All Forum Posts by: Shane W. Chapin

Welcome Stephen! I am also here in Rochester NY and have just purchased my first property. I am currently rehabbing it and hope to have it rent ready by April. My big focus this year as a new investor is networking so if you have any questions or would like to see my current project in person just let me know. Also, there is a local REI group that meets up here locally. Look up FFREIA and you should find it. The first 2 meetings are free and they are having a meeting this Thursday night. There is also another group that I have found on here that meets up in Rochester. If you follow @Rebecca Lebowitz I believe that she coordinates the meetings when they happen.

Best of Luck to you!!

@Martin Grizzanti Hey man! Thanks. I bought a single family in Gates. Needs work but it’s going to shake out nice on the other end 👍🏻 I’m still looking for a multi unit though.

@Joshua Barrett Hi! I am a new investor having just closed my first deal 2 weeks ago but I live here in Rochester NY. One of my goals this year is to increase my network but putting myself out there and meeting new people. I’m going to as many meetups as I can this year so I have 2 suggestions for you. Look up here on bp for local meetups and you will Finn and can follow @Rebecca Lebowitz I think she coordinates one of them. The other would be FFREIA it’s a local rei club. The first 2 meetings are free. 👍🏻

Welcome to BP @Timothy Young I am also a new investor here in Rochester so if I can help in any way or answer any questions, feel free to reach out! Best of luck!

Congrats @Adam Frey on your deal! You want to deduct total expenses (Mortgage & Insurance, maintenance, etc..) from your total income to generate your true cash flow. When I am analyzing a deal, I use 8% (1 month) for vacancy, 10% each for maintenance and CapEx. Any other expenses , like water, snow removal, lawn care etc..also need to be deducted from your total income. When in doubt, run your numbers conservative with worst case scenario..if the numbers still work, then you have found yourself a deal!

P.S. If you upgrade to the Pro version here, there is a fantastic calculator suite that has helped me get a clear picture of the deal I am looking at and a great way to present the deal as needed.

Hello @Ignacio Quinonez You can look in to Yellow Letters. Or you can just get your letters/postcards via Vista Print and schedule your mailings and track results in something as easy as Excel. Search here on BP for "Direct Mail" and you will find an abundance of good articles like this one:

https://www.biggerpockets.com/renewsblog/2012/04/2...

Good Luck!!

Hi @Jon Maroni Thank you! We are excited to get our first property under our belt. Your main question is the right question! I am hoping that I will be able to acquire 2-3 more properties in 2019 and am trying to figure out how to get myself in to the best position to do just that. I do have a direct marketing campaign geared towards multi family properties built and ready to deploy so I am hoping to find a few deals that way and perhaps find another investor/mentor to partner with or wholesale a deal or two. If I can assist you in anyway, feel free to reach out as I am always willing to trade my skills for knowledge! Thanks for the feedback!

Thanks @Account Closed ! Yes I will be increasing the homes value and had planned on the refi in about 6 months (looking to use the BRRRR method here). My numbers say that I should get my rehab money back and most of my cash down payment. What got me thinking is that my bank had an option for a portfolio loan but recommended conventional and said "that way you wont need to worry about refinancing later". I assume that even with a conventional loan, i will still be able to refi later but I wasn't sure if there was a more "creative" way to obtain the financing. My goal for 2019 is to acquire at least 3 more properties so I know I am going to have to get creative at some point. This is my first deal so if this is what I need to do to get my feet wet until I have a better network, then so be it.

Good Morning BP! I am currently under contract on my first SFR and have a question on the financing. I just finished @Brandon Turner book on real estate investing with low and no money down and love the creativity he has used. However, I find myself in a position to get a 30 year conventional loan w/ 20% down. I will also be paying for the rehab out of pocket. This is going to take most of my capital which will make acquiring my next deal difficult (not impossible). Should I be exploring alternative financing in order to use less cash up front or take advantage of the low fixed rate and just figure out my next deal when it comes?

Hello @Anthony C. Congrats on your deal! I am a new investor myself here in Rochester and am in the process of acquiring my first SFR. I do not have any personal experience with a property without off street parking but I do know that trying to park in the street in the city during the winter months can be difficult to say the least. I have heard of peoples vehicle being completely buried in the snow by the plow trucks. I would just make sure that you have figured that in your rental income to be compared to a property that does have off street parking and adjust accordingly. Again, congrats on taking action!!