All Forum Posts by: Tim Foley

First, welcome and glad you are getting into the investing side of real estate. Hopefully these insights will help you on your current house. If you are looking to build money faster so you can do more upgrades, I would ask if you could rent out the 3 bedrooms all the time instead of just while you are away and then rent the 4th bedroom as well while you are gone. You might need an owner's closet to lock some things up, but could help you earn more.

Next, I would look at doing more value add upgrades first. Upgrading your electrical service to 200 amps doesn't really increase the value of your home, same as new windows. If the kitchen needs an upgrade or the bathrooms, or flooring then you could add value to the house and potentially cash out refinance or get a HELOC based on the new value and use that for more upgrades. Just be careful with the upgrades you choose because some are great for maintenance and longevity, but not necessarily adding value. If you do have to sell in the short-term you might not recoup all the money you put in.

Great advice, Bryan.

@Anna Holmes, where in upstate is the property? I may be able to help you identify quality contractors, etc.

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Upstate New York, New York

If code enforcement likes what you've done, maybe apply for a variance. Where un upstate is the property?

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Upstate New York, New York

I am a real estate agent in the Albany area and am closing on my own STR soon. Surely some locations are saturated, but the demand from NYC area folks coming Upstate is still high. Portions of the Catskills & Adirondacks are good locations, as well as Saratoga (if you can find an affordable property). You definitely need to do homework on local restrictions. Reach out to me directly if you want me to help you find a great property.

1 Vote

Upstate New York, New York

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Upstate New York, New York

@Scott Justynowicz. My experience is that Hunter is more viable year-round, at least pre-COVID, because of the numerous events that are held there.

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Upstate New York, New York

@James Ciccarello… Hi, James. It would be helpful to know your goals associated with the land. Buy & hold? Subdivide and sell off in chunks? Partner with a builder for new construction? Become a developer? The answers will help steer you to the right people to help.

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Upstate New York, New York

Hello, All!

Folks in the Albany, NY area, can you recommend a local manufacturer or distributor of replacement windows?

Thanks in advance.

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Upstate New York, New York

Sorry to hear about this situation. Probably your only remedy is to sue for damages (if there was any), but you should consult your attorney.

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Upstate New York, New York

All Forum Posts by: Tim Foley

Tim Foley has started 1 posts and replied 12 times.

Post: Rehab or upgrade financing

Post: Smart Lock Recommendations?

Post: Rehab or upgrade financing

Post: ADU Issue need advice

Post: STR friendly places in PA and upstate NY?

Post: STR locations Upstate new york

Post: What is windham like year round?

Post: Looking to Connect with Upstate New York "Land Specialists"

Post: Replacement Windows in NY Capital Region

Post: Signed offer cancelled by seller