All Forum Posts by: Jean M.

I consider it a b- home in a b- area @steve vaughan

Thank you @Sam Lloyd @Daniel Dietz and @tom S for the good advice and analysis. I am combing through the deal with a fine tooth comb as we speak. It is a very temping deal. I do use a rental calculator app called deal or no deal it's been pretty good to me so far. When i plug in the numbers it looks like this:

Purchase Price:$135,000.00
Estimated Repair Costs: $0.00
Total Investment: $135,000.00

Mortgage Amount: $119,000.00

Cash Required: $16,000.00
(Out of Pocket Money Required) 

Estimated Gross Operating Income: $1,600.00
(Estimated Rent per month): 
Monthly Expenses: 
Vacancy Expense (%): 10.00%
Management Expense (%): 10
Repairs & Upkeep (%): 0.00%

Adjusted Rent per month: $1,280.00

Property Taxes (Year): 3,733.35
Insurance (Year): 1,263.00
Additional Expenses: 140.28

Cash flow before Debt Service (Month): $723.36

Debt Service (Mortgage) 
Loan Term (Years): $30.00
Interest Rate: 4.250%

Mortgage Payment (Month): $585.41

Monthly Cash Flow: $137.95
Yearly Cash Flow: $1,655.39

Annual Return on Investment: 10.35%

Please let me know what you think.

Im interested in 2 two family homes in glens falls ny. The seller is a landlord who is looking to retire and is willing to hold a note on the 2properties. He wants $135,000 each with 10% down and 4.25% interest for 30years. Neither home needs workThey both gross $1600 per month each both have $3700 tax and $1263 insurance. The sewer/garbage/snow removal is estimated at $140 per month on each property. I ran some numbers and offered him $100,000. He says his price ia firm. 

Can anyone tell me if this is a deal i should look into or should i drop it and move on. Im new to investing and don't want to over analyze but i also dont want to have negative cashflow. 

thanks @Aqil Dharamsey for the referal. Its funny... before i started doing research elsewhere rochester was my first choice for the same reasons you mentioned. But i realised i would need a good property manager to be successful being that its about 8 hours from where i live. I don't know why but for some strange reason i want to self manage my 1st property for at least a few months before i start working with property managers. That way i can gain some 1st hand property management experience. That's why i put rochester on pause until im ready to expend. 

Can you tell me what part of rochester you invest in?

Thanks @Linda DellaRipa for your fast response. Yes New York taxes are very high compared to the rest of the country. The tax on my house is 18k ouch!! I am trying as hard as possible to make my 1st purchase no more than 3hours away from where i live because i want to gain experience in property management then start branching out from there. Once my time frees up a little more i will start going further out of state. 

Hello bigger pocketers! I have a small problem. For the past 3 months I've been planning and working towards a real estate investing career. so far i been able to get 98k in business credit and hope to reach 90k of my own capital to start going full force by the end of February. I have bank financing in place and private funding from friends. However I'm not sure where i want to buy my first property. I'm mostly interested in buy/hold 2-4 units to create cashflow. however I'm not sure what city to start. at first i was strong on Troy NY but after doing some research i realized it has a lot of vacancies, old abandoned buildings, and lack of jobs. i was also interested in Schenectady NY because of the casino but I'm not sure if i want to bank on that for the a city's financial future. I am very new to real estate investing so I can be wrong on both cases. Right now I'm looking into Glens Falls NY (i have a friend there) and scranton pa. they both seem to have good rental markets. 

I currently reside in Long Island New York and my time is very limited. I know i have to start somewhere. Before i start taking off from work and start driving/spending time in those cities i would like to get some insights from people who are currently investing in those markets. or anyone (expecienced or not) who has any connection to those cities. any other recommendation would be greatly appreciated as well.  

thank you @DerekMoore i really appreciate your reply. I will be in touch. 

thank you  @michaelsato for the quick tip. and thanks  @Juan Reyes for wanting to help. i will be in touch with you very soon.  

hello bp i am new to these forums and new to real estate investing. i'm mostly interested in buying and holding multi-units in parts of upstate New York and parts of Pennsylvania. i am really trying to make my 1st purchase by march 2017. any advice would be great. and also i'm looking for financing. does anyone know a good mortgage broker i can work with to build a real estate portfolio? I am self employed but i do have money to put down and i have very good credit.