All Forum Posts by: Alex Mason

Thank you for your reply @Andrew Pope.  I am sure you have heard all kinds of stories working with clients.  That's a good point about the occupied units as I anticipate that to be a likely situation.  Thanks for the advice, I will be sure to connect as we may cross paths down the road.

Thanks for your reply @Antonio Cucciniello. I will be sure to adequately budget for repairs and make sure I have reserves for CapEx. That seems to be the major theme relating to the capital region.

Thank you for the reply @Alison Walden.  Hahah great analogies, I am sure the older buildings have a lot of character!  I will be sure to have the foundation properly inspected before making any offers.

Thank you for your response @Joshua Lupo.  That's great you already have some properties in the area and optimistic.  Good luck with your properties and that chimney repair!  I will be sure to connect

Thank you @Ryan Vienneau for the response.  I will definitely keep your insights about the code requirements and zoning in mind on my search.  I welcome you to connect as we might be able to help each other out down the road.

Hi @Dan L., thank you for the reply.  Thank you for the pro tip about the basement condition.  Is the basement tip related to foundation issues?  Do you mind expanding a bit on how your experience has been so far in the area?  Any additional tips for a first time investor?

Thank you!

Hi @Matt Whitermore, thank you for your reply. I appreciate your advice about building knowledge and sufficient budgeting for maintenance and CapEx. These are things I will highly consider when analyzing properties. Do you have any basic rule of thumb for budgeting advice when it comes to the year the property was built or the number of units? Just to get a quick idea. Or does that vary too much from property to property where the best way is simply doing a walk through with the inspector/contractor? I currently do not have any local property managers or contractors in the area. My investment partner and I plan on interviewing some soon.

Hello Bigger Pockets Community, I am interested in investing in the Albany New York or Troy New York markets. I have been targeting 4-10 unit properties in the area as a cashflow play.  However, I am a bit concerned as a lot of the properties I am seeing were built around 1900.  I don't doubt members have had vastly different experiences owning older properties but can anyone speak generally to the realities of investing in an older building (any deal breakers or things to look for)?  Also, if anyone has additional market insights into the area I would love to learn more.

Thanks in advance,

Alex

Thanks for the input @Matthew Irish-Jones and @Khaled Morad from Buffalo. From what I have read Buffalo is quite an investor friendly market. However, Buffalo is a bit far from the radius my partner and I are targeting. From the advice I received above and considering this is my first property, something closer seems to make more sense. The Albany area is the main NY market we are considering. If we do ever venture out west to Buffalo, I would be happy to discuss that market further. In the meantime it would be great to connect. Thanks again for the comments!

Hello @Filipe Pereira, thanks for the advice, I anticipate this pursuit being difficult but am confident my partner and I will succeed. Springfield was actually another of the markets we are targeting. To be honest we were both a bit concerned about the crime rates and general poverty rate we were seeing in the area. I would be interested to hear your perspective and learn a bit more about your property management company. I would be happy to connect and discuss. Thanks for your comment.