All Forum Posts by: Michael S.

Also looking to invest in rentals in Tehachapi / Lancaster if anyone has leads

I‘ve been buying in Rochester in recent months, lots of gentrification going on around the city. 

 Thanks Eric, yea have seen that map, looking at a unit at the northern edge of that map. 

I started to look at Lewiston as well. Numbers do look good especially on multi. Anyone with experience in downtown Lewiston? Have heard it’s rough but would be interested to heard how thats translates into vacancy & maintenance. Thanks! 

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $100,000
Cash invested: $30,000

Fully occupied 4plex in mediocre condition. Month to month lease for now

 Thanks, probably difficult to do private money since cap rate is around 5.5% and I'm looking to hold. this deal only makes sense if I can get 3-4% rates for 30Y. Otherwise I'm better off looking for a 2-4plex. I got 3.5% interest rate on a 4plex recently.

Morgan Stanley told me that they can only do up to 4plex. Anyone know of local mortgage brokers who can arrange financing? Thanks

Income around 300k a year; credit score 750-800; have existing mortgage on investment properties but they are well covered by rent. No other debt. Deal size around 600k, can do 20% down.

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Rochester.

Purchase price: $100,000
Cash invested: $25,000

Cash yield focus. 9% cap rate ( with 5% repair and 1 month vacancy reserves) / 20% IRR (1% growth and 0 appreciation)

Looking to accumulate more multi family units in Rochester

What made you interested in investing in this type of deal?

Base case: property tax cap / limited new city supply should support current rent with inflation adjusted rent growth
Upside: U of Rochester and RIT could lead to area job growth; high mix of millennials

Investment Info:

Condo buy & hold investment.

Purchase price: $150,000
Cash invested: $150,000

UVA student / young professional community. Professionally managed.

What made you interested in investing in this type of deal?

5.5-6% cap rate