All Forum Posts by: David Kiszka

@John Bonhomme

Where is the property located? Looks like you got a great deal. Congrats.

@Alex Ramos

Like Chris just said above. Try and find a partner but this may be hard on your first deal. You may be ready now but hard money lenders and partners will definitely want to see your credit score unless you are super experienced. Beat of luck but once you are ready that down payment will come in handy

@Chad Backus

Hi Chad. I am just a bit north of you in Albany. We just had a meetup earlier this month in Albany which I think would be the closest to you. We should be doing them the first Tuesday of each month. It will be posted on the events page on Bigger Pockets.

You have already started the education process now it is time to go out there, meet people, and see what works for you.

Message me and we can see about meeting up to help get you on your way.

@John Neff

The Richest Man in Babylon.

This book changes the way I looked at money, paying myself first, and how to make your saving grow. Easy to read and goes well beyond real estate to everyday life.

@Julian Colon

Even though they may be low cost properties, you need to make sure that students will want to rent in the location. College students are not always looking for the cheapest housing. It also needs to be in a safe neighborhood and a place they will want to bring their friends too, and not just for parties. There are plenty of areas of Albany that make great student rentals and some that do not. Local agents would be able to give you a better idea of what areas to look. Hope this helps and feel free to reach out if you have more questions. 

Albany Pump Station 6:30-8:30

Small towns in the areas around Albany, generally have a very limited amount of multifamily. That makes for a higher demand especially if housing in the area is very expensive. I live outside Albany in a town of way less than 8000 and there is very little multifamily housing even duplexes. There is still a good rental demand because the school is very good and families want to be here but may not have enough saved up for a home. The sale price of 80K without knowing more details leads me to believe the property may need some work but without more details I can not say for sure. Best of luck and let me know if I can be of any more assistance. 

@Kevin Moore I would also definitely recommend house hacking. For the Albany area it is a great way to get started. You can get in for a low interest FHA loan and get your bearings. From there you could buy in areas like Troy, Schenectady, or Albany that can cash flow more and BRRR away. I hope this helps and if you need anymore help please feel free to reach out.

What Nik said is correct. Only thing I would as is looking into the sewer and plumbing system. I am assuming that this is an older property, many of the are in that area, to make sure there there are no hidden problems that may occur. Also with older properties like these it would be a good idea to keep a higher amount of cash reserves so that you can make the repairs as they come up. 

Feel free to reach out if you have any other questions.

Thank you @Kevin Sobilo. I definitely feel that working for a property management company would be a great way to learn more about the industry. I will need to find a company that would allow me to work part-time at first so I can keep my current job until I have passed my exam. Once I have enough time in the profession the next step for me would definitely be to start my own brokerage so I can have my own company. Thanks again.