All Forum Posts by: Don B.

Good luck @Elizabeth Lozier! 

I'm not a wholesaler or selling agent, but grew up in Albany NY and am buying my first house there too! While I'm new to RE, my strengths are in risk modeling, analysis and automation. Let me know if there's anything you want to chat about!

I will be looking for some referrals in the coming months (slate roof repair and mold removal to start off, oy vey!) - I will definitely appreciate a point in the right direction if you've dealt with that before.

Good luck!

For finding the right house, just make sure you walk around the block it's on. Albany neighborhoods vary greatly. In general the further south ones are more desirable.

For the flip, be very careful for asbestos. I don't know what risk you may face, but I only recently learned how prevalent it is in Albany. If you want to chat let me know, I'm also a new investor in this area :)

I'm getting into a home in Pine Hills which has outdated galvanized pipes, which are rusting and decreasing home water pressure. In Albany, I believe you need to hire a licensed plumber to do your plumbing.

Is it possible to do some of the work myself - for example laying out a new network of Pex tubing, and then hire a licensed plumber to do the last bit of "clicking it together?" Has anyone done this before?

I put in an offer, and heard back that the seller is looking to close in December. I'm curious what might cause a seller to want to wait so long.

• Taxes - the building was owned for 4 years, so maybe 5 years is a cliff?
• Overpaying Tenants - maybe they have high paying tenants from now until January, and want to lock in the price now while still getting the rent

Any advice or tips appreciated! I'm not sure I'd like to lock up my cash for so long waiting for the deal to close.

My goal is to invest the least possible to get the greatest annual ROI.

The formula looks something like =(NOI + Debt Paydown ) / (Down payment + closing costs)

I'm curious if others have similar breakdowns, and if my targets are in line with yours.

*edit* looking to invest in Albany, NY multi-family properties

Hey Joel, 

Our stories are quite similar, I'm a software dev looking to buy my first multi-fam in albany as well!

I wouldn't mind comparing notes with another person, as I'm sure we are going to be viewing a lot of the same houses. For example I inspected 4 (disappointing) houses last weekend and could probably save you a bit of time!

Good luck Steve, congrats on your first purchase!

I'm also looking to invest in the Albany area so we should definitely chat.

My family is also landowners, so I asked them for some tips for things to watch out for. From my second-hand experience it sounds like you have to be really careful with the roofs on properties in that area. I'm not sure if it's the construction companies, or the fact that the buildings are all 90+ years old, but it seems like a common expense which goes past expectations as people end up having to redo the roofing.

Since it's a cash deal, you can't miss your payments, so the only real danger is if you can't afford the property/school taxes (probably 5-6k annually), or if someone gets hurt there. For that, you protect yourself via liability insurance and using an LLC.

What do you think it would cost to separate a master electrical system, into separate for a duplex?

Cool, thanks guys!

Hi Sameer,

Nice to meet you, I'm also a REI, and looking to invest in upstate NY as well! I'd love to have a phone call and pick your brain about your experiences here!

-Donato