1st Rental Property advice (Triplex-Albany, NY)

[Ernesto Alandy]

Hello all,

My wife and I are currently ready to place an offer on our fist rental property in Albany NY.  It has 3 units with 3/3/2 bedrooms.  Property is newly remodeled. We just checked the property this weekend and, yes, all units are fairly new.  Using the Bigger Pockets' Rental Property Calculator, our projected cash flow will be $464.28.  Our goal for each unit is $150-200/unit.  We plan to hire a property management.  All units are currently occupied. 2 units are on a month-to-month and 1 unit just signed a lease.  2 units are paying their rent with cash and social services. 1 unit is paying with cash and Section 8. We were able to speak with 2 of the tenants and they seems to be nice and their units seems to be well taken cared of.  Property is in a class C neighborhood.  With all these in mind....

What are your thoughts or experiences with tenants who pays their rent with cash, social services and Section 8.  Any advice or things that we need to consider or look into before we sign any contract?

We look forward to hearing from you guys, especially from Albany, NY investors.