All Forum Posts by: Jezelle John

Recently found a triplex for 310k, the price dropped to 285k and I made an offer of 295K. Seller wants 1% before inspection and 1% after the inspection. But the inspection is for information purposes only. The seller also has only tenants on SECTION 8. This property is not new and will need some cosmetic renovations for now, but I am sure there is more work that will be needed. I had not considered Section 8 due to a negative experience in Brooklyn, NY when I was managing a quadplex (NY is not landlord-friendly). Please share tips or where I should start? My initial thought is the seller is asking for a lot already.

I am on the hunt for multifamily properties in CT. Looking people involved with the CTREIA, tips on establishing an LLC, finding a great real estate attorney, and property manager. Basically, I have financing already, just looking to build the team and find the right properties !

It’s both. Practicing the numbers for properties I am interested in purchasing. I use the address to check the rents in the area and go from there. Do you know the area? Are the rents much lower than I estimated? Any property I make an offer on would have to provide proof of the rents collected but I also know those numbers could be inflated as well. 

I welcome the questions! The apartments stand as 2 - three bedroom 1 bathroom (@$1350 rent each) and 1- two bedroom, 1 bathroom (@$1250 rent). The rents were determined off of the BP property insights calculator. The taxes are based on the homes.com app mortgage calculator. The $3950 was determined by increasing the rents or after renovation of the apartments when vacant. I would rent all the apartments. 

Thanks for looking at my report! Tell me more of your thoughts. 

View report

*This link comes directly from our calculators, based on information input by the member who posted.

Thank you for reaching out! 

Thank you. I have been analyzing. Honestly I can own in both and cash flow very similarly. Albany sticks out because of my experience of owning a 4-family in Brooklyn. The tenant laws do not consider the landlord (especially smaller landlord) and the tenants know the loop holes in NYC. The price point that I am aiming for can be found in both areas. I am unfamiliar upstate NY and nervous that I will walk back into the same situation. Tenants can stop paying anywhere, I know. The property options are more vast in my price point in Albany for my requirements. CT, I am completely unfamiliar with, but I see the possibilities in certain areas like New Haven and Bridgeport. Analysis paralysis is real! 

Having trouble picking an area to focus on. I’m in NYC and I see possibilities in NY (upstate) and CT (Bridgeport and New Haven) any tips? Trying to stay under 400k as a beginner.