All Forum Posts by: Mackenzie Grate

 Yes. I always represent myself and that pays for the license each year with one transaction. So totally worth it for me in that sense. :)

What part of the Adirondack's are you looking for specifically? I have a friend who sells up there. Happy to connect if it's the same area. :)

I do a lot of STRs further south, so if you have any questions about getting them up and running and managing them, I'm happy to help with that. Just shoot me a DM. :)

Hi! I actually did just this a few years back, but up in New York. I will say this, it did help me to grow my network rather quickly. And although I didn't intend to sell as much initially, I ended up really liking selling a lot more than I thought. That is what helped me to build my network and knowledge base super quick. With that being said, it does make it harder if you are looking for off market deals. As a realtor, I have to disclose I am that and I have to be super careful about "theft of equity" laws up here meaning that if someone comes to me for my professional opinion because they are not sure if they are going to list it or not, I can't really just offer to buy it. I have to first act in the best interest of them, which 99.999999% of the time in this market means listing it and bringing it to market. So it can have some drawbacks. But overall, it was one of the best decisions I ever made and really helped to kickstart more rapid growth of my own portfolio.

Good luck! You got this!

Many people tackle this in different ways, but I always start with the money. I go to a lender (whichever type you prefer or have access to) and find out how much I can get. Then I work backwards from there. 

Once I have an idea for how much I can get, then I look for the property. My first few investments I used a real estate agent. Over time, you learn how to source them yourself because you are more confident in your skill set.

Then once you find the property, don't over think it. Put in an offer where your numbers work and just keep doing that until you get something. Don't give up. But also, get started now. 

You have more than enough preparation under your belt and when new stuff comes up that you are unsure about (which it always will), you will be able to figure it out as you go. 

You have this. Trust me. Good luck!

Definitely assume it does need larger repairs. If they aren't letting you inspect it, that's a major red flag. Just because a property has tenants, doesn't mean you shouldn't be able to do due diligence and get an inspection. I have purchased tenanted properties and so have many of my clients. We always still get an inspection done. So definitely proceed with caution. Most likely there is a reason they are not letting you do that...

Just call the town and see if you can buy it. :) Just say, I saw this house at X address, I'm interested in possibly purchasing it. I understand the town owns it currently, how can I go about purchasing it?

You got this! Good luck! And great find!

Investment Info:

Single-family residence buy & hold investment in High Falls.

Purchase price: $180,000
Cash invested: $85,000

This is a short term rental I renovated and designed. It's now live on Airbnb to rent :)

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

It was a great location and I saw the potential in the house. It also had been sitting for awhile.

How did you find this deal and how did you negotiate it?

MLS. I was the realtor and negotiated on my own behalf.

How did you finance this deal?

A commercial loan

How did you add value to the deal?

I renovated the house top to bottom and did the interior design work myself.

What was the outcome?

Awesome! It's renting regularly and so far, so good.

Lessons learned? Challenges?

Basements and flooding. Lol. I learned the importance of a french drain, making sure you have a great sump pump. Water sensors, etc.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Me. I am an RE agent and I represented myself.

Investment Info:

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

Purchase price: $205,000
Cash invested: $150,000

This is a full gut reno purchased off market. The renovation has been slow, but it is coming along. We intend to set it up for a long term rental in one unit and a short term rental in the other unit... although we may have to pivot to two long term rentals because of the town's changing STR laws.

Investment Info:

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

Purchase price: $205,000
Cash invested: $150,000

This is a full gut reno purchased off market. The renovation has been slow, but it is coming along. We intend to set it up for a long term rental in one unit and a short term rental in the other unit... although we may have to pivot to two long term rentals because of the town's changing STR laws.

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

I like the idea of a blend of categories. I don't want all my investments to be just one type. This also had multiple exit strategies.

How did you find this deal and how did you negotiate it?

Off market from one of the tenants who was moving out.

How did you finance this deal?

Hard money loan.

How did you add value to the deal?

Gut renovation.

What was the outcome?

It's still in process but will be done early spring.

Lessons learned? Challenges?

Major challenge continues to be contractors. The costs were getting to high with one and they weren't on the job enough to supervise their subcontractors so I had to switch to a new one mid project.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Me! :) I was the realtor and represented myself.

First off, congratulations for putting yourself out there and finding a potential opportunity! That means you are on the right track.

One recommendation in the future, I wouldn't put the property's exact address on here. You never know who might be out there looking to swoop and scoop. Hopefully people won't, but just giving you a heads up.

All of these questions should be answered during the due diligence period. I would recommend you call companies that do this sort of removal and have them give estimates. 100K seems high, but then again, I'm in a different market than you with a different cost of living.

In terms of potential challenges that may pop up, you may have issues with title. That will come out when you run title check. Also, it's important to explore what type of commercial usage the property had. You want to make sure there are no environmental issues if it was used for purposes like a mechanic's shop or dry cleaners, etc.

And rely on your real estate agent to connect you with the right people to help do this investigative work. That is what they are there for. They cannot legally give you answers, but they can recommend professionals who will.

Lastly, try to lock it up but also have a clause to get out. Go for it now, make an offer but make it contingent on those things you need it to be contingent on. Then do the research and get your answers. If it doesn't meet the contingencies, you can walk away no harm, no foul.

Hope this helps. And even if this isn't "the one" you are on the right track and doing all the right things to find "the one." Keep up the awesome work! I'm excited for you!