All Forum Posts by: Steven Luttman

Hi @Misael Carlos Vera. I'm not familiar with the NYC market however I'm happy to try and tackle any upstate investing questions you might have. Best of luck! - Steve

@Maria N. the fees you outline are on point with what I would expect to see as a buyer in the Capital Region. If you have concerns about upfront out of pocket expenses perhaps you can rework the purchase contract so that there is some form of seller concessions. While this would increase the purchase price it would also go a long way to alleviate upfront financial stress.

Where about in Troy is the property located? At that price point I would guess over by Emma Willard?

Congrats on the upcoming acquisition - Steve  

@Jean Bae congrats on the upcoming first investment. There are a number of local REI meetups going on in the area. Attending these may help you narrow your focus on what sections of upstate are most appealing to you. Plus they are a great networking opportunity. Best of luck, -Steve

@Anthony Zotto it sounds like you are handling it as best as possible. As someone who recently had to buy out a bad tenant my best advice would be to keep increasing the "cash" component of cash for keys. At some point they'll bite, especially if you offer not to pursue the past due amounts.

Best of luck,

-Steve 

@David Jones I'd research RE meetup groups in the geographic areas you are interested. You may be able to Zoom call in to their meetings, but at a minimum you'll get introduced to knowledgeable folks you can leverage down the road.

Best of luck,

-Steve 

@Jason Maguire welcome! I own a few apartments in Troy and would be happy to share my experiences.

Best of luck,

-Steve

@Marco Fontana are you interested solely in cash out refis? 

@Faisal Mohamed I've owned apartments in Troy for a few years and can confirm the "mixed bag" you reference. 3rd Street and adjacent as well as the Emma Willard area are worth a look. 

As an agent who tours apartment buildings with clients its apparent a good number of landlords simply aren't spending what they should to maintain their investment. If you offer a good product at market rate you will win.

Best of luck,

- Steve   

@Tom Hurysz I did STRs on one of my Saratoga apartments for two Summers. I now do strictly year long leases. My situation was a bit different as I was living on site at the time and elected to self manage. Even without paying a PM I found it to be only slightly more profitable than a long term lease. 

Best of luck,

-Steve

Hi @Eslam Samy ,

The Governor's eviction moratorium has been extended to October 1st, however most likely will continue past that date. My advice is exactly what you have already tried, cash for keys. Either keep increasing the offer until they or not able to resist, or simply wait until the courts resume hearing eviction cases. I prefer the former.

All the best,

Steve