All Forum Posts by: Joshua Lupo

Hi everyone! My fiancé and I are considering placing an offer on a beautiful 6 bedroom 2 bath in Albany. The property was built in 1930 and our family is very concerned about the age. We have explained that in Albany, seemingly most available multi family properties are from 1940 or older. Even with a diligent inspection, is it super risky to buy a house that’s almost a hundred years old??

Hi All!

My fiance and I are first time investors and we are looking to FHA house hack a duplex in Albany, NY. Currently we have two properties in our sights and are torn on which we should go with. Details on the two listings are below:

Property 1: Off market (our agent realtor is also seller agent..thoughts?

6 bedroom, 2 bath

List-199,900

Current rents-1050

Taxes- 7200/year

PITI-1750

Great condition and newly remodeled bathrooms,bedrooms and kitchen. Roof may need some work and there is a 2 car garage in terrible condition that might need to be torn down to make room for tenant parking spots.

Property 2: On market 90 days

list- 199,900 (considering offer of 178k)

Taxes- 5400

Rents-975

PITI-1600

Good neighborhood but further from colleges and down town area than property 1. outdated building, black mold in attic needs to be removed, basement is in rough shape and needs to be overhauled. Smaller bedrooms and kitchen, bathrooms need to be remodeled.

Long and the short of it, 1 is in better condition but not as nice of a street and 2 is outdated and needs to be remodeled and we feel like we could get in at lower price given comps and time on the market 

Any help or recommendations would be greatly appreciated!

Welcome Mark! My fiancé and I are also new to BP and the real estate field. We are actively in the market and looking for 2-4 units and hopeful to close in Albany before our wedding in August!

Hey Brett,

Just saw this post and very interested to hear about any updates? My fiancé and I are in search of a multi family (3-4 unit) in Troy and I’m wondering how things are working out with your 5 unit?

Thanks! 

Hi Peter,

My wife and I are actively trying to find a good house hack in the Albany area but are having a tough time finding a property that’s not absurdly expensive or with terribly low rents for what asking is. Any tips? also where abouts in Albany did you buy?