All Forum Posts by: Nate Fenson

So I own 4 rentals, but only 1 storage unit. It is a 26'x28' 2 car garage with private door entrance as well. Has a pit and very tall ceilings. It is located in Johnson City, NY less than a minute from the traffic circle. However, my question is, other than if you want to rent it of course, is how do I advertise for it?

It is already on craigslist...

Can I put it on zillow?

Is there a storage rental website that is free?

Should I put up a sign?

Should I shoot it out to a list of investors?

Should I contact local contractors?

Why doesn't BiggerPockets allow me to advertise this to others on this site? I figured this would be perfect for a flipper/real estate agent to store staging furniture. 

This being my only storage rental unit makes it not worth it to do the research on my own and rather just ask around.

5 is an old mechanics pit, 4 is the entry door.

Johnson City Vestal New York Binghamton Endicott Owego Conklin Endwell

30k in repairs and your doing that yourself in one month? If you work full time that has to take you at least 1 year, if not more. Then your not able to write off your labor on your taxes and your holding costs skyrocket. Then your pushing back your tenant move in date. Then your profit margins are only 300$, netting 3600$ but losing 1600 because of only renting on average for 11 months out of the year. So 2k per year for a lot of work? If this isn't a live in flip I don't see it being profitable if the risk is taken into consideration.

Sketchy numbers. Even still, 44k down only to earn 300 a month??? Then only clearing 100$ a month? This property would be negative cash flow after refinance if your vacant for one month out of the year. Is your own income able to cover that? Plan for the worst, not the best scenario.

So odds are, the tenants aren't paying rent and he is 'writing off the income' because he never received it. He could also signed leases for 600/month then give tenants a receipt for 600 with 200$ being a credit. So many things someone can do with a dirty book. Once a book is dirty, you can't assume anything is true. It is too easy to fake. Why not ask for previous years tax returns and see the difference? He might of realized he wants to sell 2 years ago and thats why he is only showing two years. He should have 7 or more. 

I grew up here, and be very careful of the severe differences in the local markets in Binghamton, NY. The term 'other side of the tracks' is very true here. One street is good, the one next to it is bad. It is very easy to have something look good on paper in this town and then realize you can't get a good tenant in there.

Yes, but this isn't a for sale by owner property, its a "for sale by owner" by a small group of investors in real estate. They might be trying to get out of the property due to a string of bad tenants, but they are also earning 91k from what they purchased the house for 4 years ago. Properties have gone up I will admit that, but still, something seems weird about this one.

In general yes, people won't call a contractor, but investors should.

If you were expecting 1.6k max rent, then your purchase price should be below 160k to allow for your improvements to keep this a 1% property. Don't be in a rush for your first deal, stay unemotional to the property. Why do you think its worth it to break the 1% rule?

If you have never done any repairs yourself, I would stay away from any house that is sold "as-is", especially if you don't have a reserve capital to fix the issues. If it was worth hiring a contractor to fix it to increase the sales price, they would have done that already.