All Forum Posts by: Will Chamberlin

HI there - I have a potential tenant who said she has a CITYFHEPS voucher and that they'll pay 3 months up front. Is the tenant then responsible for paying the rent, or would we always receive it from CITYFHEPS? This is a property in Marcellus, NY (outside Syracuse).. Thanks for your help!

@Dylan Eldred sorry, not going to be able to make this now. crunch time on a remodel to get ready for rent and going to be a long day doing floors tomorrow sadly. Thanks for setting this up and hopefully I can make the next one.

@Danté Belmonte runs on that is happening this Friday (07/28) in Cicero. Here's a link to the email.

Have you gone to see it? Sounds like you are right downtown so area could be hit or miss. ~61k/door is a bit low right now for quality units, so I would assume every unit is going to need work when they turn over. What is the parking situation? Ideally underground or at least covered for the winters.

Two thoughts here...

- What does she enjoy in life? Could be stuff, destination travel, cars, etc., but use simple math to show how to get that with real estate passively. (heard that on a podcast so no personal experience with it)

- Start small. When I first got into real estate I was ready for a 24 unit complex but my wife didn't want to buy anything (we were renting). We eventually compromised on a duplex we house hacked and now she is all in on REI.

Sounds like you are looking at SFH so especially if you are thinking of AirBNB make sure you are buying in an area that can support that. Do you live locally? North side, south side, near west side are all tough sells for that sort of thing but could be good for long-term rental if you are familiar with the neighborhoods. Figuring out a strategy is key. Happy to chat as I have rentals in some of the suburban neighborhoods.

@Cerwin Haynes, I am seeing the same thing. Prices all over the city seem super high and it is hard to find good deals. 

Agreeing with @Nick Rutkowski. Start local since it is easier to understand the market and do some work yourself to learn the ropes if starting from scratch. If you want to post some deal numbers people are always happy to provide an opinion. I mainly know the greater syracuse area and look for 2% deals on paper then dig in to make sure they will work and fit into my master plan. Personally, if you don't own a house right now I would find a 4-unit and get an FHA first time homeowner loan to get started.

Hi Jerome,  we just closed our 5th refi with Alex Bekeza.  You will probably need a couple months of seasoning with him, and he goes up to 75% for cash out, but in case Dante's local folks can't help, Alex and his team were really great.  Super responsive and helpful with ideas on what loan programs are best for your situation.  Additionally his loans are all about the property itself so the loan won't show on your credit report and you don't need to submit tax returns, etc.   His website is https://brrrrstrategyfunding.com.  Tell him my wife Erin sent you!

Hi there, we just had an appraisal on a three-family in Liverpool, NY.  The appraiser used a couple of two-fams as comps and added $10K to our value for the additional unit.  That seems a bit low to me, but I'm wondering if anyone has had a recent appraisal in the area and would be willing to share their comps?  I included a picture of the section I'm talking about.  Thanks!