All Forum Posts by: Matthew Drouin

@Account Closed what is the condition of the siding?  It it's in good shape and you don't have plans of major exterior renovations, just leave it be.  If it is the asphalt style asbestos siding which is badly deteriorated, you may want to book a "vacation" after you close and remove it yourself; dispose of it (obviously in compliance with your local and state laws.)  Asbestos laws are meant to protect workers, not the occupants or owners, and to the best of my knowledge, that composite siding is not friable like pipe wrap so you may be making this a bigger deal that it really is.

@Derek Ritter I know of some MOB's (medical office buildings) in Rochester with strong tenants.  There is no coop broker fee though.  PM me with what you are looking for and I will get you details if they are a fit.

Matt, as long as you find good off market deals you don't need to be concerned about where the money will come from.  If the deal is good, lock it up, and you will find someone to fund the deal.

I am interested in talking with you.  I am a broker too; I have abundant capital but have the hardest time finding deals that fit my policy portfolio.  PM me and we can hook up.

If you have that many units under your belt it may be time to look into a property management software like Appfolio or Buildium (not sure if I spelled right).  It may add to your management cost but depending on your management agreement you could allocate this expense back to your clients on a per unit basis.  These types of programs not only keep track of rent roll, accounting, delinquency, leasing, renewals, etc.  but they also help you manage the maintenance, move in move out process and are very mobile friendly.

I've had significant experience with all types of management software so drop me a line if you want to chat.

@Chiagozie Fawole pm me the addresses and I will spit back a good idea of value.  I'm sitting at my desk right now and have access to all the core logic and mls data.

If the three duplexes are all right next to each other I usually assign higher value because I prefer to have the control of three places right next to each other.

I have been a Rochester city resident for 11 years and know it like the back of my hand.  I can definitely help.

@Vikas Kumar don't over analyze "developing a niche" especially on your first deal.  All too often, new investors I work with can spend years or dozens and dozens of property tours without buying something.  They think they need to find a needle in  a hay stack and don't account for the opportunity cost of not buying something and then quantifying their own hours wasted.  Real Estate is an idiots business, don't over think it.  If this deal makes money then buy it.

In regard to your question about renting rooms, I prefer to have all of the tenants and parents sign one lease.  This makes them jointly and severably liable for the performance of all terms of the lease.  "If one screws up, they all screw up."  In regard to the local legality of renting separate rooms, i am not sure it's legal.  But I would defer to my colleague Mark Updegraff to shed light on that.  (Sorry I forgot Marks handle)

@Bob Kruz I have been a RE broker and investor for 11 years.  Maybe I can help depending upon what your expectations are.  Private message me what you are looking for and maybe we can get together for coffee.

@Julie Amadeo Ok for 40k you can buy a good b class property at an 8 cap rate in a good neighborhood with great tenants.  For 20k downstroke it's c class property c class tenants.  If you would like I can connect you to a local lender who has programs for investors.  Also PM me with your email and I will send you a list of properties that will loosely match your criteria.

@Sherrod Mcgowan our firm has plenty of capital to close deals like this but our location requirements can be limiting sometimes. However, I have plenty of wholesalers in my network who have networks of cash buyers I can connect you with.  Let's get together for coffee and I can make some introductions.

@Todd Ryan what area is this in Rochester and what is the unit mix?  Studio, 1 bd, 2 bd, etc.  The reason I ask is the rents may be below market. I find a lot of landlords who own property for a really long time often keep their rents very low because their theory is that they can always keep the  apartments filled if the rents are low.  There may be some value here that you are not accounting for.  This may not be a bad deal if I knew more about the property.  PM me the listing info and I can make a better informed opinion.  I buy bigger deals than this so believe me, I'm not a threat, just trying to help out.