All Forum Posts by: Cody Davis

Hello David! my girlfriend Angie and I live in Glens Falls and currently have two properties in the area. We both attend the meet up Kara LeBoeuf mentioned, and it's a great time. My girlfriend Angie is a realtor for SellingADK brokerage and has a lot of great connections in the industry. Feel free to reach out anytime, and best of luck investing. 

Awesome!!

Hi Anna!!
Welcome to the forums! We live in Glens Falls, so right in between Saratoga Springs and Lake George! If you have any questions about the market, reach out! We have 3 units in Glens Falls and we’re always down to meet new internet friends!! 

-Angie

Hey friends,

This account is ran by a couple who are both interested in investing in rental properties (single and multi-family). We are not married or in a civil union, giving us the opportunity to invest separately at the same time with different bank loan options. Cody owns a duplex that we are currently house hacking and I (Angie) am looking to make my first deal. 

I have never been pre-approved for a loan before so I met with our favorite bank lender yesterday to get some numbers of what my budget would be through a bank. In the process, I was offered two grants- 5,000 with no contingencies and 10,000 for a single or multi-family home that I live in for 5 years. This would go towards a down payments and closing costs. The 5,000 grant is a no brainer, but what is it even worth considering the 10,000 grant if it means making that home a primary residence for 5years? If we decide to not accept these grants, we planned to put 5-10% down of our own money. 

My question is whether a grant would be worth accepting if I'd have to house hack a multi-family in that one location for 5 years? There is the option of paying off the grant depending on how many years there is have leftover. What would you do in this situation? 

Thanks in advance,

Angie 

IG: wayvee__ 

@Cody Davis Having trouble uploading a photo from my phone. I will update later!

Hello everyone,

Today I have a question about heating systems in old homes. There are a lot of old homes in my area (1900 and later). I have been viewing a lot of homes, and I keep coming across something that I don’t know a whole lot about. It appears to be an old style furnace, and to be honest they scare me a little. I’m wondering if anyone has dealt with these systems before. Average cost to replace/remove? Problems that go along with changing? Is it worth replacing before it breaks?

Any information would be helpful. I will attach a picture to show what I’m talking about.

Thanks!!

@Tina Dupart Covid really throws a wrench into these already complicated situations but I think there are more important points to take away from this. First, if you ever run into this situation again, don’t wait until the tenant is 10k behind on rent. Contact an attorney right away. Make it known to the tenant you will be paid, and you will not have it any other way asap. I personally think resigning is a huge mistake. They already know they can get away with not paying for months, so they will do it again. Secondly, I would really think about what your property manager is doing for you and if they are worth the money you are paying them. Where have they been this whole time? Why do you need to check on them to make sure they are sending very important documents? It seems like they are taking your money and letting you fight it out with the tenant. Just my two cents. Hope it works out.

Looking forward to it!

Hello everyone! I'm looking to find a CPA for the next tax season. I recently purchased a duplex, and want a cpa that knows the in's and out's of tax right offs pertaining to investment properties. Thanks! 

@Jacob Altmann Communicating with the tenants is important. Make it very clear that you will proceed with the eviction process once they are available in NY. Make sure they understand that if you evict them it will make it very hard for them to get find another place to live. Most decent landlords check for past evictions, and ask for previous landlord references. Let them know that by forcing you to evict them that they will be hurting themselves in the long run.