All Forum Posts by: Mark Liscia

We will most certainly ask them to remedy the aluminum wiring issue or to give a price reduction, but the contract price is already below what they purchased the property for in 2008. I don't believe they have any room to move unfortunately, but we will try.

After many letters and in person meetings we were able find an off market deal and put a very nice 6 family brick building under contract. Just had the inspection on Tuesday. The building is very well built, but it has aluminum wiring for the outlets and light fixtures. This is something we have never encountered before in upstate NY, as most of the properties we own are close to 100 years old. I want to know if anyone has experience with aluminum wiring and if it is a automatic reason to walk away. I have had to rewire a two family before due to knob and tube wiring (which was not a pleasant experience), and would prefer not to rewire this whole six family, which would definitely be a deal killer. Is this wiring insurable? And will it be insurable in the future, insurance is a one year contract, and I would hate them to tell me 3-5 years down the road that they will not renew my contract. Otherwise the building is a gem, something we do not much supply of in upstate NY. Thanks

I am looking to relocate from upstate NY. I have good experience as an multifamily operator and would lime to really ramp up my operations. I am looking for a city that has a large stock of 1980's and newer multifamily properties. Specifically looking at 4 - 20 units per buy. My wife and I have considerable assets so we would be able to make many purchases one after another hoping to end up with 50-100 units in a year. Any thoughts on a good area where there are lots of properties for sale and one can amass a sizeable portfolio quickly?