All Forum Posts by: Greg Starr

Jim youre right in my neck of the woods. And correct about hamburg, where its tough to find a place that will cash flow. Just called about a place where a guy is getting 790/mo duplex. Nice place but he wants 189000 for it. He asked me if i thought that was too high!!! But I think I'm just going to wait for something else. The west side does have some very nice neighborhoods, but also some very bad ones.And i dont know it well. But the more I'm studying and looking around the only way you can make any cash is to invest in the city or wait for an awesome deal. But i originally see deals that seem great then after further examination look like I should pass for one reason or another! Just like everybody else here says, I'm not buying apartments just to own them! I think if i'm persistent and keep looking, sooner or later it will pay off. But it sounds like youre getting deals that will cashflow, just hope its in the better part of the west side so not so many headaches. And Thanks for the advice! Im gonna pass on this one.

yeah that 9000 tax bill is accurate!! the water bill may be close, I pay about 400per year with another duplex i own. Tenant laws are new york state but i can raise as much as i want. The taxes are really killer. If it was taxed at the normal rate(half of that) I would be fine with it! the only thing i can say is i can write those off! I think i may stay away, with both drawbacks, the heat and the taxes, it might be more of a headache than its worth. And to think 7yrs ago 2 guys bought it for 110000

Thank you for the replies. The taxes in this area are doubled with 4 or more units. The insurance is 1200, but flood insurance is 900(doesnt seem in a flood area). Al if i end up getting it, im going to have to figure out some way to limit heat use. Im going to be studying my options. All units have seperate thermostats. Also it is a lower income area. So I do understand I'm going to be more hands on, I have dealt with many types of people, so I am ok with the challenges of that, but it has to be worth it. Do you guys think this will cash flow! If this was in a higher income area with the same numbers, i would definately buy! Another rental owner in this same area that i know doesnt forsee the value of this property going down in the next five years and thinks it will be relatively easy to rent with paying renters.

yes, it is a gas boiler with one gas supply, probobly as old as the building. in not sure about raising rents, maybe slightly. but still could only get maybe 100 more month altogether. I have to look at what other landlords are doing, but im still not sure this is even worth getting involved with.

Hi guys, Im new to the site. And realizing I've got a lot of studying to do. I currently own two rentals and am looking to buy a third, but am apprehensive about it. Its a 4-plex all brick built in 1950 in good shape, good windows, good roof and the units are in good shape. Its in a low inocome neighborhood, but not a high crime and its on a quiet street. But it has high taxes and owner pays for gas and heat. So here are the numbers:
Asking 89900.00
Taxes: 9000
Water: 400
Gas : 2083
Insurance :2100
Rents : 2130
I dont know how high taxes and heat included conforms to the 50% rule if at all! If I offer 80000, 382/mo P&I. But after paying all these expenses I get 630/mo. But that doesnt include vacancies or repairs! Not sure its worth it, even if I offered 70000. That heat scares me. So what do you guys think!