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All Forum Posts by: Pat Caruso

Pat Caruso has started 5 posts and replied 11 times.

Post: Buffalo, New York - Contractors

Pat CarusoPosted
  • New to Real Estate
  • Buffalo, NY
  • Posts 11
  • Votes 5

Hey All - I need some recommendations for contractors/handymen in Buffalo, NY. I'm looking specifically for some recommendations for the following:

- Flooring Specialist (Hardwood restoration)

-Electrician

Feel free to blow me up with recommendations! Thanks. 

Post: Seeking mentorship in real estate

Pat CarusoPosted
  • New to Real Estate
  • Buffalo, NY
  • Posts 11
  • Votes 5
Quote from @Timothy Smith:

Hi @Collin Sabers and welcome! What neighborhood(s) are you invested in? I’m looking at starting an off-shoot of the monthly BP meetup that would be mornings (especially for those of us with families or evening conflicts) and I want to keep it somewhat local to my immediate area — at least for now.

Best wishes on your journey!

 @Timothy Smith If you're looking to do a morning meetup please let me know! I'm looking to connect with more Buffalo Investors and would happily participate in a morning meetup. 

Post: New York State Laws and Resources

Pat CarusoPosted
  • New to Real Estate
  • Buffalo, NY
  • Posts 11
  • Votes 5

@Ryan Carr @Tim Delaney Thanks fellas. I'm in the process of reading Brandon and Heather's book on managing rentals. Glad to hear some positive feedback on it from others!

@Matthew Irish-Jones Definitely not looking to wing it haha. For the time being we are going to self manage, so we'll certainly be hiring an attorney. 

Post: New York State Laws and Resources

Pat CarusoPosted
  • New to Real Estate
  • Buffalo, NY
  • Posts 11
  • Votes 5

@Nathan A. @Nathan Gesner Thanks fellas. I will check these out. 

Post: Sales and negotiation coaching

Pat CarusoPosted
  • New to Real Estate
  • Buffalo, NY
  • Posts 11
  • Votes 5

Hey @David Ramirez I would highly suggest following these gentlemen on LinkedIn. 

https://www.linkedin.com/in/ry...

https://www.linkedin.com/searc... 

Post: Negotiation help or suggestions

Pat CarusoPosted
  • New to Real Estate
  • Buffalo, NY
  • Posts 11
  • Votes 5

Hey John - Not sure if this tactic translates to RE perfectly, but I work in sales and one of the tactics I've found success in when trying to win someone over is to show them the financial pain of inaction and then visually graph the numbers on a chart/powerpoint/posterboard/etc right next to the outcome that I'm looking for a.k.a. doing business with me. 

For example, if holding the property is costing the potential seller X, put that next to what they gain when they sell to you. If you know what they are going to do with the funds you're giving them (i.e. retirement, another investment, etc), you've got something even more compelling. You can show how them selling this headache to you for what you're asking for, gets them much closer to what their ultimate goal is than hanging onto it.

It's not a miracle formula, but even if he balks it will advance the conversation and show him you've taken his long term interests into consideration. 

Post: New York State Laws and Resources

Pat CarusoPosted
  • New to Real Estate
  • Buffalo, NY
  • Posts 11
  • Votes 5

Anyone have resources for Landlords to navigate the monstrosity that is New York State landlord - tenant laws? NY.gov has some resources, but they seem to be more pointed at tenants. Any experienced property owners in New York have advice on resources that can help me familiarize myself with NYS law and my assets? 

Post: Tax Reassessment at Closing?

Pat CarusoPosted
  • New to Real Estate
  • Buffalo, NY
  • Posts 11
  • Votes 5
Quote from @Trevor Naumann:

Tax’s are reassessed annually based on the neighborhood appreciation. Spot assessment as they call it meaning increasing the taxes on an individual purchase is illegal in NYS. That being said some towns are truly annual, and some are every 3-5 years. It depends on the area.


 Thank you Trevor, this was EXTREMELY helpful! 

Post: Tax Reassessment at Closing?

Pat CarusoPosted
  • New to Real Estate
  • Buffalo, NY
  • Posts 11
  • Votes 5

I'm looking for my first house hack and as I'm analyzing deals, I need to factor in property taxes. At closing, does the city/state reassess the value of the home for property tax purposes? Specifically, does anyone know if New York State does this? I'm located in Buffalo. Thanks in advance for the tax help! 

Post: Using VA Renovation Loans to buy otherwise unfinanceable homes...

Pat CarusoPosted
  • New to Real Estate
  • Buffalo, NY
  • Posts 11
  • Votes 5

Hey BP, 

Has anyone used the VA renovation loan as a repeatable way to house hack, bring off-market deals onto the market, and move in with major equity?

I'm thinking about calling owners of some of the beat up multifamilies in my buybox (Buffalo, NY) to see if they'd be willing to sell. My advantage is that I can use the VA Renovation Loan to roll rehab costs back into the loan and buy properties that might not otherwise qualify for conventional financing. This seems like it could be a win win. The seller gets to get rid of a property they wanted to sell, but couldn't to a conventional buyer. I get to buy a discounted property, VA licensed contractor rehabs it, and I move in with equity. Everyone wins.

Are there any experienced investors who are succeeding with this? Or anyone who's failed? I'm interested in different perspectives. Please feel free to play devil's advocate and poke holes in this strategy too.