All Forum Posts by: Edward Maier

could also do a refinance with a bank that would cut the interest in almost half depending on market you could just use the owner financing to secure the deal and wait till you have more money.   what is the problem with bank financing? you could always go fha 3.5% you could purchase a multi family with positive cash flow and use the additional income for your next purchase

albany is great for investors looking to get into the business. like most already said appreciation is not really there depending on what you paid for properties. i love the market up there most my properties are two family houses that were purchased for 70k and lower and my returns are over 20% in D areas i like the section 8 program you can find good section 8 clients that wont destroy your property and they have plenty of other programs that help when people cant afford there portion of the rent also clients can lose there section 8 voucher if they do not pay which is a good thing for owners. that being said 2 3bdrm apartments section 8 pays 1300$ each thats 2600$ minus taxes and garbage you will make over 20k a year off lets say 60-100k investment who wins? once all these run down areas are revived and rented you will see appreciation. from what im hearing albany can be the next tech capital of america following the bay area ca. will it happen? maybe! for now enjoy the income the return is great

Albany ny. Depends on area. Not so good areas two family houses are selling around 60-80k range and rent around 1100$ each apt the income is definitely worth it and areas are not war zones just rough but slowly building 

Sometimes it is better to just eat the cost and fix the sink. Prior to the new tenant moving in or out it’s always best to do a thorough inspection. Try using materials that are easily purchased and installed locally such as Home Depot and Lowe’s they always take back broken items no questions asked just purchase the same sink basket and return the old one 

hey eric i started investing in albany ny. my first property i purchased cost me 60k i net 14.400$ a year which is over 20% i then did a cash out refinance and purchased the second one only coming out of pocket 7500$ not even 8 months later.. many people would stay away from bad neighborhoods and tell you theres no inflation and bad tenants but the truth is if your looking to hold for income its the best place to look you will make your return back sometimes between 3-5 years depending on purchase price and if the house needs work. i rent to section 8 and have no problems getting my money every month theres good tenants and bad but if you dont rely on the cash right away you can find decent tenants. think about it if all the mechanics are functioning and somewhat new you have a few years until your full return then if something breaks it comes out the rent money that month. i tried looking in nice neighborhoods for multifams and the numbers these days dont make sense you have to wait 30 years to pay off that house. my goal is to purchase 2 of these houses a year and keep going