All Forum Posts by: Kristine Ann

The report I'm thinking of is called the "Real Property Tax Service Printout."  Not sure if it's called the same thing in your location.  

It's two pages and has much more information than you have there.  You get it by going to the county treasurer or county clerk's website and searching the address.

Instead of trying to structure a deal, spend more time and energy figuring out what's wrong with the property.  I am concerned in your excitement to start that you've overlooked a problem.  You really should be in a situation where you're negotiating and not overpaying.

@Jessenia Hartage Most people on here are afraid of NYC and have certainly never been to Queens, so I would take the warnings with a grain of salt.  NY State is fine to invest in.  

I was only in Brooklyn for 4 years as a tenant, so I can't comment about investing in NYC specifically. I do have property way far outside of NYC, far far beyond Albany.  Yes, tenants do have more protections here and you need to understand the law.  You'll also want to have plenty of your own capital in reserve to deal with vacancies and repairs.

I imagine a lot of the tenant-landlord problems can be prevented by providing good customer service and having clear standards, both in who you rent to and how you maintain your property.  In other words, it's the jerk who doesn't give 24-hour notice to enter the apartment and who is renting out a dump with a broken hot water heater to a tenant with no background check that will have the most problems.

Since you're local, you learn how to work with local tenants, property managers and contractors. Learn the laws that apply to buildings and tenants. Understand your risks and think through your worse-case scenarios before proceeding. 

If it were me, I'd start with one small condo in a large building in a neighborhood I like.  Live there for a little while I paint it and get repairs done and then rent it out. 

The house doesn't look bad at all.  It looks very sparse in front of the grey stone.  A very large potted plant or box planter right there would fix that.  Don't alter the exterior at all!  It's in good shape and won't be worth the money.

Agree with @Jaren Woeppel except for one thing. 

To me, it sounds like @Kisaki Nicole Kaopua is describing a typical ugly house that will discourage most homebuyers.  For us BP people, we can see the potential in a fresh coat of off-white paint where regular people just see a gross ugly house.  Most homebuyers walk into a home with broken weird color blinds, gross dark burgundy and mustard paint and an old icky pink carpet and can't imagine the potential. If it truly is just the paint and carpet and outdated but functioning bathroom and kitchen, a conventional mortgage should work as long as it appraises at the right amount, right?

If the roof is spongy and you go into the basement and the water heater and furnace are encrusted with an inch of rust, that's a different issue.

Professional carpet cleaners use an enzyme-based product for urine.  If there is urine there, it reacts and the smell is terrible for several days, even a week or so.  After it is done doing it's enzymatic job, the smell disappears.  Usually they warn you about it but some of them don't.

Where did you get that number? An official county assessment will breakdown the value of the land from the buildings.

There should be whole report from the tax assessor or county clerk’s office. It’s about two pages long. It lists the current owners, any improvements on the land (houses, sheds) and the condition of the improvements. It will clearly show the assessed value of the land and the assessed “full assessment” which includes both land and improvements.

I’m assuming you’re talking about mobile homes, like single wides and double wides?  The kind of homes you’d see in a mobile home park? 

My first step would be to go by the tax assessment. They will show a land value and a full assessment value with any improvements. To view this, you go to the county tax assessor’s website and you can search for the specific property.

If it were me, I'd let is sit.  Put the $300 cash flow into savings.  Raise the rent gradually every year.  Keep working your 9-5 for now and set aside money for your next down payment.  

I think people on here get way too overleveraged and move way too fast. You have almost 50% equity, so enjoy your low interest rate and at some point you'll be able to easily refinance or get a heloc or home equity loan.  Plan for your next property but there's no reason to rush into something so quickly.

Are you using a bank, credit union or mortgage broker?