All Forum Posts by: Nate Monson

Hi @Waleska Molina I've got some contractors who could help. Shoot me a message!

Hi @Andrew Curro I think in general creating an LLC is a good idea. Not doing so is taking a risk but if you are going to be owner occupying it, you'll be able to keep a much closer eye on things I can see an argument for not doing so.

In the contracting phase I've seen people put a clause in their contract that allows them to assign interest into an LLC. Of course you'll always want to consult your real estate attorney before making any decisions.

Hi @Sherez Mohamed recently the first REIA was created and met last month. It is an in person meeting but would be a great place to net work when you are up here.

Albany has continued to be a pretty consistent cash flowing rental market. Many opportunities in the capital region outside of Albany too that doing well in this space.

Hey @Robert Alexis I'll send ya a message about Albany.

 Ah man! Well yeah you came to the right place to figure that out. Hope everything works out!

@Donald DiBuono I think I'll be the first one advocating for selling the property here. I am a HUGE proponent of buy and hold rentals. But what's better than cash flowing real estate? Cash flowing notes. No management, no headache unless you had to foreclose. 

I'm assuming this is a single family but even if it's a duplex this probably isn't something that's going be a critical mass of cash flow for you. So if this is your first time potentially holding paper, doing that and gaining some experience would be beneficial. 

I can't knock ya if you wanted to keep it and start building the rental portfolio. But trying to play a little devils advocate for ya as well!

Good luck!

Hi @Noah Thompson Albany, NY is a location where there is a shortage of off campus student housing. University of Albany, St Rose, Albany College of Pharmacy, Albany Law and Albany Med a teaching hospital all are industries demanding student housing. 

Hi @Ellie Pappas up in Saratoga around the horse racing track there is a massive tourist scene that occurs from Mid July to Early September. There is also the Saratoga Performing Arts Center (SPAC) which hosts concerts and shows. Other than that there isn't a ton of touristy typed opportunities in the capital region.

@Bruce Faulk You may already know the answer to this question, but going to take this in a slightly different direction since there are plenty other great posts about the numbers. What made you interested in single family rentals? If it was to get in the door or that you're looking for a place to park money with as little headache as possible than forget this post even exists lol. However, if you are interested in cash flow or a good deal, I would consider looking at multifamily properties as well. You will be able to scale a lot faster this way. Just some food for thought :)

Hi @Sol Silverstein really sorry this is happening to you. Unfortunately, with out an earnest money deposit your only real option is to sue for damages. You can certainly make a report to the board about his conduct but that ultimately doesn't help you much.

The best way to sue for damages would be to get the property under contract again. If on your second contract you are only able to secure an amount that was lower than your original contract, the difference is a very real amount you could sue for. You'd also likely be entitled to the buyer paying other damages as a result of his negligence and attorney fees. I'm not an attorney so I would of course consult the attorney representing you on your transaction. But these are the things I have seen in the past dealing with these sorts of issues. 

I had a similar deal fall through for one of my clients recently. We were contracted for 250k and the buyer kept pushing closing and eventually ghosted even the buyers agent. The next contract we secured was fortunately for 240k. And the seller didnt think it was worth the time to go through with suing the buyer. So many times it won't be worth it. But I would go back to market immediately and if there is a significant different in what you are able to get on the market now, it might be worth taking him to court.