All Forum Posts by: Jamal Irving

Updated:  Yearly expenses of the property owner:

Water: $850

Insurance: $2300

Electricity: $840

Security: $1200 (internet connection to be able to view the security cameras of the property remotely from the internet)

Hello @Giuseppe Mordini, Sorry for the delay.  Yes the property is available.  

1st floor unit - unoccupied and needs complete renovation

2nd floor unit - tenants occupied with month to month rental agreement.

3rd floor unit - renovated ready to rent out.  

A video tour of the 3rd floor unit is avaialbe https://drive.google.com/file/d/0B0G4j21tSlm4ajZrQzVqdEVOSkk/view?usp=sharing

To give a more detailed description:

Taxes: $5,600

1st floor: 1 bedroom, 1 bath (needs renovation)

2nd floor: 2 bedroom, 1 bath (occupied by tenants)

3rd floor: 2 bedroom, 1 bath (recently updated and ready for occupancy)

Market rent:

1st floor: $700

2nd floor: $900

3rd floor: $900

3rd floor rental listing: https://home.cozy.co/apply/209724

List Price: ~$125,000

Utility information:

- each unit has its own electric meter.

- separate gas meter (each unit has its own hot water heater)

- Each unit has electric baseboard heat (each tenant pays their own heat)

- shared water meter through the whole building

Recent plumbing and electrical updates throughout.

3 Family House located in downtown Newburgh a couple of blocks away from the path of development.  Great buy and hold investment for the right person.  Conservative cap rate of 15%.

Mindy Jensen the email I received for the bonus material has an incorrect link to the the audio version of the book. Instead it links to the webinar.

Mimi King yes a general contractor would possibly have a list. However, General Contractors are more expensive than dealing directly with subcontractors. Also it's always a good idea to have a network of subs that you can pick from. Keep in mind I am a new investor myself. But from my general observations of people who have success in real estate, they all seem to have a good relationship with many different sub contractors.

Mimi King certain cities and towns only allow contractors that are licensed within that city. I would suggest that you get a list of electricians and plumbers from the city you plan on buying in. Will you house be in the city of Camden? That would at least be a good starting point.

Also, if anyone is interested in some 6 family homes in hempstead, there are a number of them available for sale on loopnet.com.

I have reviewed the deals and skeptical that I could make it cash flow as I would need financing.

@Tyler Brown I have been looking in Hempstead as well for multifamily homes.  The problem I see with hempstead are the property taxes.  Since Hempstead is an incorporated village, there are village tax, school tax, plus county tax.  

For example, there is a duplex being listed for $599,000 in Hempstead (http://www.mlsli.com/homes-for-sale/350-Jerusalem-Ave-Hempstead-NY-11550-197304984). Currently taxes are $10K.  But that is only because the county is assessing the market value at $223,000.  Even if you bought the property for $400,000 after the county and village see the new market price they are going to instantly double your taxes.