Here's a few of the reasons that most Investors lose money or have their
properties foreclosed on in Rochester NY!
#1 Reason
- They didn't know anything about the Rochester NY rental market. I'm talking about the people (tenants) who rents their units? Most don't have a
clue to the answer to this question: "What are the tenants like and how
do they pay their monthly rent?" It's taken me 3 years to figure this
out and I'm a full time NYS licenced property manager. I have full
knowledge of all the tenant assistance programs and how to pass the City
or Agency inspections on the properties without costing you the
investor an arm an a leg.
#2 Reason:
- They didn't know the good rental areas from the bad ones and the property managers or Realtors won't tell them because they want to make money off them for repairs before they get
tired of losing thousands of dollars and get rid of the property (at a
loss and sell it to my buyers at 50 cents on the dollar) or lose it to
foreclosure?
- The Realtor must make a sale to make a living and because of the low commissions many times look the other way as far a the Investor making their Investment Back. Their fiduciary responsibility
is to find the buyer an Investment Property to buy and not to find them a
property with a Return on their Investment.
#3. Reason:
- They choose an unlicensed and inexperience property manager. Many an investor have never gotten paid from their fly by night property manager or they were overcharged on every repair.
- How do you know how to pick a property manager once you purchase the property? Do you listen to your Realtor that his or her fiduciary responsibility ends when you close the house!
- Most Realtors are sales people and just want to buy or sell you a house and couldn't care less if you ever come back to them again or if you make
money on your investment property in the years to come.
- USA Choice Realty and Integrity Property Management, Inc is owned by Thomas Harrington a NYS Licenced Real Estate Broker. I can have my NYS revoke my licence if I violate NYS Real Estate Law. If I
purchased you a property I can not guarantee anything to you but I must
tell you the truth by law.
- Investing in Real Estate has risks built into it but with my buying program I minimize the risks but I also inform you of those risks (as I truthfully know them) before you even purchase a property.
Because I offer the Turn-Key Property Management solution I minimize the
property management risks and let you know what they are but I can't
eliminate them altogether.
#4 Reason:
- They pay to much for a property in the first place making it impossible to make a profit on a property when all the true costs are figured in.
- If you pay Cash for a SFH house and have only $30k total into it with all closing cost included then most of the time this translates into a 15% to 20% true
ROI. Here's an example of this: If I buy you a completely fixed
up house with a newer or new roof (our biggest expense in Rochester) and
rent it for $775 to $825 per month guarantee payment tenant from
Section 8 assisted housing You should walk away after all
expenses with around $400 to $500 per month ROI. On top of this the
tenant is paying all your Cash Investment Money Back month after month.
$400 a month over 6.6 years completely pays your principle back. If
you start out with a totally fixed up house then all the maintenance
costs are low and after the 6.6 years you will have a house that is
still worth $30,000 or more. Now you can make from $4,800 to $6,000 per
year and still have your $30,000 initial investment money available to
purchase another property. No one get's Rich quick Anymore especially
owning Rochester rental property!
- The stock market has averaged only an 8% annual ROI
Reason #5:
- All Realtors work on commission and they only get about 2% of the buyers side of the commission at the most. For example if a Realtor buys you a house for $30,000 their
commission on that sale is only $600. You can't Imagine how much work a
Realtor goes through to make only $600. If they buy 30 houses for
Investors in a year that's only $18,000 in Commissions! Could you live
on that after all your expenses are taken out of it? I think not! Many
a slick Realtor have grossly underestimated the monthly expenses and
real actual condition of an Investment Property just to make a living.
This is a Fact: They must find you more expensive house for you to buy
just to make a higher commission. Bottom line that's where 99% of the
Out of Town investors make their first and biggest and costly mistake.
That's why I charge a Flat Rate Buyers Fee starting at $3,000. I make
You (the Investor a Profit by paying me my Buyers Fee and I will prove
it to You in writing!. .
Reason #6.
- Did You Know? Once you purchase a property the Realtor's fiduciary responsibility to you is over! Most of the time you won't even remember who they are after a year or two.
They also feel the same way about you because they have to move on to
another Investors or they will starve to death.
- This is not so if you become my Investor Client. I buy the Investment property for you and then my company Integrity Property Management, Inc manages the property for years to come. I can't forget
about you and you can't forget about me. So needless to say if you
don't want to be tied to me for the next 10 years or more don't contract
with me to buy you a Turn-Key Rochester NY Investment Property!
- You have my personal cell phone number now and for years to come!
- You can call me anytime you want to find out about your Rochester NY Real Estate Investment.
- Also if you don't like me now don't get into a business relationship with me because when you get up each day you don't want to think about the stinker in
Rochester that you don't like or trust. Believe me I won't take the
two of you on as Clients unless I like you both and trust you because I
have to put up with the both of you as well.
I will be upgrading this explanation of my
Buying Program in the next couple of weeks because I'm developing a
Video and powerpoint presentation describing the whole buying program.
We just shot the a video showing 2 houses as examples last Sunday.
Hopefully it will be completely done in 2 weeks. I'm especially proud
of the fact that my son Tommy is the Videographer and Producer.
Here's My Investment Property Buying Program/System. Watch it on Video at www.USAChoiceRealty.com
- I find a house for you at a price that fit's into our financial Investment plan and put it under Assignment contract with my Investment
Company Goldstar Capital Holdings or I just put you on the contract in
the first place if I determine there's not a time of the essence to
purchase the house. The reason I might put it under assignment
contract is that I have 4 other Investors that I'm looking for
properties for and if I offer a property to you and you don't take it I
can offer it to another one of my Investors. Let me know if you don't
understand this?
- I charge you an exclusive buyers fee as a Real Estate Broker with USA Choice Realty of a minimum of $3,000 . I say minimum is because it depends on how good a deal it is. Remember you have
the right to take the deal or not. The Buyers fee is only paid
if you close on the house. I won't cost you money because I figure
this fee into the ROI summary that you get before you take the deal and
you know all about it from the beginning.
- When I present the offer to you I will also give you a guaranteed fix up contract from my NYS Licenced Property Management Company Integrity Property Management, Inc. This will be a detailed
rehab contract so you will know how much you will have into the property
before you buy it. I also Include the closing costs so your will now
before you take a deal what your total cost will be. No guessing
here just fact!
- I'll give you a Property Management Contract from Integrity Property Management. You will know the true cost of ownership of a property in Rochester NY before you buy.
- I will detail all the monthly costs you will Incur plus holding out 10% a month for maintenance costs and 10% for Vacancies each month.
I'm a NYS licenced Real Estate Broker and that means I have a fiduciary responsibility to have your best interests in
mind at all times.
I can't guarantee profit because many
unforeseen situations can arise that can change the ROI outcome but it's
my fiduciary responsibility to you the buyer to reveal all the facts
about the property and make you aware of these unforeseen situations
that can arise from time to time. Also Integrity Property Management,
Inc is under the same fiduciary responsibility because I'm a licenced
broker and I own the company. IPM won't run off with the tenants
deposits or your rent money and we have a detailed online accounting
program on the
www.IntegrityPMonline.com website.
It's called Propertyware.
http://www.propertyware.com/Here's a review
of Propertyware software program
http://marketplace.intuit.com/AppID-2926-Reviews.aspx
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