All Forum Posts by: Sean Relyea

@Dimitri Zavos Absolutely, Coty Demers with Diamond Key Realty NY. Her or someone on her team would be a great choice for you. And since writing this last post, I can amend this to 4-time agent and to-be broker once I finish the real estate salesperson course! 

Andrew,

I think you might have some trouble finding a conventional lender who will allow for a 5% down payment on a 4 unit. I've seen 15% at best, but I haven't looked at more creative options. If you find one, I would guess the interest rate will be higher and that will impact your cash flow projection. I really don't think your closing costs are far, off the emergency fund is a bit low but if you're saving continuously and can borrow I don't think that's too much of a worry. In the local area, I've found that you can realistically find somewhere around $1000/mo cash flow per $200,000 purchase price if you pick your deal well.

Hi all,

I recently purchased a 3 unit building that had undergone a full rehab. Most things turned out okay, but the heating systems were a worry during the closing process and that concern has proven justified. Each unit has roughly the same layout with the entrance to a dining room-living room with one bedroom branching off, leading to a small hallway with the bathroom and laundry closet leading to the kitchen, from which the second bedroom branches off. The thermostat is in the dining/living room, as are old-style standup radiators that seem to be very effective. The baseboard doesn't get a chance to kick on and run before the radiators do their job and trip the temperature switch. Who do I here? Aside from ripping the system out or splitting it into two zones (far more expensive than I want it to be) the only thought I've had is thermostats with remote sensors that could be put in the far side of the apartment. It should fix the lack of heat, but them I'm worried about overheating.

Thanks,

Sean

Hi Tenzin,

Unfortunately I can't add too much at this point by way of contractors, but it sounds like we have a similar interest area. I just closed on my second 3 unit this past week in Troy and have a duplex up in Glens Falls. I'm doing early stage research on marketing to find properties and recently started on my real estate salesperson license. The hope is to move to light-moderate rehab next. I'm slowly building up some contacts from minor issues on the existing buildings, but my to-be broker and 3 time agent seems to know everyone in the market. Would be happy to discuss plans and ideas.