All Forum Posts by: Brian Barnes

What municipality is the house located? There is a HUGE difference between Schenectady and Rotterdam! Schenectady taxes are VERY high and the school system is one of the worst in the state. If you house was assessed for 109K in Schenectady, your city and school taxes would be right around $6,000. Rotterdam property and school taxes on a 109k house would be around $3,800 per year. Rotterdam schools are so MUCH better than Schenectady schools. I doubt that this house is in Rotterdam  because not many 2 family houses in Rotterdam and if it was, the price would be MUCH higher (and I would have bought it). Your tenants in Rotterdam will be much better quality. FYI - I was a cop in Schenectady for 21 years. I also own rentals in both Schenectady and Rotterdam. I live in Rotterdam.

I don't come here to BP often, if you want to discuss, email me at bbarnes2 at nycap.rr.com.

I took the online class at Manfred. It was very easy and convenient. 

https://www.manfredrealestateschool.com/p/salesperson-2c58e74e-2550-4937-bf0f-4050cf46c216

You can also ask Collen Traficante about the buying process. I think she has done a few of them. Or ask Willie or Brian about who has done most of them for the company

Josh, I was a cop in Sch'dy for 21 years. If you have a question about a particular address or neighborhood, email me.

I have rental property in Bellevue and Rotterdam. Location is everything, especially in Schenectady! Stay in the upper Union area,  Bellevue (near Rotterdam line) or around Ellis Hospital. There is cash flow but don't count on ANY appreciation. If I were you, I would consider spending a few extra $$ and look in Rotterdam or Scotia. They may not appreciate that much but they will at least hold their value.

Schenectady has seen a lot of investment in the past decade and downtown looks much better than before. The new casino is already in financial trouble and will (IMO) fail within the next few years.

Thank God, this is just an inconvenience for me. I feel terrible for all the landlords (and tenants) that have been affected by this event.

I have 8 units right now (6 unit apt building in Rotterdam and a duplex in Bellevue). I recently sold a single family in Florida and an currently looking for another 2-4 unit closer to home. My goal is to have 20 units within the next 18 months (using the BRRR method). I've been retired for 8 years and am not looking for a full time job. I'm NOT looking to own 300 units, I just want some extra cash for vacations and my 10 year old son's college fund and want to do it without a hassle. So far, it's working out pretty well.

I buy in the better neighborhoods at rock bottom prices but am not afraid to spend money to improve/maintain the properties so that I can attract and keep great tenants. I screen my tenants very well and haven't had an eviction in 17 years and I haven't had a single tenant skip out without paying the rent. Screening tenants is the most important skill that you can have but I'm sure luck plays a little bit of a role also. The better I screen, the luckier I get.

Good luck!

Brian

Hey PJ,

I know the city of Schenectady and all the neighborhoods very well so I choose to invest there. I won't get much appreciation but the cash flow is very good. I also have a small apartment building in Rotterdam.

Good Luck!

Brian

I would stay away from knob and tube wiring. You are just asking for problems. You may also have a difficult time getting insurance. It will cost 10k - 15k to upgrade. Lots of Schenectady houses (even the REAL cheap ones) have updated electrical. Keep looking.  Good luck Jason!

Hey Brett - nice to meet you!  I own a small apartment building in Rotterdam and also a duplex in Schenectady. I'm currently looking to purchase another rental in the Sch'dy/Rotterdam area. Like you said, the taxes in Schenectady are incredibly high and the City is not terribly friendly to landlords. On the other side of the coin, you can buy a nice duplex in a decent neighborhood for $60k.