All Forum Posts by: Zachary Smith

Hi @Ray Gomez, Looking back over some old posts here. I am an agent and investor in the upstate NY area (i live in Johnson City) - do you still have interest in the Southern Tier?

Hi @Account Closed - are you still doing business in the area- would love to connect.

I have a property where the owner owes 30K, it needs around 50K in repairs and the owner would be willing to carry back the note for 0%. My plan is to use private money to get the work done in under 8 weeks, and then refi. My question comes in at the refi part- is there a creative manner to refinance so that I pay the lender back their 50K (plus interest) but still benefit from the 0% interest - or is the best bet to borrow enough monies to pay for the purchase and Reno?

I am seeking creative financing to help me scale my Adult Boarding Home into a bigger home, allowing me (and my fiance) to service more clients. The market I live in has a heavy demand for care taking of the clientele I service, so scaling from my current 3 clients  (35K in revenue) to 6 clients (70K in revenue).

Seeking: $125-$150K

Term: 18-24 Mo

Repayment: Prefer Interest only payments with a balloon payment at the end of term, via Refinance.

Interest: 8-12%

Welcome @Ream Kidane I was going to mention the meet up that @Rebecca Lebowitz beat me to. We started a meet up down here in Binghamton a few months ago and I've found multiple deals from just attending, not to mention the investors there will tell you who the best of the best in that area to "build your team" with will be. 

Im looking for a way to supplement (save $$) on a current system in one of my rentals and i am looking at having a Hyper-Heating H2i System installed-supposedly it can cool and heat within temperature paramaters. Any one have any experience with such a system?

Hi @Alfonso Aceves...numbers are everything and there seems to be a lot of numbers leaving your pocket in that deal. I'd use one of the BP calculators, or build yourself a spreadsheet using many templates online. Once you take into account all of the costs of obtaining their money, and get a true picture of the expenses on the property, 1200.00 in income might not look as attractive.

Look into other creative options as well - would the owner of the duplex be willing to carry back the loan, or lease to you with an option. Then you could get in, add value and make your money there until you're in a better position to close traditionally or in a more attractive creative manner.

@Joe Fairless Awesome Deal!! Cincy Ohio...oh so many reasons to visit there!!

 So much knowledge being spilled in this post...love it. A few more points if you haven't hit them, for myself and i'm sure other... Can you share how you came up with the $5800 per unit reno (what are you doing to the units?)? At what point would you have felt as if you were over-renovating, and what kinds of tenants are you attracting?

Any rules of thumbs or experience guidelines (systems) to follow when considering improving properties?

Thanks @Joe Fairless...Yes @Ronald Jones I would have to agree with some of the comments for mentioned. In SRO, I am operating it as two business structures (the real estate and the services I am providing)

Early on the biggest obstacles I found was finding consistent clientele to fill rooms, but after building stronger relationships with organizations that provide parallel services for individuals who would need Single room occ that problem began to diminish.

There are many forums, podcasts, etc about the value and multiple ways to find a mentor. Can never go wrong with a coach esp when it's a win-win.

@Joe Fairless might have some insight