All Forum Posts by: KC Conti

Good Morning Everyone,

I have a bit of dilemma that I need help with, if you please. I have owned and managed a fourplex for a little over a year now. I actually LOVE IT. I love typing in my spreadsheets, taking care of tenant issues, and paying bills ... Yep, I'm weird I LOVE TAKING CARE OF BILLS.

So here is the problem... I have a close individual (who I work with in my full time job) who wants me to manage and my husband (who is a contractor) to do the maintenance on a 17 unit complex they are buying. They appreciate my organization, my leases, how I screen tenants, how I take care of bills and how money gets allocated. We are in NY and to be a "property manager" you have to be a real estate sales person and be sponsored by a real estate company, then become a broker. Well, I have a full time job that I also love and I have no desire to be a realtor ... No Offense to realtors.

Does anyone have a loop hole around this? Can I just be an independent contractor as a 'care taker'? Can I just invoice them for my work through my husband when he does the maintenance?


This is an amazing opportunity for both my husband and I, and it will open doors for us getting more of our own rentals. I really don't want to give this up, but I want to make sure everything will be fair and on the up & up.

Any help or suggestions would be really REALLY appreciated! Thank you for reading my post!

Thank you @Alina Trigub, I appreciate the help : ) 

They bought it for 30K 10 years ago and completely remodeled it. My husband is a contractor and he is the one that told me with the amount of work they did, it's probably worth about 150K.  I am really struggling to find what I am looking for. I've been actively looking for about three months and I haven't had a lot of success. But perhaps, I am just too excited to finally get a property that I am blinded. Thank you @Shmuel Waldman.

Hi John,

I saw your post while I was scrolling trying to find other local investors. I am from Conesus too and I would like to become an investor too. I was just wondering if you had any success in our area? Did you stay local to Livingston or did you branch out toward Rochester?

Hope to hear from you : )

KC

Hello,

First of all, thank you so much for taking the time to read this. I have kind put myself in an analysis paralysis situation. I am a new investor, and I mean REAL new! So if you are kind enough to comment, please be gentle.

 I am trying to buy my first rental property. I have narrowed down my desired niche to small multi-family properties, close to a college as I have a lot of experiences dealing with college students.

I am in upstate NY, and if any of you are familiar with NY, the taxes are brutal.

I found a 3-family (currently rented, $2700 a month income) in a college town. Assessed at $50K, with taxes at $3K. The owners want to sell it because they are moving back to NY and want to buy a house, and need a good amount of cash. They want $164 K for it. To pay that amount in that town means the taxes triple, and makes the return on investment, not really worth it.

I would like to buy the property at the assessed value in cash.  Then pay the owner on the side with monthly payments on the rest at a higher interest rate like 8-10%. This way they get their asking price, a large chunk of cash to put down on a house, and they're new mortgage will most likely be covered by my payment. And I can keep the taxes at close to same rate.

They might not even take the deal. But I guess I want feedback if this is a good deal or if I am way off. I am trying to find a win-win for both of us.

Thank you so much for reading my lengthy post! I appreciate the feedback.

Thank you so much for getting back to me, Mike! 

I will definitely sign up for the Nov 14th meeting! I really appreciate it. I could really use any help and guidance available to me. I am old school. Reading online is helpful but nothing beats face to face interaction and real experiences straight from the horse's mouth. 

Thank you again! 

- KC

Good Morning,

I am terribly sorry to bother you but I saw your thread while I was attempting to find groups in my area. I am new, and I mean very new to real estate investing and I am looking to just be able to listen to people's experiences, especially local ones up here in New York.  I saw on the website you have posted that it serves Ontario, Wayne and Monroe county. I am in Livingston county, and I didn't know if that would be an issue.

Thank you in advance for any assistance,

KC