All Forum Posts by: Rob Sawyer

Hello fellow CNY investors!

Welcome back to in person networking! As we all know, the pandemic curtailed most of the social events around the country. Although I could have set up virtual meetups, I decided to wait until things got better and opened up again as I feel networking is best done face-to-face. Many people are now vaccinated and are welcome to not wear a mask at our meeting if they so choose.  I would ask that those who are not vaccinated to please wear a mask while at the meeting in consideration of others. We will use the honor system and trust all who attend will act responsibly for the good of all.

With summer in full swing, we are in the midst of a great time to purchase your next (or first) property and complete any deferred maintenance items while the weather is good! As many of you know, the market is quite hot here and around the country as a lot of sellers are taking advantage of higher sale prices. But there are still deals to be found if you focus on your priorities and network with fellow investors.

Our first in person meeting since the Pandemic will be held on Tues, 7/13/21, at the Embassy Suites off Carrier Circle at the end of Old Collamer Rd. We'll meet behind the bar in their Atrium past the lobby. Feel free to enjoy a beverage or food if you'd like and enjoy meeting and socializing with other investors in a quiet, open space so we can all hear each other. Their extensive renovations have been completed for a while now with a whole new look and layout so it should be even nicer for us!

Please check the bar for other members who may have arrived early and introduce yourself!

As the investors who attend have repeatedly told me, the best part of this meetup is the truly helpful sharing atmosphere and continually changing mix of skills and knowledge everyone brings, even if only some solid tidbits from a BP Podcast, real-world local market knowledge or other industry best practices. If you are interested in attending our meetup, you are more than welcome, regardless of experience. Also, please feel free to send me a connection request as the whole point of our group is networking, not selling.

If anyone has a particular expertise in something of benefit to our other members, please let me know as I'd like you to speak for a few minutes on the topic, no PowerPoints required!

Our July meeting will be a great opportunity to reengage and keep building on your REI year! So bring a notebook and pen, grab a beverage of choice and meet some solid contacts doing REI in CNY!

See you there!

@Johnny McKeon

Hey Johnny!

I was a Surface Warfare in the Navy and retired out of the Reserves back in 2012. Not investing in PHX as I have my hands full nailing down my local market in upstate NY.

Glad you've gotten your units all done, that must be a relief for you AND your tenants.

@Johnny McKeon BZ and nicely done! Thanks for posting your deal progression! Great to see a fellow Vet get started off on his journey in REI. Loved the simple contract you wrote up. Best of luck with your progress!

@Joe Splitrock - HA! You're exactly right...that IS the way to handle this ridiculous situation! 😆

If you run for office, let me know, I'd love to be your campaign manager! 🤣

@Jim K. You are spot on with the banks last spring. For me it was a HELOC with great terms and they initially said I was gtg but then underwriting jerked it around claiming they were missing documentation I had proof of delivery on and delayed the closing documents for over six months and I would have to start all over again per Fed regs. Missed out on three decent deals meanwhile so I said SeeYa and started looking for another bank. VERY frustrating...

@Jim K. Love the Pension Compliance slogan! 😂

As to your question, like many others, I add the 10s digits first then the ones so 40+20=60 8+7=15 60+15=75.

Interesting question as so many way to skin a cat...kinda like real estate investing!

@Casey Christensen

Thanks Casey! That does clear it up and sounds like a great deal regardless of which way it works out!

Congrats and best of luck to you!

@Remington Lyman

I may have misinterpreted his statement, thanks Remington. And thanks for the Columbus info as well. Interesting.

@Casey Christensen Hey Casey, I'm still relatively new but as I see it, you're now into the property for $200K and as you're only about halfway thru your rehab, I suspect you'll be into it for close to $300K by the time it's rent ready . If you can only get ~ $2200/mo revenue, how will it cashflow? Also if you're going in to it for close to $300K and the projected ARV is only high $200s, how will you recoup all of your investment on a refi with a 75-80% LTV?

Not trying to detract from your efforts, just trying understand the numbers. Is it a highly appreciating area?

***MEETING CANX FOR 9/1***

We will reschedule. Regret the late notice, there was a mix-up on dates so we will reschedule for later this month.