All Forum Posts by: Griffin Malcolm

Thanks all. Seems pretty clear they aren't the move. I like them if I were buying for a place I'm putting roots down in, but seems like a waste otherwise

Hey team, question on solar panels and their impact on resale value. Essentially, is it worth it? I had a consultation with a solar panel salesman today and he quoted me 29k for 18 panels, however the final price would be 13k after New York and Federal tax credits plus a holiday discount. At 13k, I would be paying about $100 each month for electricity. There would be no up-front cost either. They would fix my $100 for the next 18 months as a grace period so I have time to put the tax credit money "back in" the full cost of the panels. If after 18 months I don't do this, then the loan is re-amortized and the monthly payment would increase.

It seems like a good deal, and an easy selling point to a potential buyer - "hey, your energy bill will be $100 each month even in the winter, and then once you've paid off the panels you've got free energy!" but I'm just not sure about the tax credits. Like, I understand it comes off my taxable income, but it's also not like I'm getting a check for 14k that I can throw at the panels. I feel like it's more likely I would just have a lower taxable income, but still have to pay mostly the full 29k, which would make the monthly payment closer to $200. 

For context on the property - it's my house hack I've owned about 1.5 years now and plan is to sell in May of next year once I hit my 2-in-5 rights. I'm strictly concerned with ROI and how it looks to potential buyers. If anyone can provide some insight it would be appreciated. Thank you!

 

Hey Danny, I'm based in Schenectady. What bank are you looking into? I haven't seen any yet that do 10% down on non-owner occupant purchases, but that is awesome if that exists. 

On refinances, I use Community Bank because they do 90% LTV, but if we can get 10% down on the buy side too that would be great

Sounds good, thanks! I'll keep an eye out

 Super helpful, thank you! Yeah that was in the back of my mind as well - is the list I'm paying for being sent to other people as well? Seems like the answer is probably. Would you be open to a quick zoom / phone call so I can ask a few more questions on how you run your operation?

Yeah the idea of having someone else do the calling for me is nice. Being able to parallel path different leads seems valuable; somebody does my calls while I'm connecting with wholesalers / other agents, etc. I got two others under contract last week by doing the latter, which was sick, but I'd like to get the mass market mailers / cold calling going too

Not to hijack the thread, but I'm also curious... to those that have had success in this area, are you the ones actively answering the calls / emails from these mailers, or do you have a team in place to respond to the leads?

I've seen people on FB advertise cold calling services which seems interesting. Essentially they warm the sellers up and then prime them to sell and then pass the lead to you to close. Anybody ever do anything like that?

Thanks all,

Clear now that he is a scammer. To the other end of the question then... how do you all find legitimate Pay Per Lead companies? Is the ROI worth it?

Cool! I actually just bought the BP Long Distance Real Estate book and it arrived today, as this is something I'm interested in. I have my hands full at the moment (signed on two others this week that the proceeds of this BRRRR will fund) until I can figure out how to get more capital, but I will keep you in mind!

Question for the community - I've been reaching out to wholesalers via FB groups, and one guy wants me to Zelle him $20 for a list of 27 motivated sellers. His profile doesn't look particularly concerning, and his grammar is good, but he doesn't have a last name listed, and this doesn't seem like the way I should be paying.

What do we think? Sketchy? It was my understanding that the wholesaler brings an actual under-contract deal to a buyer and then the buyer pays a bit of a premium for the deal.