All Forum Posts by: Konstantin Boubev

I'm working with number 3, but is not looking good. 

I had a very hard time finding a decent property manager in Toledo OH. I'm still looking for one, It's been more than one year since I purchased the property. On paper the numbers look good, but unless you self manage, good luck.

You are out of your mind. If you carry a weapon in NYC you will get killed. 

@J.R. Coffin I have properties in Highland, Berlin, and the Catskills. 

My primary residence is in NY, however my investment properties are at least 2 hr drive from where I live.

It's a hustle to manage, but I'm doing it, so its possible. In Upstate NY you can get a house for around 50-60K and rent it for $1500-$1600 per month. Just have to watch the taxes.

@Adam Anderson I'm thinking about solutions. The oil tank looks very old and rusty. I don't know whether was used or not. Please, let know know if someone can help me .

I bought a single family house in Newton NJ at  action.com. After I completed the sale, I found out that there is an underground oil tank. I contacted EPA Environmental ( private contractor) to remove the oil tank. They asked for $1700 to remove the tank. After removing the tank, they pointed out that there are 8 holes on the tank and sent me a proposal for soil remediation for total cost of $8900. They said, will require to remove the contaminated soil having a subsurface evaluator look at it , taking six samples and sending them to the lab. Once EP has the results from the lab I should be  able to receive a no further action letter to close out the remediation.

I need an advice what to do. Any information will be appreciated. 

I have properties 2-3 hours drive from NY, and they all cash flow positive. Highland County. The main problem is finding a contractor that shows up and do quality work. Also, you will need to self manage. You probably won't find property manager out there. I tried in vain.

Watch out for the school tax, which is around 2K on top of the property tax. 

Yes, I would.

The main thing you should be looking at is septic( if any), electrical, plumbing and structure( water damage). You need to inspect the supporting beams. Whether is a good deal or not, will depend on cost of the rehab, terms of purchase( finance), and ARV.