All Forum Posts by: Eric Brundige

Taxes are high here that's your biggest expense it's not rare to spend 8K or better. We have property and a school tax that is usually 150% more than property. We also have expenses that involve snow removal (depending on the year and property). Also closing cost are some of the highest in the country around 10K. 

Hey Guys,

I know most banks require a 1 year occupancy requirement on these loans. But I've heard that some only have a 6 mos. requirement. Does anyone know for sure a few banks/CU/ect.. that do this 6 mos. requirement? 

Location if that helps is upstate NY.

Thanks Everyone. 

Eric

I think as soon as a Hipster vibe starts to happen it gets labeled. I wonder what they use on the West Coast New...San Francisco, Seattle, maybe Portland? LOL! But if they are talking about growth I guess the New Brooklyn label isn't too bad. BTW some of the old school Troy people which are called Troylet's hate the "New Brooklyn" label.

I was a Troy resident for the last 3 years and I lived right in Historic Downtown. I personally love Troy and since I moved a few months back miss it, I live just up the road but it's not then same. There is a great since of community in the DT area. The whole New Brooklyn thing was a coined term by 3 or 4 guys that have moved to the area from Brooklyn in the last few years and have opened businesses and have inspired others to move up to give Troy a chance as the area is in a pretty big "growth" stage and Brooklyn has got ridiculously expensive. 

Troy numbers: nice 2 BR in a brownstone apartment 5 years ago would rent for $700 now they can go for upwards of $1500. These guys hit the market right and were buying 5 to 7 unit buildings for around $200k and now they are killing it. 

Now you can't find anything, it's all been bought up. But that has put a highlight to the surrounding neighborhoods and has caused some gentrification and made those neighborhoods much more approachable for an investor. You can pickup 2 families for around $80k and still get $900+/month for a 3BR.

You need to be aware that Cohoes requires your units to be inspected by the city between turnovers and it's $40. I was just talking to a couple local investors at a meetup last week and Cohoes is cracking down on out of area owners and if you get 2 code violations and live more than 15 miles away you are required to get property management. Just so you're aware or want to look in to it further. 

@J. Martin I've reduced all my expenses to a minimum and I'm paying off all high interest debt so I can start stuffing money away for closing cost. I'm about 6 mos away from making my first move on buying a deal. Plan is in motion and has been for a little while now.

Wow inspiring, this is exactly what I want from life and why I've turned to BP for guidance. 

Cheers!

Ok I got it, Kevin McCoy from Marvin and Company, P.C

I'm an IT guy who worked for an Accounting firm in Latham; one of the big 5 in the area. I can't remember if we had someone who specialized in REI but I just sent a past colleague an email to find out. I'll let you know.

Thanks everyone!