All Forum Posts by: John W.

@Dom Cassissa @Matthew Irish-Jones @Mike Davis @Drew Sygit all great info and advice, thank you. 

Thank you @Matthew Irish-Jones 
3months is better than 6!

@Tim Delaney @Dom Cassissa i've never used a management company so I don't know. When there's a problem, do they typically show up to the property or just call their handyman and make the owner pay the fee?

Quote from @Eric Bilderback:

I keep buying properties as long as they cashflow well, which means buying them painfully slow.  I have been predicting a market crash for 10 years.  I called the top of the market in 2012 (I actually did)!  LOL.  If the smartest people and computers in the world can't predict the top of the market then I know I can't.  I have a better chance predicting the weather in 5 years.

I have had many clients who wish they would have bought in the last few years.  If you can buy something that cashflows it should make your life more comfortable in 3 years.  Historically it is almost impossible for a cash flowing well managed property in a solid area to not drastically improve even change your life in 10 years.

 i've been a permabear for years and lost out on a lot of opportunities haha, i'm reformed though

I didn't think so and NY sucks, but I'm getting canned from my nursing job and a really good deal came up for a 17units so i'm taking it. 

it's not a bad idea. but is an extra 250 a month alot you think? when all the rents are up to snuff, rents will be 10k a month. a lot of expenses though. i think he will be happy someone is doing the dirty work for him, haha

Quote from @Dom Cassissa:

If you're taking  % as a manager I would stick to the same cost as what the area management companies charge, I think that $50 a problem thing will end up getting super lopsided if there's a lot of work.

Have you considered maybe like a 60/40 split of the equity instead, you take the extra 10% for the additional work/management you have to provide? Granted it's less money upfront in the short term but in the long run if you rehab it good and get this place up and running strong I think the increased equity will pay you back way more than a few bucks extra will.

I think we are gonna just keep at 50%. My thought was that, say it was a bad month and I had to go out there 10 times, it's still only $500, which actually is only $250 from him to me which seems low but I have to keep in mind that half of it is baked in. 

I have a rental in Erie County outside of Buffalo and am in the process of buying a multi family in Lockport, Niagara County. I was wondering if anyone recently has had to evict in either of these two counties and how long it is taking now? I've heard it takes 6 months in Erie County but am not certain. 
Thanks in advance
-John 

Hi everyone, I'm buying a 17unit in the Buffalo Niagara NY area with a friend. Rents average about $500 (25% under market value), fully rented as well. I will be managing it as he is out of state and I have 10 years experience owning and managing rentals. I am deciding on the terms. I believe it will be a fair amount of work to manage and it is 5 separate buildings on one lot. 
We will be splitting everything down the middle. So all of the subsequent fee breakdown will end up being halved. My thoughts were to charge 10% of rents, $50 every time I have to go out to the property for some issues besides collecting rent. I will also do as much of the repairs and improvements as possible. Also, If any time consuming/costly repairs need to be done I will reach out to my partner and agree on a price and then we split the cost. 
What do ya'll think of that?

Thanks

-John

Welcome to NY landlording. My advice after you get him out is to renovate and then sell. Terrible place for rentals and it will only get worse.