All Forum Posts by: Abdullah E.

 Thank you so much for the answers @Stephen Schmitt !!!

do you think these questions will turn off the agent or landlord because they are specific? Do they want to provide these information or are they too much to ask? 

Hello Everyone,

I'm new to this community. I stopped wasting my time on Instagram and get into REI with all of your help. Thank you so much.

I'm looking at the listings around Syracuse area. My budget is up to 80-90K$. There are several listings within my budget. However, the properties are old and most of them do not have some details. The most tricky part for me is the maintenance costs. I made a 'questions to be asked to the agent/owner for maintenance'. Any input or advice would be greatly appreciated here.

1. When was the roof replaced?

2. When the HVAC was replaced?

3. When was the plumbing system replaced?

4. When was the electricity system replaced?

5. When was the foundation replaced? (Sounds weird to me )

6. When was the last pest control?

7. When was the last time that the air filters, smoke detectors, carbon monoxide detectors replaced?

8. When was the last lead inspection?

9. Is the property part of any homeowners' association?

10. Do the property boundaries in the listing match with the ones in records?

11. Are there any zone violations? (I'm sure there is a better way of asking this)

12. Does the tenant pay for the utilities? If no, How much do they cost on average? Can i ask bills here?

13. How much is the homeowners insurance? Do they have one? Can i continue using it? Transferable?

Hello Everyone, 

I'm new to this community. I stopped wasting my time on Instagram and get into REI with all of your help. Thank you so much.

I'm looking at the listings around Syracuse area. My budget is up to 80-90K$. There are several listings within my budget. However, the properties are old and most of them do not have some details. The most tricky part for me is the maintenance costs. I made a 'questions to be asked to the agent/owner for maintenance'. Any input or advice would be greatly appreciated here.

1. When was the roof replaced? 

2. When the HVAC was replaced?

3. When was the plumbing system replaced?

4. When was the electricity system replaced?

5. When was the foundation replaced? (Sounds weird to me )

6. When was the last pest control?

7. When was the last time that the air filters, smoke detectors, carbon monoxide detectors replaced?

8. When was the last lead inspection?

9. Is the property part of any homeowners' association?

10. Do the property boundaries in the listing match with the ones in records?

11. Are there any zone violations? (I'm sure there is a better way of asking this)

12. Does the tenant pay for the utilities? If no, How much do they cost on average? Can i ask bills here? 

13. How much is the homeowners insurance? Do they have one? Can i continue using it? Transferable? 

@Cerwin Haynes I’m not a native of Syracuse. I live in NJ Hudson county. 

 Thank you so much for the information! This is very helpful.

I’m planning to work with a skilled PM since I’ll be out of the state. Considering the numbers you shared it costs around 150$ per month. On the other hand, a PM will cost around the same amount with 12% if the rent will be 1200$.

will the pm charge for the costs mentioned above as additional fees or will they cover these in their monthly fee of 12%?

I also read your other comments. You have very valuable information about Syracuse. 

Dear Bigger Pockets members,

I'm looking for the homes around Syracuse. I have around 70K$ for this investment. Since it is going to be my first real estate investment, I focused on a healthy cash flow. I will start building my portfolio after experiencing and sustaining my first cash flow investment. 

Closing costs

I always add 10% to the listing price as closing costs. Even it is generally listed around 5%; %3 for agent fee and 2-3% other closing costs, I always add 10% to be on the safer side. 

Current Renter
I'm trying to focus on the properties with current renters. I know there are pros and cons for this but I want to start with cash flow and then start to research real market value for my property. 

Property Tax

This one is generally 2-3% for the area that I'm interested in.

Other Costs

I would really appreciate if an experienced investor or homeowner lists me regular monthly or annual costs. Especially Syracuse is an area gets lots of snow. How much should I consider as exterior maintenance? Is there any fee regarding trash gathering etc? For the interior maintenance I'm planning to work with a handyman who would take care of any need. 

Property Manager

This is second option for me to deal with all maintenance and rent collection. is it correct to have 10% of the rent for this? It would be easier for me to manage the property.

Thank you all in advance for your valuable comments and inputs.