All Forum Posts by: Greg B.

Hello,

I am looking to try my hand at a BRRR or SF flip in the Syracuse, NY area. I work a 9 to 5 that leaves me with very little room to maneuver. I need a contractor or project manager that can help me with estimates and renovations on my first true deal.

I'm losing out on deals because I cannot act as fast as others on properties. I am also interested to hear from any true wholesalers out there.

Thanks,

GB

That's the reason why I stated "all things being equal"

I have a question about multi families being purchased within the same area and its affect on overall market value.

If I purchase a multi for $60k with a market value of $100k, another investor purchases a property a block over for &70k with a market value of $100k and this happens a few more times over the course of a year. If I decide to refinance my property would it be safe to say that the market value, according to comparable sales, is no longer $100k but somewhere in the 60s or 70s?

Our goal as investors is to purchase below market value for built in equity and to cashflow properly but can that have an effect the values of properties over time? All things being equal

Thanks

ps - excuse me if I'm using the wrong effect/affect lol

Quicken loans has a 1% down owner occupied 1-4 units 680 middle score

Good luck

@Nick Rutkowski, Welcome to BP! I'm liking the fact that this site is getting more and more Syracuse investor attention. I would be very interested n hearing your take on our market.

@Cerwin Haynes, to me the inner city has a lot of potential. The problem I'm having is finding investor to stomach the "risk". As I move forward my plan is to house hack in the inner city (where I currently rent) when my lease is up. Until then I keep a close eye on the North side, West side, South side (my area), and the north valley areas.

@Charles Preuss good point about targeting the "old timers"

About the land bank, I've only been tracking it for a little while but it seems most of the "land" is in the less desirable areas. Home Headquarters has it's hand in a lot of that and from my experience with them, no good could come from it. I do plan to do my research and continue to follow the land bank none the less

@Jason V. This is good to hear (or bad). At least I know it isn't necessarily a problem with my marketing or negotiations. Sticking to my numbers I feel confident I'm not under pricing my valuations.

I guess we will have to weather the storm of a sellers market. The good thing about this is when we do get that good deal we can feel confident in getting the selling price we need.

Fellow Syracuse investors, how is the market treating you?

Over the last couple of months my incoming call rate has dropped drastically and the calls that are coming in seem to be mainly tire kickers. I'm finding myself kind of breaking my own rules and making offers higher than my highest offer. I need to stop that before I get myself in trouble with myself because someone is making offers higher than I am.

Is there something going on? Have renovation costs become cheaper all of a sudden? Are rehabbers accepting slimmer margins? Are sellers becoming even more unrealistic?

This is a post born from frustration. Any insights you may have would be greatly appreciated.

As always, thanks

You answered your question yourself, "which avenue is more profitable upfront (not long term)"

Flipping will get your money back plus some ASAP but I think you already know that.

Flipping it may give you money to buy the next property but it leaves you propertyless (no cashflow). With the a proper BRRRR you can pull back your invested money and have cashflow while searching for your next property.

All jokes aside. Leases are a business instrument. We hear it everyday not to mix business with pleasure. 

If someone is in a relationship and the other person wants to move in they should already know they are contributing to the household. If they don't then that person isn't the one for you.

If you're in a new relationship there really isn't a reason why that person should be moving in so soon but that's more subjective. No one on this thread knows exactly why you would want her to move in so soon so we can't really give a good answer to your question and we shouldn't be the ones helping you answer that to begin with.

Now to the question. If she decided to quit paying or a situation came up (loss of job, etc) where she could no longer pay, would you enforce the lease? She's your girlfriend going through a tough time. Could you really kick her out for that. You want her to be your tenant but you are emotionally involved with this person. Your judgement as a businessman is weakened.

A lot of people are saying that if you guys break up then she will want to leave just as much as you would want her to leave. Who's to say that is true? You've only been with her 6 months. She could be some nut job and decide to dig in for the long haul. You could deal with this by having her on a month to month agreement but you would still have to wait 30 to 60 days. Let's say over those 30 to 60 you decide to get back together. It's all good for a little while then you're breaking up again. This is getting messy. Now that lease is becoming pointless and worthless.

If she signs a lease you are asking for more trouble than it's worth. I'm looking at some of the worst case scenarios but all I know this could be great for you and you guys could live happily ever after BUT it could also be one of your biggest mistakes.

There are some many more cons that I haven't mentioned and so few pros to this.

Good luck @Adam Pierce