All Forum Posts by: Account Closed

Don't do what your friends do- don't finance an expensive car, don't go into consumer debt to "flex" on Instagram for your friends, save your money and live frugal. Read, read and then read again. Also, attend some meetups and offer free labor to some seasoned investors and get your hands dirty. 

I always see income approach and comps on my appraisals. I always hand the appraiser a quick spreadsheet of upgrades, costs, rents and comps from initial purchase. Appraisers seem to appreciate it and they all take my sheet with them. I've been happy with every appraisal I have received for a refi/heloc.  

What is the LTV for 2-4 units?

It is known there is a UST. Has your bank brought this up? They generally won't lend until it is removed (Unless you're buying cash). If it is a good deal that you do not want to pass up pay for the removal of it so there are no issues and record that it is gone. 

http://thekkristelcompany.com/

Reach out to Kody Kristel at The K. Kristel Company (You can find him on Instagram or PM me for his number). Kody is a standup professional contractor. 

What Banks are offering 75% LTV? Highest I've seen on non oo is 70%.

Jeff Beecher in South Glens Falls with Jenkins, beecher and Bethel has done awesome work for me and knows real estate well. 

Nice to see another young guy in the area looking to invest. I agree with @Craig Curelop here. The Glens Falls market makes sense if you're investing for cash flow- its a great market for that. Multi's go quick in this market so be prepared to jump as soon as you see a listing. It is not unusual for buildings to go over asking. I lost out on a best and final offer on a 3 unit going 5k above asking a few months ago so be prepared for competitiveness but if the numbers make sense go for it. That deal closed for 10k above asking. 

Reach out at anytime if you have any questions about investing in Glens falls. I own a portfolio here and am continuing to build that portfolio staying in the Glens Falls area. 

In terms of financing your best bet is to get ahold of @Jerry Padilla. Jerry has impeccable knowledge when in comes to real estate and financing. 

-DM 

Most contractors rent equipment now a days. It doesn't pay to buy them due to the up front cost, the maint, the trucking, insurance ect. Excavation is a tough cut throat business. Do some more digging on contractor talk there are many good threads on this exact topic in the excavation section.