All Forum Posts by: Calvin Thomas

Purchase properties for rental income.  College rentals preferred, but open to properties with good rents and long term tenants.

So no one has any suggestions?

Anyone recommend some good brokers for me to reach out to in Albany, NY & Oswego, NY?  I am focused on college rentals and / or good long term tenants within said locations.

Open for suggestions.

I asked the realtor if there was movement on the price.  He came back as submit an offer and we'll see.  Not a very helpful realtor.  Going to pass on this one as it seems like a waste of time.

Nope, owned by the original owner for the last 20 years.  Since it is all on one property, it is an all or nothing deal.  They are all long term tenants, so I am not sure how much I can raise them.  It seems a bit low that they are paying per unit; around 1k a month, averaged.  I would need to be in 380k or lower.  Again, it's been on the market for half a year, so I am not the only one who must feel it's overpriced.  Not that it matters, but, their original purchase price in 1996?  57k according to public record.  

Still working with the numbers. Since comps in the area are lower, it's throwing off my numbers a bit in terms of income and overall ROI for the property.

The breakdown is:

Listed Price $510k

Gross Rents: $74k

Prop/School Taxes: $19.5k

As you can see, the numbers, in terms of the listing price, aren't the greatest.  It works better at $400k, but even then, with the high taxes, it's still a bit pricey.  Or am I looking at in incorrectly.  I usually stay out of Rockland and Westchester New York due to the high school taxes, but I thought this one was worth a look.  

Looking to expand my real estate buys and entering Rockland County, NY.  There is a 5 family building for sale.  Actually, it's a four family building along with a detached unit on the same property.  It's been listed for about 150 days.  It's seems about 100k overpriced, however, the rents are pretty nice.  However, the school/property taxes are significant.  I did some searching on valuations on Prop. shark and other sites, but nothing gave me a good price comparison.  

Any ideas on how to proceed?

 Yes, I agree.  My prop. manager feels he can get them down even further by stressing the other buildings we have in the area that need, or may need windows down the line.  We'll see.

Going to check out this WindowWorld and see what they come back with.  I was just shocked at the price.  Not doing a flip, it's a rental.  I am not a flipper.  I buy and rent for the cash flow.  

Going to reach out to them.  Are they inexpensive?  Nope, not a brownstone.  Reg. city house.