All Forum Posts by: Account Closed

Don't open up a new line of credit, you'll delay your closing. What more important? Closing on the property and making $$ or opening a measly credit line? Just wait until you close. 

Can you get my deal done? 

I believe that would be person dependent. I know may people who own short term rentals (Lake George specifically), people that own motels ect. 

It depends on your goals and what you want to do. There is no right or wrong. 

I own a portfolio in Glens Falls and prefer the area over Schenectady, Troy ect. I have an upper hand here compared to the people from out of town buying here on the MLS.

If you want you can shoot me a PM so we don't clutter the thread. 

Best, 

Dylan 

I may be biased but taxes are high, from my understanding the city is tough to deal with, fees for multifamily occupancy certs ect. There are some nice areas of Schenectady, sure. Overall, it has a pretty high crime rate and GE left.  

It is better to be out the $750 than the price of the property. That is why a good inspector is worth his/her fee. 

Termites aren't a huge problem- get it remedied if the numbers work and the property will cash flow. 

I wouldn't put a dollar into Schenectady. 

Upstate New York has great cash flow. If you're looking at properties now in your area the seller should be able to prove payment history on current tenants. Many municipalities are opening courts- you can still evict for lease breaches. Don't let King Andy scare you from buying locally- I personally wouldn't invest OOS for your first deal or two especially with no experience. Take advantage of the market you know best and buy with confidence. 

I was just quoted at 3.5%, 2.5 points with 25% down on a 4 unit with 30 year debt (790 credit). I decided to shop around and found better terms elsewhere. 

I wouldn't even entertain that offer from my father. If you're nervous to work with them now imagine a few years down the road.

Can you buy a few properties on your own and circle back to have this conversation? 

Being an engineer will help in making you a successful real estate investor.. To be a good engineer you need to problem solve, run numbers, be a good accountant, manage projects, know construction ect. 

I am 5 years into the engineering field and have decided it is not what I want to do. Although, it provides me with good w2 income and ability to sharpen the skills I have needed the most in REI. If I were you I would continue the degree, get into technical sales ($$$) and continue investing in RE.