All Forum Posts by: Michelle Phelan

Well, that is sad to hear. Keep me posted. I would like to know how it goes. High falls in a decent area. Are you buying a SFR or a MFR? Or will this just be a home for you to live in?

@Account Closed

Hey there! Thanks for your thoughts and reply. I would love to meet up. I am just around the corner in Troy. 

I am very familiar with the Poughkeepsie, NY area as I just moved up this way from that area 3 years ago. I will IM you. 

Hey Chris! Michael Jordan in Kingston, NY was great for us. He also did our Title search. Where are you are you buying?

@Dennis M.

Hey Dennis!

Can you elaborate on your comment? If you know what you are doing you can get started with $10,000. I currently have $20,000 but I live in NY. I am new to the area and find it challenging to take the leap. I personally would like to meet other like minded investors and buy and holds.

Any Troy, NY, Albany, NY or surroundings area want to meet up?

@Michael Henry

Why would you pay for an appraisal prior to negotiations? I avoid that step until after inspections and negotiations.

I went through the same as you however, I find the issues minimal other than the structure issue with the steps.

We also had a fourplex under contract. The owner wouldn’t budge on price even when we brought a commercial roof inspection to him showing that the roof was at end of life. The replacement roof was $18,000. The deck holding up the back roof had structural issues too. That was quoted at $4000.

The owner didn’t want to compromise with us so we walked away. This would have been our first investment and I didn’t want to start off $20000 plus in the hole. The apartments also needed to be revamped.

Good luck on your decision to move forward!!

@Kevin Keck

Redfin has some good data in NY at least. I can pull actual rents and statuses of rentals. However Redfin isn’t everywhere yet. Also I find VT to have very limited data.

Thanks guys!! I am working with the owner now to see how we can make this property work. 

I am currently in communication with a 75 yr old gentleman who has an off market 4 unit for sale in upstate NY. The numbers are below. I am currently lacking some details and will update the post as I continue communicating with the owner. My question is, what is the best way to put together a offer based on owner financing?

Off Market 4 Unit- Asking $110,000

Rents $3075/$36900 Monthly/Annual

Repairs this year include:

New plumbing

4 water heaters

New rubber roof

Bathroom upgrades

Paint

Stoves

Refrigerators

I am being told the total annual expenses are $20,000. However I am waiting for reply for the breakdown. The rents include utilities.

Numbers Look like this:

Annual Rents - $36900

Operating Costs - $20000 (Taxes, Ins, utilities etc.?)

Left Over - $16900

Mortgage - $7368

Total Income: $9532

@Robert Shedden

Way to go! Taking action is the ONLY to go. I too have an accepted offer on a 4plex. Inspection is Saturday. I also just came across another 4plex in the same area that is cashflowing just over $1000 after all operating costs. I am trying to figure out how to swing the second one too.

I am also going with a commercial loan @ 5.5% only, 20% down, 25 year amortization and 5 year balloon payment.

Did you acquire tenants with both units?

I wish you success!

I plan on attending! Look forward to meeting you all!