All Forum Posts by: Kyle Gendron

 Agreed there will never be another 2008 ( without a war knock on wood ) .... how ever lol ...life happens... divorce, death, loss of income, Tragic health issues the list goes on and on to why we find ourselves NEEDING to sell, it will be these NORMAL life changes that will cause many who are upside down to be ruined. While this isn't likely to happen on mass I wouldn't be surprised if it became common. 

Single Family's are tough Ive never got into them, difficult to cash flow and when vacant you have nothing coming in at ALL....especially with debt.  I read several of the comments and I didn't see one suggestion. Assuming you don't want to sell these and move to Multi-Units you have to ask one major question.

Why are your tenants turning over so often?  Is the location just transient? Are you asking too much? Are the utilities too high? 

Quick turnovers will kill a lot of good deals. 300 cashflow isn't enough unless that includes a large repair % you are taking out every month. What are your numbers? How much to do you take out for vacant % repairs ECT ? 

Also finding the right materials will help you big time, buying the cheaper flooring and even paint will only bite you in the but down the road. I have hardwood floors and they stand up to beatings. Vynal sheeting and quality tiles will last FOREVER if installed correctly. 

Quality paint and painting every house exactly the same will help cut down costs then you can buy in bulk ( 5 gallon buckets ) you can go with white but I feel that's lame. Find the colors you like and stick to it ...forever. I found a few differnt grays with white trim works for us the neutral color appeals to most everyone. Also make sure you pick a brand that's going to be around I use beher from home-depot but sherman williams prob be fine... the main point here is so that you can buy in bulk and store it properly so when a turn over comes up you just grab it and go and you can match the old stuff on the walls... then you can just paint or ( have the painter)  roll out the blemishes and in SOME cases not even have them cut in get a discount lol I know this sounds cheap but when you find the right colors no one notices. hope this helps !

Hey Alex I can't speak much about the other markets, but I can for Albany, I guess it depends on what you think no appreciation looks like but appreciation has been stronger than ever in these last few years, mainly do to the low inventory and the strong influx of investors and residence from NYC sending most of the quality properties into multiple offers situations in the Capital Region not only Albany.... which I don't see stopping anytime soon.
Taxes are definitely high but so are rents which have also sky rocketed. To Akshays Point a strong tenant-base of student rentals and medical staffing around AMC Albany Medical Center can turn some quality cashflow. The large state-employee and political working force cannot be forgotten either. No matter what strategy you are looking for there is a place for it in Albany. Air BnBs student rentals, Low income, Turnkey and with all this push from NYC it only seems to be going in one direction. Time will tell.

If you'd like I can send you some data, broad or specific, from the MLS for your number crunching.

 I am a active realtor in Albany NY, I Work with investors especially and know this area well. Give me a call 518-360-8492 

Quote from @Akshay Nihalaney:

@Keisha Moore - I'm started investing in Albany last year. 

I'm limiting my search to these areas - Pine Hills, Melrose, Park South, New Scotland, Center Square, Helderberg, Buckingham and areas around SUNY. Here is a map. Hope that helps.

 I know the area well ; ) call me 518-360-8492

Vitaliy, 

It is a cash purchase and rehab. The property was purchased under personal name but we are planning to go with an LLC with partners. If doing so prior to "re-fi" would open up better financing options it seems to be the best choice as we plan to rinse and repeat of coarse.

The 1.2 Debt service ratio is the same as DCR ?

Hello All, I am looking to do my first BRRRR deal in Albany. Has anyone worked with any lenders in the area on a deal. My concern is the seasoning period.

@Joshua Lupo I have been "house hacking" a duplex in Albany for two years with no regrets. I have not personally invested in Schenectady or Troy but have watched and shopped in both markets for the last three year. What I've "personally" realized as an owner-occupant is.. it really all depends on your Comfort vs Profit restrictions. You are going to see way higher ROI higher CAP RATES ect... in "less" desirable areas and when you see the numbers on the MLS spread sheet your heart starts racing then you do a drive by and don't schedule an appointment. Its a different game for us " house hackers" and Ive just noticed that there are a lot more options in Albany. Schenectady includes the water bill in the taxes "Ive heard " which might justify the extra expense. My water expense for a 3 over 3 duplex is about $1000 a year in Albany (I installed dish washers and washer w/ dryers). "Ive Heard " Schenectady requires you to get re-certified (ROP's) between every tenant. Albanys are every 30 months if I remember correctly. Albany also last year added a separate waste fee of $180 per unit per year minus the first unit so on a duplex its 180 a year ect. Not sure how thats handled in troy or Schenectady. In Regards to condition of the MLS right now I would suggest going OFF MARKET. Call For Rent adds on Craigs list and for rent yard signs ...mail letters to properties saying I want to buy your house lol ..Ive had luck this way. Your Realtor can give you a list of the owners if they are Absentee. Not only will you stand a better chance of getting the best deal but you won't be going up against 25 other investors. consistency pays off with this method... do 5 a day by the end of the week some one will respond. This is a service I'm providing for my clients along with other prospecting techniques and it does work just slow and steady. You will get ppl who may try and get way to much for the property so always use your realtor once you find one. Happy Hunting !!

Hey Guys,
So I've heard all about the BRRR strategy but not to sure on the Refi section... like what requirements a lender will have and what type of boxes I would have to check.

Lets say I Purchased a Property for 30k cash. Could I turn around and get a mortgage on that property for my 30k ( given it appraises correctly ) then use that cash to rehab? 

or lets say I buy it for 30k rehab 20k....refi out.... hopefully for more than the "50k" invested. Will a bank have to run my credit and check my income to debt ratios like a normal mortgage or is the collateral of the property enough. 

Also has anyone had the Lack of a W-2 Income prevented the Refi.

THANKS GUYS !!! ...on a side note how do I "tag" someone like @ steve b ...i type it in like that but it doesnt tag him ?