All Forum Posts by: Eric Tsang

@Account Closed I do not have central humidifiers running and this is a bedroom on the third floor. The bedrooms on the second and first floor does not have this mold problem.

Will a central humidifier solve this problem?

Thank you very much for the helpful replies. @Marcia Maynard the reading about molds was very helpful!

I don't think its a leak in my window or roof because it has not rained or snowed, just very cold recently and when I turn on the heat, condensation happens on the windows and my walls start to get moldy. Funny thing is that it is just the wall with windows has molds.

Should i scrap off the old paint, spray moldy areas with bleach then repaint the wall?

Hello BiggerPockets,

Every cold season my bedroom walls located where the windows are get moldy all the time. A few questions maybe some experts can help me with -

1. What can i do to prevent mold from building up?

2. Should i replace the insulation and dry wall?

3. Do windows need to be replaced? the edge on the windows are also get moldy every cold season.

Thanks,

Eric

Hello all, thank you very much for the information! Its great to have an experienced community here giving valuable feedback.

Again thank you all for your help.

@Upen Patel & @JL DIAZ thank you very much for the information, here are some data.

1. Property type - Duplex

2. Location - Philadelphia

3. Loan Amount - 100k

4. DTI - 20% (I have $1100 in monthly loans and monthly income is about $5200)

5. Number of properties - I only have one which is my primary residence.

Good Evening Bigger Pockets,

I am in the process of purchasing my first rental investment property and got a quote of 4.75% interest rate from Wells Fargo. Is this amount accurate in current market conditions? The primary house I purchased this year was only at 3.625%.. 

Any advice would be helpful!

Thank you all

Eric

Good Morning BP!

I came across this deal in the Upstate NY area and came up with these numbers, am I calculating and including all the expenses? House is a duplex and is in excellent condition-

Estimated purchase cost - 75,000

Rent 1,6000/M

Monthly Property Tax - 225

Monthly Vacancy (10%) - 160

Monthly Cap Ex (8%) - 128

Monthly Repairs (5%) - 80

Monthly Management (10%) - 160

Monthly insurance - 80

Monthly Water - 54

Monthly Lawn / Snow - 92

Total Expenses - 979

Net Income - 622

Mortgage and Interest per Month - 282.14

Total Annual Cash Flow - 339.86

With Cash on Cash ROI - 21.32%

CAP rate - 9.95%

Am I missing anything?

@Travis Lloyd thank you very much for your advice. You are absolutely right, I've already had multiple incidents where the tenant locked the bathroom door.

How do you find quality handymans and do you know what the average hourly rate is?

@Ricardo S. Bought it for 1.2 mill in the Bensonhurst area. The Crown Heights area close to the 4 / 5 train has very good duplexes and is a convenient commute to Manhattan.

Hello BiggerPockets!

I am very interested in the Buy and Hold strategy in real estate and was wondering if it is a bad idea to invest 3-4 hours outside your home? 

I bought my first home (3 family home in Brooklyn NY) in March 2015 and live on the 3rd floor with the two other units rented out. The rental covers all the mortgage/tax/insurance. I do not have enough capital for a investment property in NJ/NYC.

Is Syracuse,NY a good area to buy rental properties? and if anyone is familiar with Syracuse, is vacancy and tenants that do not pay a big issue?

A little bit about myself, I am an Auditor in the financial services industry and fell in love with real estate after purchasing my first home and becoming a landlord.

Thank you very much for all the help!

Hello Biggerpockets,

My name is Eric and I am interested in real estate investing. I recently bought my first home in Brooklyn, NY. The house has two floors, me and my family lives on the second floor. I turned the first floor into two families and rented both out. I am looking for more investment opportunities around the United States and would love to turn this into a full time career.

I look forward to meeting and connecting with members here. Thank you very much!

Best,

Eric