All Forum Posts by: Gregory Massi

Hello everyone - any recommendations for tax accountants and attorneys that specialize in the real estate investments in Westchester County NY?

Hello everyone - any recommendations for landlord tenant attorneys in Westchester County NY? i was told not to go with a real estate attorney - look for someone who specializes in the landlord tenant area..

Hello everyone. I am purchasing my first investment property in two weeks and was wondering what are your top 5 rules/policies/terms that you like to include in your lease agreement (that aren't found in the typical lease agreement)? In other words, what specifically do you like to add to the lease agreement? ie tenant is responsible for checking the smoke detector battery every six months..

does anyone have any input/advice??

I am closing next week on my first investment property in Westchester County NY. It is a 2 bedroom 2.5 bathroom 2 level condo which i bought for $275k. Generally 2 bedroom condos in my complex go for about $300k (i got it for a good price bc the buyer was eager to sell and he just had a deal a few weeks before my offer fall apart). 

All in cost are about $2000 a month (including insurance, HOA, mortgage, taxes) and i can probably get close to $2600 to 2700 a month for rent. I had the real estate agent pull comps and it looks like most 2 bedrooms with a 1 car garage are getting around $2900 to 3000 a month in my complex. My condo has a carport, no garage, so I think $2600 to 2700 is reasonable.

Some addition information. The kitchen is only 2 or 3 years old with granite and stainless steel appliances. Nice hardwood floors on kitchen/living room level. The bedroom floor is outdated (except for the bathrooms) - doors and trim are from the 70s (when it was built). I plan to updated all the trim and doors after i close.

What are your opinions on my purchase? Is there any additional information I should add to paint a clearer picture? I know it doesn't come close to the 2% rule or even the 1% rule but I wanted to start small for my first property. This is a highly desirable neighborhood i should add.

Hey Everyone.

I am buying my first rental property this month and would like to hear some ways to keep my paperwork organized. I plan to use my filing cabinet but was unsure of how many different sections i would need..do i need to create a new section for each year... etc

I would assume that New York State has a website for landlords (laws, rules, regulations, etc) but I cannot seem to find it. Does anyone have the link?

Thanks for the response.  I see you are from Southington - have you heard of Heritage Hills (Somers NY). It's more of a White Collar Community. My condo (closing in March) has two floors. The floor with the kitchen and living room was completed renovated 3 years ago. SS applicances, maple cabinets, granite countertops, new moldings and casings throughout the floor. The floor with the two bedrooms is completely outdated (trim, casing, doors from the late 70s) but it very clean and freshly painted.

My thoughts are that i HAVE to renovate the bedroom floor: new trim and casing, new interior doors, possibly new carpeting. Also planning to replace all the windows throughout (the current windows are from the late 70s and have a pretty serious draft).

How much should i expect to spend on a deep clean? (1340 sq ft)

What are top cosemtic improvements to increase cashflow? Let's assume target tenant is middle to upper middle class..

The townhouse I am buying as a rental property was built in 1975. As a new landlord, should I get this place inspected for lead paint or not? I am just really not sure how i should go about this and the consequences of not getting an inspection. If someone can share there insight that would be great.

Also if the inspector finds lead, can I make the seller pay to rectify the issue?