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April 16th Meeting – Summary Minutes

Call to order - Welcome by Mark and Seth

• Reviewed Ethics
• Reviewed web site and pointed out Deal Tracker numbers.
• Reviewed the Mission Statement
• Welcome to members and welcome those just checking us out
• Housekeeping: Annette and Kelly are our servers tonight; support Appletinis, who is also a sponsor
• Raffle tonight is $2 for 3 tickets; $5 for 9 tickets; raffling a $25 Curtis Lumber Gift Card and a $25 Home Depot Gift Cards
• One of our newest sponsors is New Word Development who is totally updating our website

Round Robin: Opportunity for newcomers to tell us about you and what you are looking for

• Nick Barber from Schenectady, in real estate for years, has LLC that does assessment challenges; makes initial review for free then advises.
• Rockie Mann owns JAFJR construction services; finish work, construction clean up; looking to start general contracting and general management services; also one of our new sponsors.
• Doug Rau; looking to do real estate; invest in flips or do lease/options; has contracting business.
• Pam Robish Wright; attorney; primarily real estate and eviction work, generally represent landlords.
• Gary Drizos from Drizos Electric, Inc., electrical contractor; does residential/commercial work including stand by generators.
• Steve Walsh from Enhance Floors in Saratoga county; has Franchise that offers dust free, mess free, odor free way to do hardwood floors; redoes baths and kitchens; looking to get the Enhance name out there and get brand recognition. Would offer member discounts.
• Brian Degener of Benchmark Properties; real estate investment; buy/hold residential rental property; looking to share contacts and network; looking for general contractors now because has 3 properties that need rehabbing.
• Darcey Volans is looking to network and learn.

Told about a client he met through AIN who had then worked with others they met through AIN. Talked about Liens and gave suggestions on a couple of other ways lenders can protect their investments, i.e., a confession of judgment and a deed in escrow.

Success Stories: members have the opportunity to share real estate successes since the last meeting.

• Mary Ellen Venter and Carol Makowski bought a property that they wholesaled to Glen Schworm.
• Veronica P. just closed on a two family house in Delmar and is working with Mary Ellen V. to find first flip property.
• Dan Wos encouraged sponsorship telling that he has been doing a ton of inspections for group members and sponsoring has brought in a lot of work.
• Erin and Paul C. have found a deal for Dan on a two family.
• Dino K. has worked with sponsor PayChex on workers comp issue and has seen a significant savings.
• Ray D. completed an IRA investment that closed last week and presented a good return; looking for more investments. Acknowledged that Al Kuhn provided a plumbing/heating solution at a significant savings to a problem on a Scotia property.
• Brian Degener, Benchmark Properties; looking for deals.
• Seth reported that the 5 story investment property is moving along; reminded members that tours are offered every Sunday following the AIN Monday Meeting, at 1pm at 522 Broadway; just let Seth know. Even if not interested in investing, can see what is going on.

Investment Opportunities

• Remember that AIN members can send info to Seth to be put up on screen at the meeting.
• Babs W. reminded that Cash Flow night is at Dans office in Ballston Spa on the 26th at 6:30pm. Advised that she is real estate writer for Examiner.com; if you want something noted in there, let her know; it is a great way to promote yourself.
• Marion L. has a 3 property package deal at 31, 32 and 34 Emmet Street, Albany that includes a tear down, a vacant lot and a single family 3 br rehab. Selling as a package for $12,000.
• Mary Ellen is aware of a 1 family 3 br in Waterford; good investment deal for a contractor trying to keep his crew busy, is probably something that can be fixed up quickly.

Presenter Section

• New sponsor Curtis Lumber; Margie is looking forward to doing business with AIN members; brought applications for setting up an account with Curtis Lumber which can be used at any location; AIN members will automatically get Contractor Pricing.
• Rockie from JAFJR Construction, largest minority company in Capital District; have worked on big projects, such as Global Foundries and NanoTech; wants to train youth from inner cities in Albany and Schenectady County, including Cohoes, to become tradesmen; focused on rehabbing properties and putting people to work at the same time; believes everyone must eat.
• Armondo Valdes of Valdes Construction is a new sponsor; specializes in just about everything except heavy stuff like electrical wiring and roofing; now runs 10 properties in Albany area; does bi-lingual property management; EPA certified for lead removal; working with Babs & Ken on possible deals.
• Rosalie from Allstate Floor covering; residential and commercial; looking to work with contractors and/or owners; can do eco-green work like grinding down to concrete; install engineered wood, vinyl, etc. Fully insured. Has worked on RPI graduate housing; now working on Watersview Apartment Complex.

Note that AIN does not take a sponsor who is not fully insured. Alex Giabanis from Insurance Agency Group of NY is also a sponsor and will check that a person is insured if asked by a member.

Problem Solving/Q&A
Seth reported that AIN is working on Health Insurance and education opportunities; is starting a newsletter within a couple of months.

Purpose of Q&A session at meeting is to throw a question out to the group and take advantage of the knowledge.

Question: Mary is looking for a multi-family with a lease option with owner financing in decent neighborhoods, somewhere around Rotterdam, but not in Schenectady; preferably a 3 br.
Answer: Mark notes the need to focus on school district rather than neighborhood; there are loans available for up to 4 units at 97% LTV.

Question: Rockie asked at what point does an investor or developer hire a construction manager as opposed to a general contractor?
Answer: Depends on size of project. Sometimes financing may dictate. Check with Louis Varno of Capital.

Question: What are some of the school systems you might want to stay away from?
Answer: Depends on what you are looking for. There is a system on line that rates school districts and focusing on districts is dependent on what you want. Consider taxes relative to the school districts.

Question: What is the best way to track down a home owner?
Answer: Facebook; neighbors; county courthouse; hire a buyers broker; skip trace; may cost between $50 to $100; can go through County using ImageMate where you can get name and address of owner, etc; Find the Seller for $19.95. Start with Google. Also, talk with mail carrier. Realinfo.com for $30 per month.

Award was presented to Alex Giabanis for bringing a new sponsor.

Raffle Drawing – Winner of Curtis Lumber Gift Card, Armondo V; Winner of Home Depot Gift Card, Mary Ellen V.

Welcome New Members