All Forum Posts by: Brian Rosher

This makes the most sense to me to.  Subdivide your property into as many usable lots as you can, then refinance your primary residence.  The reduction in acreage typically would have minimal impact on the assessed value to a bank.  The value of the new parcels can typically apply towards down payment on a residential construction loan.  I'm surprised zoning would even allow you to construct multiple residences on the same parcel, but having them separate seems to provide a lot more options to me!

Thanks for chronicling this in real time. I am right behind you, first BRRRR under contract.

It is in a suburban area surrounded by homes in a solid B school district. The main negative is busier street, but only 35 mph so not highway speed. I am sure the lot will have value based on MLS research and neighboring homes, its an estate and they just don't want to deal with it. I could see sell outright, partner with a small builder or sell to other neighbors as potential outs

My main goals are increased net worth and putting the cash from the lot back in my pocket would allow me to buy the next house.  Appreciate everyone's input.  

Has anyone had success buying a house with an extra buildable lot?  No subdivision would be required to build a single family home on the lot, special use approval needed for a duplex which would face neighbor opposition.  I am considering an offer on such a deal.  I suspect I will need to pay retail for the home which will cash flow only $50/month and is turn key.  The lot is worth about what my 20 percent down payment would be, so I would end up with the house for "free" if all goes well.  

Thoughts?

Good overview of the commercial projects going on in the area was published by the Albany Business Review today.

http://www.bizjournals.com/albany/maps/albany-busi...

What town is it in and how many bed/baths?  That rent seems low for a 230k house in good schools for the area.  Once you start having some repairs you cash flow is going to look much worse.

Hi @Moshe H., City of Mechanicville is a blue collar town.  You can probably cash flow, there are a lot of multis, but they are pretty old and not much appreciation potential.  There is an intermodal facility in town and a silicone plant down the road in Waterford providing solid employment potential.  A developer has been looking to build 200 apartments along the river for years, this could cause some more growth in town, but residents are opposing.

Some places with Mechanicville or Waterford postal address are actually Town of Halfmoon, which is in top tier Shenendahowa schools and good appreciation potential, but less cash flow. 

I think the Brooklyn comparison comes from the reputation for Brooklyn to be gritty.  Troy has benefited from a massively popular farmers market which draws people (myself included) in from the burbs.  (https://www.troymarket.org/the-market/)  I usually pick up some homemade pasta and excellent homemade Hummus from Freddy's.   However, just on the other side of the parking garage there is a bar with drunk/passed out/homeless folks outside on Sunday mornings.  Broken window glass on sidewalk last time I went while loading up my strollers also reminds me of Brooklyn.  

Here is a better crime map for Troy with data from the Police.  It's not murders every day like Chicago, but plenty of crime going on with the occasional murder.  Several years ago I had Police draw weapons across the hood of my car as I took a shortcut off Oakwood Ave to intercept someone robbing a convenience store.

http://communitycrimemap.com/?address=Troy,NY

Set the time period back 6 months...

I would contact Alex Giabanis iagny.com who is a local broker I have used familiar with investments.  Great customer service.

I've always read that collecting last months rent complicates matters from an accounting perspective.  The security deposit does not need to be the same amount as the monthly rent in New York.  I would take first month and a larger security deposit rather than the last month.  I would think they should be signing the lease to secure the unit and make it official, not just a deposit.