All Forum Posts by: Dafina Sharpe

I would seriously fire my PM if they did this. I know it's a hassle to try and find a good PM, but it sounds like your PM is costing you more in repairs than necessary. Does your PM get a percentage of repairs as well? If so, there's no incentive for them to save you money, and all the reason for them to convince you to "invest" more into your property than necessary. As for the $7,000 bill, I would just pay it and move on with a new PM. I wouldn't even care what their explanation was because I wouldn't trust them at this point.

Quote from @Lor Fara:

My property is this one 

https://www.zillow.com/homedetails/1402-Esmond-Ave-Richmond-...

the one that sold is this one

https://www.zillow.com/homedetails/1918-Roosevelt-Ave-Richmo...

It looks like the comp is a multi-family and yours is a single family. Although your house looks nicer the possibility of being able to rent out the other unit and help with thr mortgage would make that property more attractive. Plus it’s cheaper than your house. So it makes sense to me why that one would go faster. 

I would rent it out especially if the rent is covering the $450k mortgage and you see that area appreciating greatly in the future. Being that it’s a new construction you probably won’t get many maintenance calls (which is the biggest headache of being a Landlord in my opinion). 

You basically have to ask yourself how would you invest the $200+k equity that you’re leaving in the house otherwise? Would you put it in the stock market? Bank account? Buy 4th house “D” and flip it? Etc. I think based on that answer you can do a better calculation of what gives you the best return on your money. 

Quote from @Desiny Smith:

Per the Vacant Building Rehabilitation Grant buyers of vacant buildings can be granted up to $50,000 towards rehabilitation in Albany, NY. In exchange, half of the units (assuming it is a multi family) must be affordable housing. Has anyone applied for this grant? If so... 1.) What was the application process like? Were you awarded the full $50,000? 2.) Did you use it in addition to a mortgage, (I.e, FHA 203k, construction loan) private lending, or your own money? 3.) Did the city dictate how you spent the money? 4.) What was your experience like screening tenants?

I know this is an old post, but I wanted to reply for anyone else who may come across it and was wondering the same.

1) I have applied for this grant and the application process was fairly "simple"...but then again, I'm a lawyer who puts together documents for my clients to submit to court (totally unrelated to real estate) so I made my package VERY easy for the city to review. I think the way I packaged all the documents they requested made the application process seamless. Meaning, I made their job easier where they can find exactly what they're looking for (I made a cover page and table of contents with tabs). My advice would be to make their job as easy as possible to limit the amount of times you have to go back and forth with them. This makes them happier and you get your money faster. I was awarded the full $50,000.

2) I did not use it in addition to a mortgage...I used only my money. However, I don't see why you can't use a mortgage if you want to. I think all the City cares about is that you can afford to bring your project to the finish line. 

3) The City did not dictate how I spent the money. Meaning, I could have used the money for any part of my rehab. My house needed EVERYTHING, so if I wanted to use the money to fix my kitchen, I could. Or if I wanted to use the money to buy new windows, I could. If the grant money could cover both the kitchen and windows, I could use it for both.

4) I screened my tenants the same way I would for any of my other rentals. The only thing I did was make sure my rent was no higher than the allowed rent cap according to the City of Albany. 

My husband and I are looking for some good contractors in the Poughkeepsie, NY area to do our first fix and flip. We’re experienced with flipping in the Albany, NY area but looking to move to Poughkeepsie. Any recommendations would be appreciated. We would also welcome any off market deals. We would be willing to buy all cash.

@Joseph E. we're looking for single-family homes with at least 3 bedrooms and 2 baths. At least 2,000 sqft. We are open to other areas in Putnum and Dutches County, but since we currently live in NYC we want areas south of Poughkeepsie.

My husband and I are looking for some good contractors in the Poughkeepsie, NY area to do our first fix and flip. We’re experienced with flipping in the Albany, NY area but looking to move to Poughkeepsie. Any recommendations would be appreciated. We would also welcome any off market deals. We would be willing to buy all cash. 

Consider buying a multi family when you move and live in one of the units

Hi, 

Can anyone recommend a good general contractor in Albany, NY? I have 2 3-family properties that's going to need a total gut job. I had to fire my contractor because it seems like he's not used to working with investors. Looking for a contractor that's used to working with investors. Thanks for any help you can provide!

No, I don't think so...bc at the time of purchase your intent was to occupy the property.