All Forum Posts by: Louis Aller

Is anyone on here a buy and hold investor in Sullivan County NY?

I live about a mile from this 4 unit and know the property you speak of. How did the interior look otherwise?

agree with you there is money to be made if done right. I was born in st Luke’s hospital on Dubois street and know the market/area there well. The city has a very different feel than it did then especially in the gentrifying areas. I think we’ve hit a critical mass where the nyc investors are being drawn up from downstate and prices will only climb. At this stage you can probably buy a bad deal sit on it and get bailed out by the rising tide/speculation. The downside being that they’ve inflated purchase prices MUCH more than rents which compressed the cap rates

That’s a scary thought! I’ve looked at a ton of places in Newburgh and the taxes are so high I just couldn’t justify buying any buy and holds for myself. Especially when accounting for the increased assessment after my value add. To be honest between that and the NYC investors bidding up prices banking on Newburgh being the next Brooklyn I’m not sure how anyone is getting any cash flow really 

all good advice, thank you so much everyone!

I have a four unit in "upstate" NY with one oil boiler paid for by me. What is the best way to separate the heating system and pass that utility onto the tenants? (The utility company will run natural gas lines to the building for free provided I hook them up to something within 60 days. 1.)Should I just throw in electric wall heat into every unit and reduce the rent to account for higher heating cost to tenants? This is the cheapest upfront option to me 2.) Should I just throw in four natural gas boilers since the radiator systems are intact? This is being quoted at 5-10k per unit. 3.) Should I just install mini ductless heat pumps that do both AC and heat? The advantage there is that I would get cooling without having to install duct work, however this is being quoted at nearly 6k per unit. 4) Or should I just keep paying the oil heating bill?  

How do you handle getting applicants from waiters/waitresses and other jobs that are partially/mainly paid in cash? It doesn't quite seem fair to completely exclude people who earn 3x rent but obviously can't substantiate this with paystubs. Yet we are running business and have qualifying criteria for a reason. How have other landlords been handling this sort of thing?

@Amy A. sounds like there’s some special considerations I’ll have to keep in mind if I begin investing in the colder Maine climates! How much would you say a typical heating bill runs in the winter months per unit? 

Good Morning BP community,

         Do any flippers/landlords/investors in the Bronx have any solid recommendations for 1.) Home inspector 2.) Contractors (electric, plumber, roof, carpentry, handyman) ? Preferably lower end tenant type finish guys/gals who work relatively inexpensively in the Claremont Village area.

@Ceasar Rosas Your post is so inspirational! I have been getting discouraged about finding any decent deals in the Bronx area