All Forum Posts by: Sean Lauber

I thought I'd follow up on what I've found on this topic. I contacted United Tenants (an organization in Albany that assists tenants with knowing their rights) and they let me know that NYC is an exception in that they have some regulations unique to that city, while the rest of the state is more or less the same. They're not sure why some might consider Troy "landlord friendly" unless it relates to something besides the legal rights of tenants. 

United Tenants also let me know that The Attorney General's Tenant Rights Guide is about as formal of a presentation as it gets on NYS tenant rights (http://www.ag.ny.gov/sites/default/files/pdfs/publ...). In addition this link at Landlordology does a great job in describing the laws (https://www.landlordology.com/new-york-landlord-te...). These sources have provided me with more than enough information to work with. 

Hi @Kevin Wong! I've also got a background in the biological sciences. Guess we both need to supplement our income - science doesn't exactly pay the bills! Good luck!

It's worth considering staying in school and finishing your degree. Three more years my man, you can do it! You'll find a career in chemical engineering to be quite lucrative, which will go a long way towards your success as an investor. Look into house hacking - where you buy but your roommates/tenants pay the rent. This might be a good way to start out especially while finishing your degree.

I'm trying to decide on FHA vs conventional for my first deal also. It seems like the FHA is a good idea for those with poor credit or who live in expensive area where that 1.5% makes a big difference. My understanding is that with FHA the insurance is on the life of the loan (which wasn't the case a few years back), so you'd have to refinance to conventional to get out of paying those premiums anyway. For me, saving up a bit extra to get to 5% makes more sense.

Hello! I recently moved to the Albany, NY area and I'm looking to invest in the surrounding area. I'm in the process of identifying markets to focus on and I'm looking for cities that are more landlord friendly. I found a Tenant's Rights Guide for NY state online and it does list some NYC specific tenant rights so I figure other cities likely have their own set of laws. I have also heard that Troy (not far from me) is "landlord friendly", however I can't find anything specific online. Any recommendations for tracking down city specific laws? Thank you :)

Hi Baard!

I'm also from Rotterdam, NY, and new to all this. Financial freedom baby!! Hoping to buy something in the near future as well. Welcome!!

Just wanted to add that the BP podcasts are amazing. I have about a 30 min commute to work each day and I load up my phone with pertinent podcasts the night before for the drive. There's plenty to choose from so that should keep you busy! 

Hi Chris! I'm also from the Albany, NY area and in my early 30's. Good luck!

Hello! My name is Sean Lauber and my wife (Alice) and I are interested in using real estate as a means for investing our money. We've recently settled down in the Albany, NY area (originally from Montreal - then Toronto - then Vancouver - then Boston - and now here!) and we're working steady jobs now and getting a steady stream of income. I work in the biological sciences and my wife is in retail and with some excess money we're interested in buy and hold. We're thinking of a small multi-family to start out (using an FHA loan) and renting the other units. Ultimately we seek financial freedom so I can spend more time on my hobbies (homebrewing, guitar, farming) and taking it easy! Stress is the enemy and working 9-5 for 70% of the week (ie 70% of life) is unacceptable! I'm quite new at this so I have lots to learn, but with a committed (daily) routine I'm hoping to sink my teeth into something before the year is up.

Thanks guys!