All Forum Posts by: Armando P.

Thank you Mary Mitchell 

I am closing on a new duplex in a few weeks. The property has 2 existing tenants that recently extended their leases in July. I want to make the purchase transition easy, seamless and not scary for them. I have two in person meeting set up to introduce myself as the new owner. I will me managing the property myself without a management company. 

How much of my information should I be sharing at these meeting? I created a personal email account for them to communicate with me. Do I give them my Cell phone number? What should I be asking of them at that meeting? 

Thank you

@George Skidis Thanks so much for your reply. Very helpful information, and exactly on par with my plan. Much appreciated. 

@Michael Masters Thanks for the visual. Makes a lot of sense and provides answers to a lot of my questions. 

@Caleb Heimsoth@Andrew B.@Thomas S.@Andrew Syrios@Steve Vaughan Thank you all for the great feedback. I really appreciate the quick reply and candid feedback. For this particular investment, I am not investing in NY but in Illinois, so I thought it was important to bounce this off some folks that may have dealt with this in the past, especially knowing that the ultimate decision is mine based on my long and short-term goals. And by the way, @Caleb Heimsoth I've got plenty of brain power, I just wanted to hear the personal opinions and thoughts from my fellow BP'ers.  

Hello Fellow BP member. I’m a licenced real eatate agent In NY, and new real estate investor. I have a question that might sound silly and easy to some, but as a newbie I want to make sure I do my homework and make the right decision. Im about to purchase a duplex in an area that has a very solid and stable rental market, but homes don’t seem to appreciate as fast as other markets. My question is on the type of mortgage I should take out. At a 30 year i’ll obviously have a lower monthly payment, but more cash flow. At a 15, I’ll have less cash flow but will pay the home down in 1/2 the time. Knowing the appreciation in the area isn’t going to happen quick , should I go for the 30 or 15? My goal is buy and hold, and eventuelly build my portfolIo. Thank you