All Forum Posts by: Dan Talmi

Hi Everyone, 

I put an offer in on my first multi family building: a 7 unit, 100 year old building in Albany NY (Most North East inventory in my price range is this age). The question is: any specific items or red flags I should be looking for / have my contractor and inspector looking for and focusing on during the inspection?

The foundation is key... lots of time spent in the basement looking at electrical boxes and heating units etc... the roof... 

Any advice on this for a new guy??

Thanks!

Dan

Alot of great feedback here! thanks everyone. 

I am also looking at a smallish to mid size market (Albany NY) which has a ton of colleges. I like the idea that there is a pipeline of new consumers coming in all the time. My feeling is that these folks often are subsidized by parents with money, potentially cushioning rental rates. 

Any one got any experience with pros and cons of targeting this market?

Ok cool. Ya i've been talking to agents... but i remain skeptical of their feedback because it will always be slanted by a certain level of conflict of interest. I will check out the software you mention. Maybe it's cheaper than pulling market specific data from a broker? (greenstreet etc) Also - thanks for mentioning zillow and Trulia; i've definitely gotten some value from trolling around those sites. 

Any one go directly to the county records and manually pull figures? 

Hello everyone, 

My question is: how do YOU pull market data? I'd LOVE to get my hands on asset/sale price trends and rent trends in any market but Albany NY especially... I can sure look at Craigslist for rent to get a pretty good idea of CURRENT rent, but the trend is of importance as well. And on the asset price part... THAT is critical for negotiation. How do the pros do it?

Thanks very much, 

Dan Talmi
Producer
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TALMI ENTERTAINMENT.COM | NUTCRACKER.COM

@Nicholas Lohr thanks for the feedback man! key to have that handyman in place for the follow up. But ya, in general it SEEMS super manageable compared to my day job... Just trying to prepare my team. Thanks again. 

This question is deceptively complex. I'm new to this game, but every agent and listing i look at throws out cap HUGE rates that most of the time make no sense to me. I believe, at least in the North East, that cap rates are lower in reality then generally advertised once you add in ALL the expenses that will be required.  

Hi everyone,

What are the most common topics for calls/emails you get (or your management company gets) from tenants? I'm trying to determine how best to implement building management on a 7 unit C class property i'm looking at in Albany NY. 

I hear a lot of horror stories about the dreaded '3am phone call' but how common is that really? 

What are the areas that tenants commonly call and complain about, demanding solutions?

Thanks all,
Dan

Thanks Mike! that's supper helpful. Much appreciated my dude. 

Hi everyone, 

I'm trying to determine a realistic range of asset appreciation or reduction in value over time on prospective multi family properties. I KNOW that this information must exist. Where do you all look for this type of data? Is it really reserved for paid services? Any tips on where the most reliable data on property values over time, rent values over time etc would be greatly appreciated! For reference, I'm in the Albany NY market. 

Thank you,

Dan