All Forum Posts by: Zack Polino

I'm from Buffalo, NY, and prior to moving to the metro DC area I purchased a 2 unit property in Kenmore (suburb of Buffalo). The cost was 80k and after paying my mortgage payment I pocket approx $200 a month. It's not BIG money but I am having a mortgage paid off for me and still bringing in a little extra. Right now I'm looking to purchase another 2 unit in the same neighborhood. Same amount of money, pretty much the same deal. Hopefully I'll be moving back to the Buffalo area soon as well. My question is, what's wrong with this? I have posted this in other areas when looking for advice on financing etc..and I seem to get negative responses to what I'm doing. What do you think?

Thanks for the feedback. Going with what you said gainesvillej, I don't have to do a thing with my property. Don't get me wrong, I have to communicate with my tenants, have my plumber stop by occasionally, but as a whole the property is in great condition and doesn't bring me headaches.

I want to purchase another double in the area but be a bit more firm in getting a property for the price that has a better cash flow.....now I just need to find out where to come up with a 20% down payment!!

Hello

I've owned a 2 unit double near Buffalo, NY for about 6 years now. I rent both units which pay for my mortgage and leave me an additional $200 a month. I always thought this was a pretty good deal and was looking to purchase something similiar in the area to do the same thing. With prices falling I can find many doubles in the area for 50k-80k that bring 500-650 per unit in rent. I was recently told that my current situation is bad...but was then promted to buy this person's book. But it got me thinking...Is this a bad deal??

Hello

I own a 2 unit double in Kenmore, NY(Buffalo). I purchased the house in 2002 and rent both units. After paying my mortgage I bank an additional $200. My question is this. I'm 30 years old now and would like to purchase another double in the same area. At this time, would it be smart for me to try and get anything I can out of this property in terms of equity, and put it towards that next property?

Any financing ideas or comments are appreciated.

Hello

I'm new to the forum here and I'm glad I came across such a great site.
I'm 30 years old and I own a double in Kenmore, NY (suburb of Buffalo). I purchased when I was 23, lived in it and now rent out both units while I live in DC working in Property Management. I have to say, I love having people pay my mortgage and leave me with $300 extra every month. After reading so many books and websites I'm ready for more. Here's my issue. Where can I come up with the extra money to purchase my next double in the same area. Kenmore, NY is loaded with low purchase price doubles in great condition that pull in great tenants due to the area and decent rents. Where can I pull out the money I need to purchase my next one...or even purchase an 8-10 unit? Any comments or advice appreciated.