All Forum Posts by: Robin Casper

@Ronald Starusnak you’re a day late! Sold my lot in Skan village for 45k yesterday with a tear down house on it. If I see anything else I’ll send it your way

@Mike Alt Currently I invest solely in Auburn/ Skaneateles just because that’s where I grew up and started out and that’s where my management and contractor team is. I plan to move into Syracuse in 2 years when I’m done working overseas. When I’m back local I plan on doing exactly what you’re thinking in Syracuse and would love to combine forces with other investors. 

@Pat Goodyear I am going to walk away from the underwater duplex #3 and Six unit #1 for the time being. Got a chance to walk through the property and with the repairs it would cost too much to clear the liens. Just going to sit back and wait until it goes to auction. Worked out a good deal for Six unit #2 though which I’m excited about! Also I almost bought my first rental on Beatie st. 5 years ago but ended up buying a different duplex.

@Luke Miller thanks for the reply, I’ve been trying to run the numbers and think of it as one big property like you were saying instead of looking at the individual houses. This would be a buy and hold for me. I’m looking at the city funds as a bonus, making sure it’s still a good deal even if I don’t receive any grant money or tax breaks.

@Jeff Nydegger I’m just keeping them long term. Hopefully improving the area after the rehab

@Jeff Nydegger the numbers seem similar to a deal I’m doing on 2 six units. They’re side by side. Both older buildings like yours and have been poorly managed. One of the 6 units has 6 separate boilers, water heaters and meters. Rents are currently 700 for each apt plus utilities but they need full rehabs. The owners are retiring and are selling it to me for 115k (19k/unit) But it needs about 150k worth of work. The other six unit is like your building as it has shared utilities with 1 boiler. But that Six unit is almost completely updated and I’m buying it for 200k. (33k/unit) Guess it just depends if it’s an area you want to invest in and what the typical price per unit is for something in that kind of condition. For me, 30k per unit is normal for something that needs a cosmetic rehab and mechanical updates, so if You can buy something discounted that leaves room for rehab and still be under the typical price per unit in the area then you’re in good shape. Especially if you can raise rents

I plan to build my home for my family spending 200k cash (doing most of the work myself) and utilizing my VA loan 100% LTV. Build house for 200k, appraises at 300k, VA loans me 300k and I capture my initial 200k + 100k at low owner occupied interest rate. Has anyone done this?

@Drew Spencer have you walked the property? Your market seems similar to mine as far as rents and price per unit goes. I look for properties that sell for 30-35k per unit and need cosmetic updates. If tenants pay utilities you should cash flow pretty well. Why pay cash? Why not use leverage?

Yea that’s my opinion too, plus Exiting from properties in war zones would be difficult 

I’m curious what everyone’s goal is. How many units, how much monthly net cash flow? I’ve been asking myself how much is enough and at what point does a portfolio take too much of your time. My goal in real estate has always been to live comfortably and have the time to do what I want. If you’re juggling a portfolio of 100 plus units can you still have time to spend with family, travel, etc...