All Forum Posts by: Missy H.

While I can't tell you what to do, I can tell you what I did.

My first year out as a landlord, I went to a CPA to do my taxes.  The next year, I bought turbo tax and duplicated what he did on my previous year and took all of the same deductions.  I have been doing it myself every year since. 

Use the rental property calculator that can be found in the analyze tab on the blue ar at the top of the page.  Run the numbers through the calculator and see if the deal works. 

Then there begs the questions about the tenants.  Does the property come with tenants or is it vacant?  The answers to that question will also influence any decision to buy a rental property.

You should also consider the rental market in that area. 

Is the market already flooded with available rentals?  This might make it difficult to rent; especially 4 units at once.  Look at craigslist to see how many rental units are out there.  If there are not that many rental units available and you think that you could easily rent it, the 4 unit may be the way to go.

If there are plenty of available units in your market, you may be better off choosing the 3 unit with the built- in tenants.  However, do your due diligence and make sure that you get financial information on the current tenants to ensure that they have a history of paying their rent on time.

@Danielle Hammond

To highlight a name, you just have to hit

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Hi All:

I currently own two properties in NY; one on LI and one in Albany.  I have had them for almost ten years now and they are both rented.  I have not purchased another property in quite some time. 

Now, I am looking to get back into investing as a buy and hold invester primarily in the Albany area and am looking for an investor agent to work with on a long term basis.  If anyone knows of anyone in Albany, can you let me know?

I am familiar with the area and there are very few areas that I would be hesitant to buy in.  In other words, I am open to all neighborhoods.

Thansk for reading

Missy

Hi Daria

I had something similar.  I too rehabbed a house; completely, from top to bottom.  I also had a property manager who charged me for every single visit. 

I advised the PM that the house was recently rehabbed and there should be no problems with electric, plumbing, roofing or anything else.  However, if something did come up and she got a call from the tenant, she should call me first before going out.  I would then call the contractors myself to go to the house and meet with the tenant.  This was a transitional period and if there was an issue, her handyman would not need to take care of it as it was all under warranty.  After the first year, she could make repairs as needed.

She was resistant at first but i explained that this is what I wanted.  Long story short....i no longer have a property manager and do it myself from 3 hours away.  I have a list of handymen and professionals who i can call to go out to the house if anything is needed and they pay the rent directly to my bank account.

Good luck.

Hi Charles

@Shawn Mcenteer is correct.  The BP meetup is a great place to learn and network with others in the NY/NJ area.  But you have to register for it.  Go to the Network tab on the blue bar at the top of the page.  Click on "Events and Happenings".  Then scroll down until you find the post for the NYC meetup on June 23.  It is at WeWork on E 23rd St.  You have to register for the event and the link to register is in the post.

 I plan on being there so stop by and day hello.  I am originally from LI but now work and live in NJ.

Missy

Also, listening to the BP Podcasts can give you lots of information on the various ways to find investment property.

It would depend on who put the refrigerator in the apartment.  If it is yours and you bought it with a water dispenser, then you have the responsibility for it.  Of course, if the tenant purchased it, the responsibility is theirs.  However, if the refrigerator came with the apartment when you took ownership, this would be a disussion that you would have to have with the tenant.  If they do not want to have the responsibility for changing the water filter then you should disconnect it and they should buy a Brita.

Anil, do you have access to the apartment?  If so, take pictures as soon as you can, before she moves out.  You may need it for your next court date. 

If you don't have access, get the AC fixed (you will have to do it sooner or later) and go inside with the repairman and THEN take pictures.

If the court date was May 31st and the judge postponed it to next week, what is the status now?  Did he/she tell you to file another eviction?  The original should still stand if it was a postponement.  Why would you have to file a second eviction?  Section 8 or not, the process is the same. 

Hey Jane

"Don't regret the things you do, regret the things you DON'T do."

55 years young is very young indeed.  Time goes quickly and before you know it you will be 65.  That will be the time that most people look to retire and many, many people these days have difficulty retiring due to company downsizing, insufficient retirement savings and the inflatined cost of living.  Ten years from now, you could feasibly have 10 properties each bringing in $100/month in cash flow. 

Live your dream and buy, Buy, BUY.