All Forum Posts by: Neil Chohan

@Chris Merry

Happy to connect.

Im investing in the buffalo area right now. Will be happy to connect with you DJ to discuss estimated costs of repairs. 

Hi John,

Will you be providing the seller financing? Id like to talk about your properties if so..

Hi GL, 

I will be happy to discuss strategies and network with you. I can give you any advice you need. Reach out to me by pm and we can set up a call. 

the Erie county site is pretty bad if that is what you're looking at. I suggest going to the actual court and finding the leads yourself. It will be way better to do it that way because of less competition. I'm happy to discuss this further if you wish to PM me. Also, they give a list on that site of tax delinquent properties and there's a seminar at 9am tommorow about this topic in Cheektowaga. 

Hi Guys,

I am from the Toronto area but am happy to come down to one of the meet ups. Please keep me updated.

Neil 

am a Canadian Citizen who is looking to buy my first property in Buffalo NY, I plan to purchase more Buy and Holds in the future, I am curious what options does someone with 20% down payment have if they need the rest but reside in Canada and therefore dont have usa employment or income. has anyone done this? its tough to purchase properties in ontario as it costs over 250k just for a condo within 2 hours from where i live but in buffalo which is an hour and a half the price of single family homes are from 50k-150k

Thanks, 

Neil 

Hello BP, 

I keep hearing from books and others that you want to master the city/region where you will be investing. So as a fairly new investor I was hoping for seasoned investors who know their region/ city to provide either steps or things they suggest you look into before investing in a city. for example:

make sure the employment rate is increasing/ comparing its increase to the stae/province

Make sure vacancy rate is decreasing

ensure there is more then 1 major economic contributor to the city eg detroit was motor town then went bankrupt once recession hit. 

I would like to know everything. I want to be the master of the region/city im looking into therefore If you have a list or anything please provide it. Once I receive as many as possible I want to make a checklist to provide to this community so new investors can check off what to look for. Please provide as macro and micro as you can. micro can be even the street, are kids playing outside, lawns cut, cars clean, I want to make a concrete list that will really get everyone thinking. 

Thanks, 

Neil 

Hello Guys,

I have a big question and would love to hear advice from some of the seasoned investors in multi family properties with retail space.

I have the opportunity to purchase a multi it has 5 apartments and 1 retail space. it is all full with $4875 per month gross. The retail tenant is the acting property manager who takes 250$ per month. Annual expenses is 23,081.88 including the PM fees. The property is in a small town of 5000 people, The property is being sold for 369,000 and the seller is willing to self finance for 5 years with 25k down, he wants 6.5% interest but I can talk him down to 5%. This will mean my monthly payment will be 2000 for the mortgage. I did some base calculations for the cash flow and it appears to be cash flow positive of approx $1000 per month. The seller said he has not been to the property in 6 months and it appears to be passive.

My question to BP community is, what questions should I be asking him? what should I look for when analyzing this property? If this was you what T's do you need to cross and I's you need to dot. This will be my first multi and I am excited to get into investing and rental properties.

Neil