All Forum Posts by: Ed Sautter

@Frank Procopio I really like your ideas!  I should be available for the first meeting on Jan 28.  Hope to see you there.

@Eli Lederman I read the $20 max rule here: https://www.nyrealestatelawblo... but read it elsewhere too in my research.  Here is what it says: "Effective mid-June of 2019, landlords may only charge potential tenants an application fee equal to the cost of conducting a credit and background check, or $20, whichever is less. Additionally, landlords may only collect that fee upon providing the applicants with a copy of the results of that inquiry, together with a copy of a receipt or invoice, and must waive this charge if the tenants can provide copies of a credit and background check conducted within a thirty (30) day period prior to the application. (Any provision of a lease or contract modifying or waiving this protection is void.) [Real Prop. Law § 238-a(1)(b), Real Prop. Law § 238(a)(3).]"

Hi All,  Newbie here getting ready to rent my first property in Syracuse NY in a couple months.  The new NYS law states that tenants can only be charged $20 for screening.  I found Cozy charges about $35... so sounds like that is out for New York?  Also I stumbled across Landlordboss offering free tenant screening to both Tenant and Landlord (for a limited time).  Anyone try it? Here's the link: https://www.landlordboss.com/p...

@Kyle Shankin wise advice and totally makes sense.  You've convinced me. Thank you!!!

@Aaron Gillette Great info on Empower CU.  Will reach out to them when it is time for my first cash out refi... which should be soon.

@Kata Walters @Ronald Starusnak Thanks to you both for the replies.  I paid all cash on my first deal.. house & rehab.  So it sounds like you are both saying that the refi loan should be applied to my all-cash-first-property in order to determine cash-flow for that first property.  Ronald, I love seeing your example spreadsheet.  I'm developing my own spreadsheet because it will help me understand the "whys" a lot better.  I'm also looking at it two ways: The cash flow for first 10 years, and then cash flow 10 years later when refi-loan is paid off. 

Hi, When analyzing property and wanting to BRRRR, do you apply the monthly loan expense to the property with the refi loan, or apply it to the next property to buy? I've also remember reading some controversy about whether the loan should be applied to property analysis at all? ...which to me seams like YES because it reduces your ACTUAL cash flow. I've also heard that some Investors only use the loan's interest as part of the property analysis. Thanks for reading... just call me "Confused in Syracuse", LOL.

Hi Rob, I'm going to try to attend... need a break from my first big renovation / BRRRR.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $13,500
Cash invested: $54,000

The Land Bank house is my first attempt at BRRRR deal. I will end up leaving some money in the deal, but that's OK... this is my "learning house". This single fam had major roof and ceiling damage... probably a bit more involved than a newbie should undertake but I'm a gluten for punishment. House was built in 1885. I'm attempting to keep some interior character and ad character back to the outside. Image provided is my before and "photoshopped-after" picture.

What made you interested in investing in this type of deal?

Need a back up plan for retirement. My 401K isn't the answer.

How did you find this deal and how did you negotiate it?

Found it on the Greater Syracuse Land Bank Website. It was one deal that didn't require "owner-occupancy". Paid the asking price because it was low and to hopefully beat out competitors. Land Bank said my written presentation was one of the best they'd every seen.

How did you finance this deal?

100% cash.

How did you add value to the deal?

Renovation and my keen sense of design. This rehab will look better than 75% of the rentals in Syracuse at the price I want to rent. I should easily attract good tenants.

What was the outcome?

Still working on that. One month into renovation. HAAALLLPPPP! :D

Lessons learned? Challenges?

What the hell is "Certificate of Good Standing" for an LLC? Had to have it for closing as requested by the title company... cost me $100. Still don't understand why it was needed when I have other docs proving that my LLC is real. Whatever NYS!

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $13,500
Cash invested: $54,000

The Land Bank house is my first attempt at BRRRR deal. I will end up leaving some money in the deal, but that's OK... this is my "learning house". I'm fortunate enough to have a contractor that listens and is a good communicator. This single fam had major roof and ceiling damage... probably a bit more involved than a newbie should undertake but I'm a gluten for punishment and I figure this will finally grow hairs on my chest, LOL. House was built in 1885. I'm attempting to keep some interior character and ad character back to the outside. I designed the kitchen myself and directed other needed renovations such as adding bedroom closets. Image provided is my before and "photoshopped-after" picture. I like to create this image to give myself and others a vision for the finished product. As of writing we are one-month into the project and I'm worried about going over budget... we shall see!

What made you interested in investing in this type of deal?

Need a back up plan for retirement. My 401K isn't the answer.

How did you find this deal and how did you negotiate it?

Found it on the Greater Syracuse Land Bank Website. It was one deal that didn't require "owner-occupancy". Paid the asking price because it was low and to hopefully beat out competitors. Land Bank said my written presentation was one of the best they'd every seen.

How did you finance this deal?

100% cash.

How did you add value to the deal?

Renovation and my keen sense of design. This rehab will look better than 75% of the rentals in Syracuse at the price I want to rent. I should easily attract good tenants.

What was the outcome?

Still working on that. One month into renovation. HAAALLLPPPP! :D

Lessons learned? Challenges?

What the hell is "Certificate of Good Standing" for an LLC? Had to have it for closing as requested by the title company... cost me $100. Still don't understand why it was needed when I have other docs proving that my LLC is real. Whatever NYS!