All Forum Posts by: Andrew Curro

What parameters do you use when deciding whether or not to create an LLC for your property?

I’m looking to buy a small multifamily home and use a medium term rental strategy in Albany, NY. I’ll owner occupy. It will be my first property.

Any suggestions?

@Dave Skow what does the seller or realtor get in return for providing the credit?

@Joshua Filkill thank you

@Joshua Filkill @Forrest T Schue This is where I was getting the closing cost number. 

I often hear people say "I only had $10,000 and I was able to buy a duplex in a nice neighborhood with an FHA loan, you can do it too! It's that easy". Seems like this is disingenuous. They leave out closing costs, emergency fund, necessary renovation. Am I missing something?

I’m looking to buy a 2-4 unit in a class B neighborhood in Albany NY. These are currently going for $300K-$400K. I estimate that I’ll need $52,000 to cover down payment ($14K), closing costs ($18K), emergency fund ($10K), and necessary renovation ($10K).

Thanks for the help.

Here is a list of a few things I’ve heard on BP podcasts that investors should look for when it comes to finding hidden potential for value add.

Please comment what you look for and why when value add is part of your strategy. Thanks for the help!

1. Unfinished basement with plumbing and electric

2. Area to build a loft to increase sqft

3. Living room that can be converted into bedrooms

4. Unfinished ADU

5. Garage with plumbing and electricity

1. How do appraisers in Albany, NY value multifamily homes? Do they have a formula?
2. What is the most important variable: proximity, condition, sqft., etc.?

Next year I'm looking to purchase an owner occupied multifamily rental in Albany, NY. For a long time I have been set on having long term tenants, but lately I've been considering setting the property up to be a short-term or medium term rental. Does anyone have insight on what may be the most profitable type of rental in Albany? What would you look for in a property to make it a great short/medium term rental in Albany? What type of renters would be the best target population (healthcare workers for example)? I'm looking to make the most out of the property and I want to make this more of a active business than passive income. Where do you see a market need?

@Nicholas L. That’s how long it’s going to take for me to save $50,000 for real estate purposes. Im looking to buy a $450K-500K Multifamily property using a 3.5% down payment, but will need more money for closing costs, and emergency fund.

@Bill Brandt I bonds seem to be a good idea based on the little research I did. Seems almost too good to be true. Any catch outside of the three month interest penalty for early withdraw?

Thanks for the tip!

And no, I don’t have any debt greater than 5%.