All Forum Posts by: Andrew Bailey

I agree, let me rethink this and take a step back. $100k for first deal, idk if its worth the risk 

trash, lawn, snow is tenants responsible according to lease 

After repairs, houses near by area (cross the street), rents goes for $1,400 for 2 bed room with similar house. I also called these owners and verified the rents. These rent doesnt include any of utilities 

Thanks this helps alot. Just a update 

my agent just tolded me, sewage bill is cover in taxes, so for just water bill $100 per month seem about right for 2 unit. Also including to old water bill

Yes you are correct, this is 3 bed room each unit. I should have been more clear 

3% intrest is lockedin but i can look into not buying points. Even with 3.5% i would have to buy lil points. My intrest rate is 4% without buying any points 

According to managemrnt company  vaccabcy rate $161.88 per month is def high for this area but i like to around up when it comes to expense.. just to be on safe side 

house is age 1930. initial renovations cost, i got from different contractors. i think it came to $14k but i just around up few grands

closing cost break down is below: (it high bc I am including home insurance & taxes for the year within closing cost)

This is my first investment, Is this a good deal or should I walk away? My goal is to keep this investment for 30 years, so long terms 

House information: This is a 2 unit house, located at 55 Kallen ave, colonie ny 12205. 6 bed room, 2.2 baths

Main stats

• Net Income (Monthly) = $419.28
• Net Income (YR) = $5,031
• Net Cash on Cash = 5.03%

Even though ROI is 5%, i still think this is good deal bc I didn't include the following:

1. Equitly Build up is roughly $4,000 per year. This bring my ROI to 9%
2. After the initial renovations, I can increase rent to $1,300 per month.
3. Tax benefits (depreciation is around $3,000 per year on low end)
4. good neighbor, good school, 10 mins away from where I live

Purchase Price = $250,000

Down payment = $62,500 (25%) / Closing Cost = $17,500 / Initial Renovation Cost = $20,000

Out of Pocket = $100,000

Loan = $187,500 / Intrest Rate 3%

Monthly Expenses:

• Principal & Intrest = 790.51
• Home Insurance = $100
• Taxes = $428.33
• Water / Sewage Bill (Owner) = $100
• Maintenace / Repaires  = $200
• Vacancy Rate = $161.88 (10%)

Total Monthly Expense = $1,780.72

Monthly Rent Income

• Unit 1 = $1,100
• Unit 2 = $1,100

Total Monthly Rent Income = $2,200



Initial Renovation Cost = $20,000

• Roof:
• Needs a New Roof
• Fix/add gutter
• Attic
  Mold
• Basement
  Water in basement (either gutter issue or need french drainage system)
  Mold
  Termites
  needs new Electrical Panel
  repair Sump Pumps
  needs a new 1 Furnaces
• Other small stuff:
• Leaking 2 sinks
  all Windows trims are bad
  needs 3 light Fixtures
  needs all Light covers for plugs
  need to repair 2 small Wall holes
  inside can use new Paint on some parts
• 2 missing sliding, needs cleaning

I just brought a 2-unit property on kallen ave, Schenectady, ny 12304. Its 3 bed room per unit so 6 bedroom in total. What will it rent for?

Rents we orginally rented for $1,100 per unit without ulities.

I checked on rentometer and it says that rents should be around $1,600 without ulities.

I also found 3 similar houses near by where they askimg for $1,400 without ulities. These are 2 bedroom per units not 3. According to zillow

My question is, what will my unit rent for? (Without ulities). Any one familiar with this south colonie, ny area?

This is my first investment and i can really use your guys expertise 

@David Kitchen

When i talk to kris team, last year. They told me i would need $65k for 2 house 

2 house cash flow = $150+$150 = $300

$300*12 = $3,600 per year 

$65,000 / $3,600 = 18 years to make up my investment 

since they will sell houses every 5 years, i dont think ill get much principal bc most of that will go in intrest

Than kris team also mention that i can also work as a sale person to find new investors. 

Kind of like multi lvl marketing where you have to find new people 

Thanks Every one for your guys input. I am not going to work with Kris

It looks good on paper but couple people told me that its hard to find good tents that will pay. This house been on market for 200 days now.

i am trying to answer 2 main question...

1) if its such a good deal than why the seller selling this house? 
Looks like this house is defualt.. maybe issue with loan payments

2) if its such a good deal than why havent anyonr else with more experience than me hasnt brought this by now?
Again been on market for long time

I think answer to these questions comes down to area and location. I need to do some research on this area. Worse case i buy this house and i cant tents that will pay or pay on time

I am planning on buying a 2 unit house in Rotterdam, Schenectady(new york). Is this a good area to buy rental property? Also is my monthly cost reasonable? 

House price = $109,000

Downpayment = 20% or $21,980

Out of pocket = $29,744

P&I = $472/month

Taxes = $291/mont 

Home Insurance = $125/month 

Water bill = $100/month 

Trash fee = $0

elc / gas = $0

Repairs = $100/month

Maintenance = $100/month 

Property manager = 10% or $185/month

Vacancy = 10% or $137/monty

Total monthly expenses = $1,510.76/month

unit 1 income = $900/month

unit 2 income = $950/month

Total rent income = $1,850 /month

Cashflow = $339.24/month

Any one has real estate in Albany county? if so, what area to void and which area are good for real estate.

I would like to buy multi family houses. I made a list of all area in albany county. just want to get an idea of where to buy 

-------------

Albany County

-------------

Boght Corners

Cohoes

Green Island

Watervliet -------------(OK)

Latham -------------(OK)

Menands

Loudonville

Newtonville

Roessieville

Coloinie -------------(OK)

Berdoy

Fort Hunter

Guilderland

Westmere

Mckownville

Vorrhessville

New Scottland

Stingerlands

Delmer -------------(OK)

Elsmere -------------(OK)

Glenmont

Melrose

Manning Boulevard

West Hill

Pine Hills

Arbor Hill -------------------(Not ok)

Downtown Albany

Mansion Area

South End

New Scotland

HelDerberg

WhiteHall

Delso

Krank Park Cherry Hill

Mt Hope