All Forum Posts by: Will Chamberlin

Hi @Stephen Paunovski! Make sure you go to @Rob Sawyer's meet ups every month to network and swap stories. I am an out of town investor but happy to answer any questions you have and help run numbers. Go get some deals!

- will

@Account Closed, was just trying to point out that if you are want to make your first flip also your primary residence then going multi-family can ease your monthly nut and be more profitable in the long-term, even if selling is your end game. Bonus would be that you and the wife can live in the flip but not necessarily in a construction zone. 

I am strictly buy and hold and like multis in the villages (Liverpool, Marcellus, Camillus). Even with the extra village tax, I like the walkability and village feel.

@Daniel J Aldrich, welcome! Make sure you go hang out with @Rob Sawyer at his meetups! Lots of good people in the cuse to help you out.

@Account Closed, I am active in the cuse as well as a bunch of others here on the forum. I would suggest you look into finding a duplex or 3/4 family as your primary and first purchase. Live in the smallest unit and slowly fix up all the units as you have the money and vacancy. There are deals out there (not for $25k that I have seen) but getting harder to bump into. Have recently picked up a 4-plex in Marcellus and  a duplex in Camillus which sounds to be in your desired area so keep looking. I don't know Auburn at all but prices seem way lower there than the west side of syracuse.

As to your concern about success rate, not sure where that number comes from but I have not had any more trouble renting units in the city or out so that feels like a red herring to me. I don't have anything in the near west or north side so maybe that's what you mean. I try to stick with good schools and nice houses. Your income is easily enough to get into a nice multi with an FHA loan for low money down.

Happy to answer any other questions you have, just hit me up!

@Derek Moore, 10 minutes which direction? Most of the area around the university is a neighborhood by neighborhood situation so you should know what you are getting in to. If you are out by Westcott or even Salt Springs area that could be worth it (actual numbers notwithstanding to a degree) but there are a ton of houses for sale under $10k just to the east of 81 and on the north side that are not going to be worth the effort. 

Also take in to consideration the feedback have you gotten from other investors. If they are experienced and local but it is too big for them then maybe a sign. Find a $50k house that needs $10k of work and bite off something a little smaller perhaps.

I would agree with @John Leavelle on the low profit margin, too. If you need a roof (which is almost always the case), you are looking at $6k right there. Good luck and hit me up if you have any questions. Happy to help out.

Thanks @Ronald Starusnak, I will check them out.

@Matt Z., did you ever get an answer to this and/or how did you proceed? I am in a similar situation now and finding the same vague and conflicting answers. I have a property in an LLC and want to pay one of the partners to manage but not sure of the right way to handle.

@Rob Sawyer, awesome work keeping this going! Do not think I will be in town for this one and probably out for Jan but maybe I will try to get back for Feb. Nice job, man!

@Dave Charron, which town? That makes a difference. I would do it in Marcellus no problem, or Liverpool. Even B-ville and J-D could work but not sure if i would try in Elbridge. All depends on the market. If the numbers are there, do it.

Personally I like the LOC approach. No time constraints like a 1031 and why get rid of the property if it is performing for you. I would also not take hard money at a high cost when you can get cheap money via the LOC. Just use it as the down payment to keep as much reserved as possible. If you buy right and make smart improvements you might be able to get that down payment back out via a refinance in a year or so.