All Forum Posts by: Jamie O'Connell

 I agree, but nothing appraises above maybe 250k for a very nice single family house on a few acres. I have also tried with the appraisers and no luck so far. and I have done about 10 appraisals there. Idk it could be me but nothing appraises high there. I dont want to get a loan for more than the true sales value of the property but I would like to get atleast the normal amount back for the money I have put into it. 

 Look up Elmira NY hahaha. it is a very poor town. That is the problem with the appraisals. For every 1 property that has sold in last 3 months that is a match for my prop and sometimes on the same street, theres about 5 that sell for half the value. It is best matched with like Cleveland, Baltimore etc. Except much smaller obviously. 

 They are LTR, sorry I should have put that in there. 2 Have been there for 1.5 years now and 2 just moved in Feb 1 after a renovation was done. 

Hello!

1. I own 100% of one llc and 50% of the other

2. One duplex brings in a total of $3,100 a month the other brings in $2,700 a month. 

3. Corning

4. one I own 100% is $69,000 the other is I believe around $54,000

Thank you!

Hello!

Wondering if anyone has any recommendations for a normal investment property refinance. I have two properties (exact same property just across the street from each other) one is a seller finance that is coming to the end of its contract for balloon payment and the other is a fix and hold Interest only loan that is also coming to the end of its contract for balloon payment. Both properties are in Upstate New York, both duplexes that are fully rented at good prices. One appraised last year for 100k. I think it would appraise between 100k - 115k based off latest comps but it is a hard town to comp for. 

I am finally at my two year mark not being W2 so if I can skip past DSCR loans and the such that would be much preferred as I dont want to pay the fees if I don't have to as I am trying to get some money I put into each unit to renovate back out of it.

I have my 2023 taxes Non W2 and hope to have my 2024 Taxes Non W2 back end of this coming week. 

Things that could get in the way im putting out there now to make sure no surprises after someone does the work to get me quotes

- New York State 

- Appraisal will barely be past 100k if that

- 98% of my income comes from my rental portfolio (thats a new fun rule (to me) I just learned about)

- Prefer something without a ton of fees and such. I had to do them for not having 2 years tax returns but prefer not to if dont have to.

- Cant do blanket loan as I own one of the houses in one llc and the other in another llc.

Thank you for your help and I hope someone will have good options! The credit unions in my area only work with bigger companies so just know I have already reached out. 

Jamie 

Hello! I do all of my income properties in Chemung County. Elmira is where I own 6 of them. In general the return is good but the town is honestly horrible. The only nice things in Elmira is the food at the dive bars. So I wont say not to buy cause I have and it has paid well but getting anything appraised is PAINFUL. For every good matching comp at a high price theres 16 poor priced matching comps that the appraisers only focus on. Your also spending 4-5k a year in taxes on a 90k house. Corning is nice, I personally wouldn't live there but id buy at some point when I have more morning. As of now I do Section 8 and you pay an extra $30k for a house in corning over Chemung County and make about $300 a month less. But I do believe the houses hold their appraisals better there.

Horseheads is the cream of the crop in Chemung county. Taxes are just as expensive as Elmira but the schools and the town are much better. Houses more expensive but you can get some good deals and the rent is steady. Lot less multifamily which is why I haven't bought but it is where I grew up.

Make sure you study the eviction laws, I believe tioga County (but could be a different close county im not sure) my lawyer told me that you now HAVE to pay to pack up an evicted tenant professionally and store it for months at your own cost if they leave their stuff behind. I haven't looked into it because I never plan on buying there but thats what he said was enacted in the last year. 

 Love this! That is exactly how the program is supposed to be used! So far I dont think I have one tenant who is on track for doing so but I love hearing the success stories. It is 100% a great program to get into and I love everyone's different views but I have also signed 2 new section 8 tenants since I posted this so I am staying firm in my belief! 

Jamie 

I use this term on my 3 year old nieces and nephews DAILY so thats hilarious. 

I will say a friend in real estate just posted last night on his story that he did cash for keys to get rid of two non paying tenants and 5 dogs. So it works but I think I will take it out of my portfolio of to dos. 

 I will say that it is a tough pill to swallow principal wise. However in my area which truly is horrible, about 75% of tenants go through about 4 - 5 jobs a year, own NO assets and dont pay taxes or care about things like garnishments or judgements. Which is why I go the section 8 route whenever possible. But sometimes I can't fill them with section 8 so I have to take the risk. I do background checks and such but well, not always accurate. Probably due to people doing cash for keys and it not showing a record haha. 

So I agree, I wont be doing cash for keys. But each area is different on what to expect with tenants. 

Congrats on not having to evict so far! 

I have tried those and never end up working for me. But good to know it works sometimes!