All Forum Posts by: Eric M.

Meeting with hard money lenders in your market will be beneficial for getting back into investing. I would be surprised if one were to lend in this situation, however you never know until you ask.

Depending on if you have a FHA mortgage currently, you may look into saving/borrowing a few thousand for the down payment. Don't forget that FHA allows 6% seller concession for down payment and closing cost. If the seller isn't initially interested in the 6% SC, you could negotiate a higher offer if he agreed to the SC terms.

Have you already found a HML to fund this deal?

I'm happy to read about your success. You have a good thing going, especially considering you have zero cash in the properties. Will you provide insight on how you were able to structure the deals?

I always wonder how many motivated sellers do a Google search for the investor. Just a first and last name Google search will bring up their BP profile and/or website. Websites often have a "bought" and "sold" price listed. Obviously it doesn't stop them from selling!

I'm sure you'll get a lot of other people chiming in, however with the limited budget I'd suggest researching cash out re-fi's. Most of the 10K would go towards down payment and closing costs. You may have some left over - or be able to obtain more money - which you could use for renovations.

I think #3 is the strongest layout.

Donny:

Glad to see a fellow upstate resident interested in real estate at a young age - I can relate as I'm twenty-four. The duplex route seems to be a low-risk introduction to becoming a landlord. I contemplated doing it as well however the wife did not approve. I'm not familiar with Syracuse's market or REA. @Michael Wagner may be able to jump in with info. He was super knowledgeable when I connected with him. Not to speak for him, but I know he owns a storage facility near Syracuse and owns multiple SFH's in Rochester.

If you're ever in the Rochester area, feel free to message me to link up and talk real estate.

-Eric

Vanida:

Since you say "first house," I have to clarify that you do not plan on living in the house during the flip?

Like with any city, there are rough neighborhoods which are great for flips, however I wouldn't recommend a colleague moving into. The 19th Ward has both rough and safe pockets within. 14605 and 14621 are predominantly rough neighborhoods. All three zip codes see a lot of action with regards to flips. All three have singles, doubles and tri's to suit your strategy. All three also have strong rent to purchase price ratios. EX. I just closed on a 3-Unit 6/3 for $18,000 with each unit rented for $600. Hope this helped!

Zip Code for 19th Ward is 14611.

http://www.zipmap.net/New_York/Monroe_County/Z_19th_Ward.htm

@Tom Sylvester I've been going regularly as have a few others on here. @Adam Johnson co-chairs the Alternative meetings actually.