All Forum Posts by: John W.

Selling three Turnkey duplexes in Clarence as a package:

5140 Kraus Rd
7107 Transit Rd, East Amherst mailing address
10860 Bodine
Fully rented for a total of $6215. As well as a two story garage for personal use at Bodine which could rent for additional $250+. Other garage at Transit Rd is rented out separately for $250 and that is included in the total monthly rent of $6215. There is room for more building structures at Kraus and Transit to increase cash flow.
All month to month leases.
Tenants take care of snow and grass at all properties.
Owner pays water and trash only at all properties.
Low property taxes, excellent schools in an appreciating area. Great tenants.
Each property is in very good shape and most units have been renovated recently. Each property has new roofing. Inventory is naturally low in Clarence making this a rare deal.
Owner is moving on to other business ventures.

The chance of winning is basically zero and I don't like those odds. I also agree that generally, lotteries and casinos attract the poor and ignorant. If you really want to destroy an area, put a casino there.  If I was going to bet and didn't mind losing money, I would bet on fights or Texas Hold'em or something along those lines. 

See craigslist ad for pictures https://buffalo.craigslist.org/reo/d/clarence-double-for-sale/6713382935.html

Upper/Lower double for sale. Clarence Schools with Ledgeview Elementary. Top rated schools in NYS. Very nice location in the midst of all three Clarence schools and on a nice scenic road without houses in front or behind the property. Sits on a half acre.

Upper is 3bed/1bath as well as a 4th room as laundry room, about 1250 sq ft with washer/drier in unit. There is forced air in this unit and furnace is in great shape.

Lower is 2 bed/2full bath with large kitchen and living room, about 1250 sq feet. There is a masterbed/master bedroom. Lower unit has been renovated with high end materials. Both units are in great shape. There is a boiler with radiators in this unit and everything is in great shape. There are two hot water tanks in good shape. This unit has a nice front porch, as well as a washer/drier as well in a room off the kitchen.

A new roof with tear off and full re-sheeting was done in 2016. The siding is Cedar Shake painted white and is in good shape.

This property has a septic that functions well.

There is a full, dry basement as well as large 200sq foot Amish made shed in back. Property is on half and acre and has plenty of parking.

Closing must take place before 1/9/2019 for my tax purposes. Will consider holding the note if terms are favorable and if seller proves good financial status.

Good owner occupy or rental investment. Currently rents for $1875
Please email John for any questions
Will update pictures and have a video walkthrough soon.

Wondering what rates I should expect if I did a cash out refinance on a duplex I bought at the beginning of the year and fixed up. I have good credit and income. Would be willing to do a 15 year also if there's a big difference in percentage or maybe even 5/1 ARM.
Wondering if 5% is achievable.

I thought of rent-to-own is an attractive option as opposed to seller-financing because of the monthly rent being tax advantaged compared to collecting interest with seller-financing, and also thought that with rent to own you avoid the risk of foreclosure because tenants do not own the property. But when I went to my attorney (in Buffalo) wanting to do a rent-to-own, he says he doesn't like them because they aren't enforceable and you can't just evict the non-paying tenant and that it basically ends up being a foreclosure. His solution is to do a seller-financing and also have a pre-signed deed with the buyer that will be recorded back into my name if they default after a certain amount of time. 

I thought that was very interesting and would like to hear people's experiences with rent to own or seller financing in the Buffalo/Erie Coutny/Niagara region. 

My goal is to eventually have them all paid off, sooner than later, and only have HELOC's so that there is money available if needed for any lucrative investment that comes about. As well as have cash in the bank to use. I will borrow money until I have what I think is enough to keep me busy and retire off of. Then I will work on paying them all off. To pay off my rentals I am wholesaling (where I actually close on the property) as much as I can and also working the w-2 as well as other endeavors. I don't like mortgages and paying interest but I can deal with them and they are a means to an end.

Thanks for the input everyone. @Ali Hashemi @Account Closed and everyone else
I am trying to learn and plan for the future/invest wisely. 
I agree that trying to time the market is futile, but based on what I see I can't help but agree with the overall message, that our economy is artificially propped up and the way it is is not sustainable. If that is true, what's the best way to invest? 
I thought real estate was a pretty good bet. But if the dollar does eventually weaken, maybe they aren't the best bet long term. 

@Maxwell Milholland what is the address? 
And are you expecting to cashflow in a househack situation?