All Forum Posts by: Matt Honeyford

List source is pretty easy. Towns and the city I believe have lists too. Driving for dollars. Feel free to reach out. 

There are only two things that I can think of that could possibly hold him back; credit score and cash available. If he doesn’t have a good credit score I do not believe he will be able to secure a commercial loan. And, if he needs to come up with cash to refinance and doesn’t have it, that too could present a challenge.

@Nathan Langdon

I’m a big fan of keeping good tenants locked in.

I would move her to a 12 month lease that expires at a time that has the biggest pool of renters. Here in Rochester NY we have our leases expiring April/May. Which is when I feel most people are looking.

If you’re only going to be raising the rent by $50, but it causes her to leave, I’m not sure it’s worth it. You’ll have a month of vacancy ($900) plus you may have to flip the unit.

It’s up to you. But being that this is your first rental, I’d keep the easy tenants until you get comfortable.

My opinion.

I like investing in Rochester NY. Cap rates can vary from street to street in some areas. My advice to you would be to first figure out what your comfortable with; price, type, etc. Look up local crime statistics on the Monroe County website and compare it against current neighborhood cap rates. Areas to consider would be: 19th ward, Park Ave, South Wedge and North Winton. 

Hard pass for a lot of the reasons above. 

@Sheila Campbell

Hi! It is possible to purchase a property without any money. Here's a typical way that it can be done. Let's use the Rochester, NY market as an example. Homes here are typically around $130k. First thing you need to do is open up what's called a personal unsecured line of credit at a bank for around $15k - $20k. Second, find a hard money lender. Typically, your first hard money lender will want some skin in the game, which is when you'll use your personal line of credit that you've opened. Third, identify a property that's roughly 60% of its ARV, so roughly $78k and spend $10k fixing it up. Typically at this point you should be able to cash out and refinance it with a bank once a tenant is in place, or you can list it and flip it. But either way, you have none of your own money in the deal.

Hi Jacob, 

I've been through this the hard way. My advice to you is this; Sit down with a lawyer and discuss all of these things with them. My first partnership went to crap, mostly because we had nothing in writing. You need to outline your roles and responsibilities of the company that you're forming. 

Hope that helps. 

Hey Brett. 

I would call a property management company here locally and ask them if you can help them. Typically, I feel that multifamily investors use property managers to free up time. You could take calls, show units, or help them with maintenance requests. Just being around a business that specializes in the management of what you're interested may go a long way in establishing a knowledge base. 

Hope that helps. Best of luck. 

Yes. Hustle. 

Windows are the least expensive item for us to replace. Typically, we are paying around $150 per window. Home depot sells windows for around that price, maybe a little more (Depending on how much you buy). Have the contractor measure the windows. There is a certain way of measuring them, and you don't want it to be on you for giving him the wrong measurements. Whatever you do, don't call a big company.