester.   

 In my experience, vinyl siding might cost more in the short term, but it's better long term.  As a buyer, I much prefer homes that are vinyl sided to paint because of the ongoing maintenance that paint brings.

-Dave

James.  I own 2 properties in 19th ward and it's my area of choice.   You need to be able discern the good from bad pockets and stick to those areas where there will be demand.    Your outcome depends a lot on your strategy and your processes.  Good luck. Completely agree with Rebecca and Mark. 

Dave

hi Rebecca, 

I did have major driveway drama at my duplex.   The driveway is single car width from the street down the side of the house, and then opens up to be 2 car widths in the back, so I allowed 1 car per tenant to have driveway access.

Well, problems have emerged because 1 car is too large, 1 tenant doesn't have the skill to pull in and around (or back up without hitting house), etc, etc.  The other issue was guests would park in the driveway overnight and block a tenant in when they needed to get to work - - creating more tension.   I procured a sign saying "tenant parking only" but that only did so much.   It appears that one of the tenants has since given up her car, so that slightly resolves the problem.

I agree that tenant problems are not management problems, but that only goes so far.  

Good luck!

-Dave

Greetings - putting this out to the forum to drum up any experiences. I received a piece of marketing from Third Federal Savings & Loan (www.thirdfederal.com), offering to refi our primary residence to a 10 yr fixed at 3.29%/3.39%apr with closing costs at "only $595".

Given I'm currently paying 4.375%, on the surface, it looks like I could shave 6-8 months of my current note with a slightly lower payment (~$20 less), it would seem worth it to do this for the $595 expense. When I spoke to them, I ran down the list from a recent quote I had and they said all of those expenses were included.

So, what do you think I'm missing. When something sounds too good to be true, it usually is. Anyone out there have experience with TFS&L, or does anyone know of a better refi product right now . . . I'm always looking to position myself a bit better, and knocking 6-8 payments off is appealing.

Thanks!

@Dave Savage thank you Dave! Really appreciate your response and willingness to help. The property in question is in the state of Maryland - just FYI.

hi Kyle,

Do some networking, and try and get on board with someone who will let you/show you how they look at various properties, analyze them, etc. You'll find lots of helpful people here on BP. Meeting up over a beer or coffee can be time well spent to build your network, and get to know people who have some experience and have likely made their own share of mistakes along the way.

I'd happily share some of my experience with you, but in reality, there are others with much more. I'm actually in the process of analyzing a few prospects at the moment, and could share some insight on what I'm seeing and doing currently.

Hi everyone, i'm contemplating a deal in Rochester and wondering what the Rochester, NY or Upstate/WNY members think of an estimated 19% cash on cash return (which includes operating expenses of taxes, insurance, utilities, a maintenance reserve, and 10% prop mgt fees)? I've seen some posts where investors won't touch anything unless it's over 25%, but i'm somewhat new and don't invest full time - although this deal would definitely push me closer.

Thanks!