All Forum Posts by: Wesley Sherow

 Hey Jimmy, do a Google search for Wesley Sherow Copper Club Management and see the times Union articles and such. Also some bad reviews from 2020 :) 

I have some big clients who would be happy to chat for references if you like. If you think I can help give me a call, I’ll PM you my number. 

Good luck! 
wes

Tim, 

I am a property manager in Albany, NY. just wanted to give my two cents that in all cases to get the most out of your management choice, you should expect to visit frequently and monitor their work. 

The most frequent cause of dissatisfaction is usually misalignment in expectations, and being close with them is the best way to keep an efficient and healthy relationship that’s in the best interest of the property. 

Didn’t answer your question but hope it was helpful :)

Wes

Hey Jim 🏠 Thanks for reaching out. I would certainly like to start a dialogue.

If you have time for a call DM me and I’ll send you my number and we can schmooze! 

Hey Mackenzie! Go ahead and send me a DM. We should certainly set up some time to connect. This was a while ago and I’m no longer looking for a super in Kingston, however I’m constantly doing business all the way from New York City to Saratoga.

Happy Tuesday BP Forums,

Thanks to the recent success of some other investments, I recently have the opportunity to start fleshing out my investment portfolio with a few different groups of investors. Because of this it's allowed me to take a step back and consider a bigger picture in where to be looking, and what to be looking at. I live in New York City, and i'm considering where to look next. 

If you live in New York City, and you're looking outside of the city for your next ventures, what kind of investments, and where are you considering? For context, I have an investment in Albany, New York - and i'm looking at short term rental ventures between Hudson and Albany New York, which are in addition to the typical residential multifamily that i normally seek. 

Open to discussion & learning! Thanks!

Wes

Good afternoon bigger pockets forums,

I'm managing properties and investments of my own and others mainly in the Albany, NY area. I've been asked several times why I work in Albany, New York, and why I choose it to invest in. My answer isn't typically what people expect, in that the reason I do is simply (and mostly) because I'm extremely familiar with the area. Though some other places might be better investments right now, I prefer to work in the area I know like the back of my hand. 

For anyone who has experience with investments in the Albany area, and have ventured out or experiences other local towns, what have you noticed when comparing Albany, NY to places like Cohoes, Schenectady, Troy, Niskayuna, Hudson, and other surrounding areas. Do you find any other places right now are better to explore in your opinion?

I'm very interested to hear about it! Happy Tuesday!  

Wesley

 Thanks! I have replied! 

 Thank you! 

Good Day BP Community,

I wanted to share the progress on a 10 unit rehab in Albany, New York. Here's the deal details: 

Purchase Price: $730k
Location: Albany, NY
Layout: 6, Two Bedroom Units, 4, Tiny One-Bedrooms
Budget: $100,000, Renovation & Improvements

When we located the property it was owned by a local business owner. We ended up discovering that instead of giving his employees raises, he rented apartments to them and gave them discounts on rent. While it made the acquisition a bit of a better deal, it really made it hard for tenants when we took over. 

The Challenge: Among the 10 total units 4 were already vacant, and one tenant was allegedly using/dealing drugs. The one bedrooms were far too small for a high class of tenant. Two bedroom rent prices in the building were going for under $800/month, and one bedroom rent prices were notably only about $600/mo. 

The Road So Far: Two of the vacancies were of two bedroom units. We renovated cosmetically, and did some minor structural by taking the wall down between the kitchen and living room to open up one giant space as is the current trend. Those units have been rented for $1,585/month each, or nearly twice the original two-bedroom pricing on the building. The one bedrooms had a similar treatment except that they were entirely gut renovations. We demolished nearly all walls except the bathroom and opened them up to massively sized studios. Interestingly, the new renovation is constituting rent prices of $1,100, or nearly again twice the original value of the units. 

All-in, we've spent about $80,000 on the renovation of these total 5 units, and have raised the monthly rent income of these 5 units from $3,400/month to $6,470/month. This amounts to an increase of $36,840/year, or at a 7% cap rate, $526,000 in value on the total worth of the building! 

Our goal is to refinance in Mid-2022, and renovate any other units that vacate along the way to further transform the building from a Class C to a Class B+! 

If you want to hear more about this project (in fact it's my first done with a group of investors) reach out and i'll be happy to chat! 

@Steven Kane hey! It would be great to connect. Do you have time this week or next?