All Forum Posts by: John Weber

Sounds like fun, cant wait to be there!

Congrats Frank, and that's great that you already have goals for the future!   I am working on my first duplex in Kingston right now and should have a fully executed contract in a few weeks! 

Hey Frank,  

My friend Rob is a whole sales in the area,  I'll see if I can get ahold of him! 

Hey all, sorry for the late response.  It has been an emotional few weeks.  So I was able to call the town and get more information on the project I was originally thinking about.  The town inspector and permit guy were both out of the office however the secretary was able to answer all my questions and then some!  I learned so much about permits and restrictions from that 30 minute phone call. I went into the conversation some what informed but she was able to explain things in detail that I didn't know about or wouldn't have thought to ask. 

Ultimately, the house is zoned properly to be a duplex. It has the right amount of area (acreage) and is the right distance from the street itself/ rear end of property line.   The only thing I would have to do is present my case at a town board meeting.  Since she handles the forms at the courthouse when these meetings take place so she was definitely the person to be talking to about the matter.  She confirmed all my concerns and I felt more confident about the property.

Unfortunately, I looked at the house the next day with an inspector, who is a friend of mine, and we looked at the house and looked for concerns.  We sure did find a lot.  Many more then I was previously expected.  I then tried to renegotiate with the seller because of the repairs that would be needed however they were not willing to entertain my offer. I may send another but ill wait for it to sit on the market for a little longer.  Oh well, on to the next one I suppose.

So the Property is zoned as R-2, which according to the Town of Rosendale,  it would require some Special permits but could potentially be a Duplex.  I have not yet called to see what kind of permits, or how much it would cost to do this renovation.

@Rob Geringer I will ask those questions when I call tomorrow

@Alan Brown,  Rosendale is a bit out of a diamond in the rough.  It has some little shops and a main drag but it is quite a small town.  My tenants would have to have a car in order to get around to larger stores and attractions for.  It is a nice getaway from the NYC though and there are two colleges within a 15 minute drive.  I would idealy rent to college kids.

@Cree Quaker,  I did see some opportunities for multi-family's in Kingston However  none in my immediate price range.  I also noticed that the rent in Kingston was a bit lower than it is on than places for rent as you get closer to New Paltz?

As of Yesterday,  we settled on a price.  I am going to do a walk through with a contractor friend on Saturday and see if there are any major issues that I should be concerned with.  If it works out, I might have my first deal on its way!

Alright this is a great start! Thanks @Cree Quaker, @Alan Brown, and @Rob Geringer   Ill start looking into it and let you know what I find!

I am currently going back and forth with offers on a SFR in Rosendale, Ny which is in between Kingston and New Paltz in Ulster County. There is currently an unfinished bedroom, finished living room and Water Hookups (old sink) in the room in between. I am thinking it might be possible to turn this house into a Duplex but I'm not sure where to look, or who to ask about rules and regulations for this type of renovation.

Any tips or guidance would be appreciated!

I had a Landlord in college who I rented from who had a great business model.  For two years, my 7 housemates and I sent this guy money,  about 105,600$ total.  We paid rent in 3 month increments and were reminded when the three month term was coming up.  During the two years and even to this day, none of us saw his face or ever talked to him on the phone.  He was able to efficiently handle all communication over email and had a handy man stop by once a week for a few hours to do minor things around our house, and 2 town houses on the property.  

I think you should read "Landlording on autopilot" by Mike Butler and  and go for the College renters.  If you put your ducks in a row and spend a little where it will go a long way, you will have success.

Hey BP!

I am gearing up for my first deal and one came into my path yesterday.  I want to know what yall think!

There is a Studio (0BR 1 BATH) Condominium in good condition in town where I went to college in New Paltz, NY and near where i grew up and here are the details:

The condo currently rents for 800$

Owner is asking 65K$

Taxes are 2000$ a year

HOA is 192$/Mo

insurance...?

I could put down enough to avoid PMI.

Theoretically it could cash flow right away (~200$/mo w/o vacancy) but im worried that it wont make out well enough in the long run and I should continue to look for houses in the area that can cashflow larger amounts and be a better asset.

What do you think?

Chiam, 

Thanks alot, I am excited!

Michele,

That is great to hear! I will PM you.