All Forum Posts by: Dacia Ray

I've also found the annual Ulster County rental housing report really helpful. Not sure if other counties do a similar report. http://ulstercountyny.gov/planning/housing/housing-rental-surveys

@Steve Racicot @Rich Vogel Thanks, these comments are super helpful. The only number I've been given is that the owners say there's a $12K annual NOI, which I've just been ignoring because - what does that even mean and what expenses does it consider? Rhetorical question. I'm assuming this number is a lie, which I guess I should assume about all numbers. I've also been told that the gas and electric lines are split and tenants pay for them - I'll know more after I see it tomorrow. I'm hoping that there aren't leases or that they are month to month so I don't have to inherit the tenants and their wonky leases if they don't meet my requirements.

I'm working on finding and closing on my first MF deal, focusing on duplexes. I've found one that I think is a good deal, but I don't have the full picture and getting info from the current owners and tenants has been... a bit slow. I've run the numbers with a few different options for financing and they work based on some research I have done, but I don't have the real numbers. I know the current owners have no mortgage, and I've done the research on the taxes, insurance, and utilities. I found out what one of the units rented for five years ago, and I know what the going rents are for the neighborhood (cash flows on both numbers), but I don't know what the current rent roll is or what kind of leases the tenants have. The owners' son, who is a commercial RE investor though not in my area, is managing the sale and my agent has been communicating with him and trying to get this info. I'd been waiting to see the property until I know this info and make sure its worth my time, but I think I'm just going to do the walkthrough and see what. 

So the question is - how do you make an offer when you don't have the full financial picture of the building? If its ok after a walkthrough should I make an offer contingent on inspection and due diligence? Is the messiness of the communication indicative of bigger problems and setting myself up for a world of pain with the tenants, or am I overthinking that and its really just a problem of elderly owners with their son trying to help sell a property in an area he doesn't specialize in? Obviously that last set of questions is pure speculation, but I'd love to know what others would do in this situation.

Yeah, calling the police isn't going to do anything. Advise her to go to Family Court and file for an order of protection. In NY state, there is a form she'll have to fill out to file, and she'll need to write a statement detailing the first, worst, and most recent abusive incidents (can be physical or emotional). That starts a paper trail for her, and when she appears before the judge she can ask for an order for him to vacate. He then has to be served with the order of protection, which a friend (or even landlord) could do, but she cannot be the one to serve the papers. They will then both have to appear in court (and if he doesn't go, there will be a warrant issued for him). And the paperwork will also be filed with your local precinct, so the cops will hopefully take things more seriously if she has to call them again (though honestly it's a crapshoot, some cops are really unsympathetic and unhelpful about domestic situations). The good thing about this route is that it creates a paper trail for her, and when a person is served an order of protection and made to vacate an apartment, they are both barred from entering the property and still legally bound to paying rent. In reality most guys will stop paying at this point but it's s thing that can be pursued on your end. it's a legal protection put in place so victims of intimate partner violence can get the abuser out without fearing becoming homeless themselves. It sounds like your tenant was able to pay before the boyfriend moved in though, so this shouldn't be a problem. I think this route is much preferable to the above suggestions, both because it protects her and because the whole thing will be much less of your problem (unless you serve him). 

I think Craigslist is your best bet! Especially in counties that are struggling. I see several pieces of land that fit the bill in Sullivan county on the Catskills craigslist. 

Hi all, I'm working on my first multifamily deal(s) for buy and hold properites in upstate New York (well, Hudson Valley, so "upstate" is relative) and though I was looking for one duplex, I found two on the same block owned by the same person and made an offer on both (you more seasoned folks are probably nodding along at this point). I'm negotiating with the seller, who is willing to offer seller financing at 6%, with a downpayment of 20%, and a balloon payment due in in 3-5 years. They don't appear to need much work and three of the four apartments have tenants (I plan to househack and live in the fourth for a while). My offer is contingent on inspections for both of them. I'm planning on self-managing to start but also have budgeted for property management. I ran them through the BP calc and they both cash flow. I feel like this is what I've been preparing for but I'm also just getting anxious about it all. So I guess I'm looking for advice? analysis? pep talks?

Duplex with two 1-bedroom apartments: https://www.biggerpockets.com/buy_and_hold_results/259541.pdf 

Duplex with two 2-bedroom apartments: https://www.biggerpockets.com/buy_and_hold_results/259552.pdf 

Welcome @Calvin Figueroa! Sounds like you're in a good position to understand and have access to financing. Are you looking to invest in Ellenville or nearby towns? I live in Phoenicia and grew up in Goshen, and right now I'm looking at deals in Ulster County and possibly Delaware County. Would love to know more about what you're looking to do!

Welcome aboard, Danny! I grew up in Goshen and now live in Phoenicia (Ulster County), and I also have a growing passion for small scale farming that I hope to spend more time on in the coming years. I'm figuring out how to manage multiple income streams to make the life I want. Are you looking to invest in Orange County or elsewhere? Do you know yet kinds of deals you'll be looking for?

Sounds like you're doing all the right things so far to get your plan in place!

Welcome to BP! I grew up in Goshen, lived in NYC for 17 years, now living in Phoenicia. Sounds like you have a lot of solid experience with rehabs and a very specific plan for your next steps!

Talk to the agency that administers the section 8 to find out what the maximum allowable rent for a five bedroom house is. You may be able to raise the rent without adversely affecting your tenant and collect more from the agency.