All Forum Posts by: Matt Whitermore

@Courtney Smith how many units are you looking for? Are you open to the Capital Region?

@Skyler Rebeor auctions are hard to break into for new investors given they are usually cash and quick close. I think you need to try to ask yourself more questions to figure out what strategy is right for you.

How much capital do you have available to invest?

Are you able to get a bank loan?

Do you have potential private lending relationships?

Do you value being in close proximity to a potential investment property?

Do you like the idea of short term deals that carry high yield but high risk?

Do you like the idea of steady cash flow from rentals?

Do you have a property manager available to you or would you manage properties yourself?

Lastly, where are you located in upstate NY?

@Steven Luttman thank you! Waiting to hear from underwriting at Sunmark on this refinance. I like a few of the credit unions for these types of deals. They seem to be more aggressive with leverage, amortization, and rate compared to the banks.

@Meghan Cheek thanks for your reply! We just did new carpets in one of the units and had a minor plumbing repair to take care of before renting the units so pretty minimal. It’s right near Lark and Elk. Maybe we can connect and show you something that works for you!

Investment Info:

3 unit, attached multifamily in the City of Albany

Purchase price: $130,000
Cash invested: $0

Found the seller through a direct mail campaign, put it under contract and got the seller to allow us to lease 2 vacant units prior to closing. Purchased it with one business partner 50/50, and secured a private lender to fund 100% of purchase price and closing costs. Property is close to a 13% cap rate, inclusive of a 10% management fee.

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

I had recently moved to Albany and was looking for a deal near my other multifamily property in Albany, a short walk from this one. The cash flow is great and it should be easy to manage.

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

I sent the seller a postcard, he replied by phone and later sent details on the property with income, expenses, and his asking price. We set up a quick tour of the property, negotiated a bit, and bought the property for slightly below the asking price.

How did you finance this deal?

100% LTC private loan, currently in underwriting on our cash out refinance

How did you add value to the deal?

Leased the vacant units while under contract, prior to closing.

What was the outcome?

Will be cash out refinancing shortly to repay the private lender and find another deal!

Lessons learned? Challenges?

Be careful with sight unseen renters from out of town.

@Kaja Baum try credit unions. Although I don’t know any in Buffalo, I have found that they typically don’t have a seasoning period requirement in Albany.

@Julene Webb I second upstate New York. Although I am located there now, I started studying the market from PA and ultimately relocated to Albany. Would be happy to show you a deal we’re working on.

Our firm is looking to connect with investors who are interested in partnering on apartment acquisitions in Albany, NY and the Capital Region. We have multiple deals ready to go with financing lined up and have extensive experience acquiring, financing and improving multifamily properties. Reach out to learn more.

@Eli Lederman just sent you a message. Let’s connect!

@Tommy Cheng feel free to message me if you don’t find anyone closer.. Or if you ever have an interest in the Capital Region!