All Forum Posts by: Account Closed

@Michelle Phelan

Also - its possible to even get into real estate investing without any money so 10k is more than enough - it's just a matter for what you can bring to the table, creative financing (like family and friends, private lenders, hard money lenders, etc), and partnerships.

Theres lots of people out there with money but no time - if you can find the one that's willing to fund it and you provide something in return now you've created a partnership that you can utilize to make a purchase.

What you can bring to the table is something you'd have to figure out for yourself that you think is valuable.

@Michelle Phelan

I'm from Rensselaer NY and have multi family in Albany NY that I manage as well , condo in Rensselaer NY, and a property manager for a single family house in Poughkeepsie NY. Message me whenever you want to meet - additionally I'll keep you in the loop for bigger pocket meetups in our area that happen once a month.

 Thanks for this information - I've been looking for partners but trying to figure out how to structure deals. You mentioned profits are split 75/25 or 60/40 in favor of the one bringing in down payment. What about equity in house - assuming house gets sold in future are profits from the sale also split similar way to profit split? 

I've seen splits in the following way: if you need 100k to close, you get profit split and equity split based on whatever you bring to the table. So if you bring 20k to the table you get 20%. If someone else brings 30k to the 100k then they get 30%. So now there are 50k left and whoever brings that will get 50% of profit and equity split. 

@Donald DiBuono I'm in Albany, NY and have a rental - lets talk. Maybe we can set something up if the numbers truly work. Message me privately, I sent you a request.

@Kevin Urena I'm a investor in Albany, NY and in my opinion if you can cash flow positive after your operating expenses, debt services, and putting money aside for reserve you'd be buying a good property that being said currently it seems like investors are selling off. They're taking as low of a cap rate possible for their properties to jack up the price of property when they sell it. So when you're selling - looks good based on comparability analysis, but for buyers its to the point of making sure it makes sense for you based on cash flow.

Land bank is cheap - but there's a lot you have to get in line before proposing offers to them for a property.

My 3 unit in Albany brings in about 1500 a month in free cash after budgeting for debt services, maintenance, and reserves. That's approximately 170/door. This is also because I'm paying down a HELOC from that income, but without the HELOC payment involved I'd be bringing in close to 250/ door. I manage it myself.

Im on the lower end for sure, especially in Albany but student housing prices are sky rocketing to over 250k. Based on that my house was a steal at 203k for a rare 3 unit. One of the 3 units has potential to be higher rent, but that tenant has been there for 10 years so weighing the costs of giving her the boot and rehab, letting her stay made more sense financially. 

The way I look at it is, does it provide me positive cash flow of at least 20%? If yes I'm inclined, if not then is there potential to achieve that? If yes I'll consider it, if not then I move on. I currently get a 25% cash flow after paying heloc, debt services and maintenance such as garbage and water. I pay utilities for one of the floors but others they pay their own.

@Chris Lemons I have a 3 unit in Albany, NY and I manage it myself right now and looking to grow my portfolio so if you do consider selling I'd love to hear about it and take a look as well since we're both local (at the moment). In regards to property management, it's all about how much trust you have on your property manager - I personally think you can should manage the property financials yourself and let the property manager handle the day to activities such as leasing, tenant screening, move in / move out. All the activities you can't do yourself since you're out of state, other things such as collecting rent can all be done by yourself just make it clear from the start that cash won't be allowed and collecting rent in person isn't going to happen. Most of the people that rent in albany understand the basics of paying rent and prefer services such as zelle or venmo. This allows you for to handles your financials easily.

When I move out of Albany, that's my plan. I know few property management companies that are trying to grow their business as well if you're interested, this results in them taking less % of your gross income. From the ones I've talked to when I bought my property, they were charging minimum of 10% and honestly for my rental that didn't make sense because it didn't require lot of maintenance or hand holding so I'm giving away lot of my cash flow. It's all in your lease :).

Anyways, would love to connect with you.

@Josh E. welcome! I'm in Albany, NY as well. I also just recently purchased my first multi unit in Albany. Where abouts is yours? I'd also love to hear about your experience with your agent as well. 

@Connie Chan I use Tellus too and love it

@JT Crownover good luck! If you do get cozy please let's stay in touch and we can share our experiences since I'm using Tellus for my property but I want to give others a chance for future properties