All Forum Posts by: Steve Candor

2 duplexes. 4 apartments. Both for $250k (this is a packaged deal). Owner will help pay for the closing costs.

A.) 800/month, $700/month in one duplex
B.) $825/month $675/month in other duplex.

A.) $2400/tax per year.
B.) $2400/tax per year

Tenants pay hot water, heat, electric. All utilities. Tenants maintain property. Except for major stuff.

sewer & water -

A.)$90/month
B.) $110/month

insurance -

A.) $670
B.) $670

Security - only two tenants total. Both in A.

may need a new roof on one. Both properties have long-term tenants. Rents can be increased by about 5% if i replace tenants.

After mortgages, insurance, etc. Owner states making income of:

Duplex A: $525/month
Duplex B: $325/month

Good part of the city. Lots of renters but I probably wouldn't replace tenants. Just increase rents slightly.

What can you tell me about this property? Advice? Suggestions?

I have some properties - I'm interested in buying in another state. It's affordable and I think it's a good deal based on the numbers.

What are some things I should be concerned about than buying a local property? Is it too much work? The properties will be 2.5 hours away (i have family and friends in the area).

Darren,

I've been with them for 7 years. And they give me the freedom and the pay I deserve. I'm not leaving them. That is not an option.

However, i am interested in doing sales and making more money. I have some free time. A lot of my job now is automated.

I just wonder how I can do sales on my own either commercial or residential. I don't mind cobroking or even paying a mentor but I can't leave.

I do mostly Downtown Manhattan at a rental company. I'm extremely loyal and will not leave this company. However, they said I am allowed to do sales or commercial but I have to learn it on my own.

I'm not sure if this is possible to do residential sales (without any experience or a mentor).

I think I could do commercial (but maybe I don't see the full picture?). I figure for commercial all it is, is cold calling each building owner and seeing if they are interested in selling. Then connecting that seller with a buyer. I'm familiar with understanding rent rolls, expenses, and creating a sheet that shows income/expenses.

However I'm not sure exactly what to do once I match a buyer with the seller? I don't have experience beyond that point. I can definitely get listings because I work with many owners and I know people who are also looking to buy. I just don't know what else I need to know beyond this because I have no experience.

I do solely rentals at a rental company but would be interested in getting into sales (either commercial or residential) in New York City. I do not want to leave my current company (they will allow me to do sales but they have no experience in this matter)

I'm familiar with commercial building sales and could probably do this by myself (i think just by cold calling buyers/sellers) but I'm completely lost if it's viable to go solo on residential sales with no experience.

Jason,

it seems reasonable. There are better deals but in worse neighborhoods. This area is decent.

I do not know their motivation for selling. They are selling 4 properties right now. One of them is in contract for $140k.

I have not gone through the property and can not until February. Anything major I should be concerned with?

I like rob's answer.

I'm not a landlord, I'm a real estate agent in a very busy area for many years. Most landlords here would automatically ding both tenants.

The first would slip through about 1/2 the time as many landlords don't do housing checks.

I personally would take the 1st one. I like that it was 2009 (3-4 years ago). I also like her credit score of 700+. 5000/month

If you can get 2 months security or last month prepaid or a guarantor would sweeten the deal.

I have found what I think is a pretty good property. It's in the suburbs - two buildings (next to each other) with 4 rentals in total.

Long-term tenants with total rent = $3050/month
Asking Price: $272,000 (I can definitely get it down to $246,000)
Taxes: $2300/year

Location: The city is OK. Not very good but ok. But the town next to it is very good. Mostly doctors and lawyers. This property is 100 feet from this town. And the property is surrounded by decent properties.

Tenants: Not a problem. Very easy. Lots to choose from.

Appreciation: Probably very little (property has been on the market almost 3 months)

What things should I be concerned with? it's 6.7x the rent roll. Which compared to NYC is very attractive for me.

I'll check the boiler, roof, making sure current tenants are paying on time,...

what are your thoughts? what else should I be looking for?