All Forum Posts by: Griffin Malcolm

I would only sign something like that for specific properties unless you know you're getting good volume from a single agent. To me, signing a broad exclusivity agreement kills your bubble; you're now cut off from every other agent's network.

Of course, it has to be worth the agent's while to bring you a deal over someone else, so try and offer something of value like a finder's fee or, if you're flipping, the right to list the renovated house with the agent. 

Give Key Bank a shot. I've only done two projects thus far, but the branch manager seemed confident I would be approved for at least 90k line of credit. Should know soon for sure. We still had the meeting and filled all the paperwork out though so it's worth a shot

Open an LLC and apply for a small business line of credit from Key Bank. Hit up Saima on Route 9 in Clifton Park. She's a beast and you'll likely get approved which will give you a revolving source of funds to keep growing

I would leverage your index funds if possible to use for a 90% purchase price / 100% rehab loan from Kiavi. Fix it up and rehab or flip and then you can pay yourself back and have a little bit extra to push to the next one

Definitely hit up the CRREIA meetings bro. You'll meet a bunch of fellow capital region investors and people who can help. If you go to one meeting you can find your contractor, agent, property manager, attorney, and anyone else that you may need. Try out the Find an Agent button on Bigger Pockets too and Find a Lender. All this stuff works. I was skeptical but after seeing one go through the net I realize how powerful and legitimate all of this is. Would be glad to meet up sometime and chat as well!

https://www.crreia.com/Default.aspx

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?