All Forum Posts by: Meghan Cheek

Hi Adam,

I have some recommendations in Albany, if interested feel free to send me a message!

- Meghan 

Nice!  I'm actually about to close on a property in Saratoga county, not so much a traditional rental as it's going to be our "forever" home but it has a rental unit attached.  I will definitely reach out in the future when I'm on the look again though!

Sounds like a great deal!  May I ask what neighborhood in Albany?  Did the property need any work or did you buy and rent it out as is?  I'm currently in Pine Hills and it's been difficult to find anything in decent shape under 225-250k, let alone a 3 unit.  Glad your direct mail worked!  

Personally I like a market with multiple industries for employment.  I like Albany for this reason, multiple hospitals and healthcare facilities, state workers, as well as multiple colleges and universities if you're interested in renting to students.  Such a variety of renters, everything from students, young professionals, and families.  Only downside is you're not going to see as much appreciation as other nearby markets, but cash flow can make up for that depending on what you're looking for.  

@Wesley W. that's crazy!  Sadly that's been the experience for most landlords that I've found.  Thank you for sharing your experience, hopefully we can share tips/resources to find a more suitable solution!

@Steven Luttman ideally I would love to reduce the rent in exchange for snow removal, I just don't feel comfortable putting that responsibility on one tenant for a shared driveway between multiple units.  I now see the benefit of split driveways/sfh rentals in that regard!

@Colin Stuart thank you for reaching out, I'll be in touch!

@Jerid Meagan its a small 2 unit but the driveway is quite large (can easily park 6+ cars and it is a shared driveway.  I feel comfortable making the tenants responsible for the front porch and walk ways, I have several shovels and salt, but the driveway is another issue.  Thankfully there is no sidewalk so I don't have to worry about that.  I like the idea of crediting the tenant after the season, I will definitely consider that if I go that route.  Thank you!  

With winter fast approaching I was wondering how everyone handles snow removal for small multifamily properties?  We have been providing snow removal but are now looking to move and hire it out.  I've read that it can be a real headache as a landlord to find a reputable company that is insured and will actually show up.  Does anyone have any recommendations in the Albany area?  How much does it usually cost?  Any I input would be greatly appreciated!

Thank you!

Welcome Jason! I'm a newbie in Albany as well, congrats on taking the first steps towards REI and financial independence! I'm usually asking more questions than answering but I'd be happy to connect and talk more. Keep us posted on your progress and best of luck going forward!

Meghan

@Patrick M. yes the two hot water tanks are on separate meters, but the boiler is on the first floor's meter.  So in theory, if I were to move out I would have to cover the first floor's gas bill (hot water, gas appliances, and heat for both floors) and the second floor tenant would be responsible for their hot water and gas appliances.  I hope that makes sense.  The property is in Albany, NY and the market is generally older multi-families (early 1900's) that run on boilers but the majority of houses have completely split utilities.   My home happens to be a 1960's cape that was most likely converted to a two family, hence the shoddy separation of utilities and plumbing.

Hi all,

I currently house hack an upstairs/downstairs two family home, about 1650 SQ ft total with separate gas and electric meters.  It has two gas hot water tanks and one boiler (dual zone heat), so the tenants upstairs pay for their hot water but I pay for gas heat.  My plan is to move out in the next year and ideally I would like to completely separate the utilities.  The second floor hot water tank also needs replacing so I figured now would be a good time to get quotes and see what can be done (side note, I just had to pay a few hundred dollars to correctly separate the hot water as some plumbing was crossed).  I've had three plumbers take a look and the general consensus for most cost effective solution is to add a second boiler and replace the 40 gallon hot water tank for the second floor.  This comes in at about $7500 all parts/labor/tax included.  I'm wondering if it's really worth it given the large upfront cost or if I should just keep paying the gas utilities once I move out.  Since I've lived here I have a pretty good idea what the bill is like, but I worry about tenants abusing the utilities.  It sounds like a headache adding lease stipulations like setting a limit and billing for overages.  Also, it's harder to market the units because the rent price is higher due to gas being included (a lot of times people just see the sticker price and don't read further).  So, looking for opinions or if anyone has any other suggestions or solutions?  I plan to hold onto the property for the long-term. 

Thank you!

Hi all!

I'm currently looking for a new plumber in the Albany area and was wondering if anyone had any recommendations.  We've been using Crisafulli Bros but it's getting way too expensive.  I definitely need someone who is licensed in Albany.  Most pressing job is to either fix a leaking pressure release valve on a gas hot water tank, or the tank may need to be replaced as it is 8 years old.  In the future we are also looking to add a second boiler to separate gas heat utilities.  Any recommendations or previous experiences would be greatly appreciated!

Thank you!

Meghan