All Forum Posts by: Will Chamberlin

@John Shmon, have you visited that neighborhood? I live in San Rafael and that part is possibly a little rough (check the crime maps). Have been to Pickleweed park a few times with the kids and played in a league at the rec center there once (parking was so bad I swore to never sign up again). Even though it is in my backyard, I don't think the risk/reward makes sense. There are way better numbers elsewhere in the country, especially if you are looking for cash flow. As other posters have said, I think you would lose money for the short term on this unless you put a lot down. That side of town is also going to appreciate slower than the nicer neighborhoods.

@Erin Caldwell, I just had the same situation. Bought a triplex that is in a lot zoned R-1. Confirm with the town that it is grandfathered in and you should be fine. The issue I ran in to was that my credit union balked at financing since if the whole thing burned down I would only be able to build a SFH on the lot. I was able to find another lender who wasn't concerned about it and was able to close the deal. The whole process ended up taking 5 months. I think if that actually happened, I would split the lot as it is 1/3 acre in a small village area then build one SFH on each lot but hopefully never have to go that route.

Welcome Matt. I live on the west coast but invest in syracuse for long-term buy and hold.

Looking for a landscaper / lawn maintenance person or company to do a spring cleaning at 4 houses in syracuse and liverpool. Probably recurring seasonal cleanup and pruning work but not looking for a monthly contract. Thanks in advance!

@Carlos Rovira, who did you end up going with? We tried to get a HELOC on our PR with Wells Fargo but since we have more than 4 financed properties they required that we have $350k in reserves. The did count retirement accounts but at a 40% discount. Thanks in advance.

@Jason Scharf, unless it is a really nice house the price does seem high for most parts of Liverpool to me. Rent sounds about right. I agree with others who say one week is too soon to put in a low offer, regardless of whether that is the real market value or not. Did you review the numbers and analysis with your agent? Sometime educating on why you have the correct value helps but I have found that you may just need to keep an eye on it and wait for the price to come down. An overpriced house can easily sit for 6 months to a year in that market. If someone happens to pay 125k for a 90k building then they are the bigger fool and you just move on to the next opportunity. It also may go into contract and then fall out once the inspection happens and the prospective buyers sees the furnace situation. Keep looking for deals and don't get too discouraged. 

Thanks to everyone who came out to tip a pint o' guinness last night. Great meeting new people and seeing old friends.  @Brian Barfoot @Sebastian Villa @john kaftan @Account Closed @mark costa and steven who's last name i didn't get. Here's to a great 2017 and everyone's continued wealth building.

Topics discussed:

• Syracuse market conditions / neighborhoods
• SFH
• MFH
• financing
• getting started
• inspections
• contractors/rehabs
• personal finance

@Mark Costa a few people are meeting at coleman's in tipp hill at 7pm tonight to talk shop. Please join us if you can.

yes sir! i will be there.

@Jason Scharf, my recommendation would be to pick up a couple SFH in your neighborhood, work on them, work with contractors and rent out as long-term buy and hold. In my opinion, the cuse is a pretty good market for that so no need to go out of state unless you really want to be hands-off. If you build some hands-on knowledge of how everything works and what types of things can go wrong it will help you greatly should you hedge your geographic risk by going turn-key out-of-state. I think turn-key has a solid argument if you line in high cost and appreciation markets but you are right where a lot of people want to invest. Since you are currently renting, why not go FHA owner-occupied on a duplex locally for your first? I would also say to keep your job until you have replaced your income since it makes getting financing so much easier. Good luck and happy to answer any questions. Will be in the cuse in a couple of weeks if you want to meet up and go over spreadsheets.