All Forum Posts by: Michael Beinetti

Winston-Salem!!  My sister and BIL literally just moved there!  

I would read as much as you can.  Set up some keyword searches for "Winston-Salem" etc. and connect with as many people in your area as you can!  There is a wealth of wisdom here.

I'm sure some of the other folks will chime in with more good advice!  Glad you are here!

I have a gorgeous duplex in a nice neighborhood in Rochester, NY.  It was the first house I ever bought (note: sentimental value) and it has been a great property to own.  

Some of the specs: Two family, Boston style. 1 bedroom downstairs rented at $800/month and upstairs with a 2/3 bedrooms rented at $915 (under-rented as the tenants have been there 6+ years and my rent hikes have been slow in coming). The house is in good condition with the only major improvement looming ahead is a new roof. I have around $40k in equity in the property (Market approx. $135k and loan bal. $95k) and 20 years left on an FHA mortgage. There are a variety of things I could do....but I'm not sure what is best. I'm curious what other people would do. Here are my ideas.

>Sell.  Hopefully for the full market value (minus noted pending roof repair) and cash out.

>Refi. Problem is the house will most likely appraise around $130k-$140k and the few lenders I've spoken to need a lower LTV for the investment refi's. Understandable. Not definitely an option right now.

>Keep it. Get the rent up where it needs to be. Get the roof done. Refi in a few years to a 15yr conventional and keep it rollin'.

If I cash out (option 1) I would like to turn around and reinvest in additional property.  So the thought isn't to bail on the investment, but to use it as a catalyst....the questions are for what and when.

Other options?  Any input is greatly appreciated.

Some interesting replies...but, as a Paramedic and a Landlord I have a perspective from both sides.  

Yes.  I have had water/plumbing problems as a Landlord.  A few times.

Yes. I have responded for drunken/passed out/unresponsive/naked persons in locked homes/buildings/apartments many times.

To me, this is pretty straightforward.  There's a leak! Get the job done.  In an effort to provide safe measures all the way around, get the police there.  A powerful witness in a potential he said/she said situation.  Since the patient did come around it is apparent that it wasn't a medical emergency, so having the witness there would be beneficial.  

Not legal advice.  Just a possible scenario of what I would do.  I'm sure it got handled...one way or another!!

CF Property Ventures

https://cfpropertyventures.managebuilding.com/Resi...

Wilmer is awesome.

BP has been a door into a whole new realm of real estate. The connections are amazing. The knowledge is powerful. The experience is overwhelming. It is an adventure you don't want to leave. This site has been a genuinely positive influence for both old and new.  

Thank you.

@Tou V.  Rochester is a great market to invest depending on what your strategy is.  I live and work in Rochester.  I grew up in the 19th ward and am very familiar with all of Monroe country (thanks to my former life).

 Management makes a huge difference.  I work with an excellent PM as well if anyone is interested feel free to message me.

Find a new Realtor to work with...the CMA is used as a tool to create a market price opinion on properties getting ready to go on the market as well as many other scenarios.

The CMA can be done on ANY property at ANY time. Some properties are more challenging than others depending on location and availability of other similar properties and trends/statistics etc. There are many variable factors that go into the analysis, but it can be done on all properties.

It depends...

What type of property is the primary property?  What are the potential values added to that primary property?  Is it a build-able lot? Where is it located in reference to access? Is it urban, suburban, rural? Would the cost to acquire said land end be a loss at any point?  What is your potential return either in monetary gain or in use?

I have a fourplex in an urban area that had a house torn down next to it.  I bought the vacant lot for a nominal amount (~$450. or so) adding a minuscule increase to my annual taxes but giving me control of the immediate area.  It also is a build-able lot but is presently usable for parking/gardening/playing etc.  It also stays nice and neat because I have control of the land.  It's not turned into another city wasteland.  

So...it depends.  I would approach every adjacent lot/vacant land on a case by case scenario and weigh the good, the bad, and the ugly.

I've done "opens" for some of my very popular rental units and would take into account chronological order of applicants.  If there were multiple applicants on even ground the decision basis turned to a "first come, first served" scenario.  I have never had an issue with it, even when I call the declined applicants to share the sad news.

I am not aware of legal implications with this, but would recommend consulting an attorney in your area for actual evidence of any legal obligation on your part.

Any reason he doesn't want to sell it outright?  If he wants to sell you could get in under contract and find a buyer.  If he doesn't want to sell (right now) you could do the sandwich lease.  Depends on the road you want to take and the willingness of the seller to play ball.

You could always ask, or just put an offer together of your terms and see what happens.