All Forum Posts by: Account Closed

I have a few contacts in Albany if you're still looking. 

"It's against federal law"- people, there are operations growing hundreds of thousands of pounds in the eye of the public but you're worried about a kid with his medical card? come on, the feds don't care about this guy. 

The electrical thing would hinder me slightly. If he has solid income and references and he seems like a decent guy I would rent to him with stipulations. He pays the power bill, right? 

I see both sides of it to be honest but to keep claiming about the feds knocking your door down, lol, come on. 

Buy debt. 

In my opinion that is terribly expensive for replacement windows in NY. I paid around 3k for andersens on my owner occupied (Roughly 21 if I remember correctly). I was quoted between $50-$75/ window for install. I replaced them myself because I had the time and they're simple. You should be under 8k all in if you hire it out. $50-$75 per window is the going rate from my experience in upstate NY. 

You don't need an LLC for an owner occupied property, why would you do such a thing? Adequate insurance and an umbrella is more than enough for someone just starting out.

Skip the duplexes, find a 3 or 4 unit. You'll thank yourself later.  

Generally there is a "Seller finance?" with a yes and no box on an MLS listing. Most will check no, doesn't hurt to ask.

Welcome, If you're interested in the upstate area (Albany, Saratoga, Glens Falls) shoot me a PM. There is great cashflow to be made in our area. 

If my agent suggested buying a condo over a multi family for my first investment I'd of found a new agent by now. 

I had some payment issues with an inherited tenant as well. He got behind, we made a plan, I worked with him, he came through on his end and I came through on mine. He now pays me half of the rent each 2 week pay period. It helps him a lot, he has some extra money for his life each pay period and how his bi weekly schedule works out he is way ahead in terms of when rent is technically due on the 1st. I made up an addendum we went over it and he signed it. We have yet to get off track. I want him to stay, he wants to stay as his unit is down the street from his work and if he loses the unit ( I evict him) he'll have to quit his job due to transportation issues of not having a car. 

Sometimes the books we read aren't always correct, sometimes working with someone WILL work out, sometimes you get burned. There is no right or wrong with collecting rent. If you're able to help someone out to get paid on time on your schedule and doesn't hinder your business, why not? 

Plus, if I lost this guy the unit will need a rehab and it doesn't make economical sense to do that in my position right now- rehab costs, vacant unit, finding a new tenant. It just works right now. 

Welcome, reach out if you ever find yourself north of the twins.