All Forum Posts by: Matthew R Curcio

So I really want to get my first property closed on and start this endeavor and I have narrowed things down and have two very different properties in mind.  

The first is a three bedroom single family that has been very nicely updated, is in a good part of town and should rent very easily.  The problem is that it's 170K and with the other expenses the monthly cash flow is only 300 dollars a month.  I can get it for only 10% down and an interest rate of 4.5 to 5.5.

The second is a small apartment building that has 4 one bedroom apartments that go for 1k a month each.  The cash flow then is around 2K a month.  The building is well located (right next to the state capitol complex) but isn't a "nice" area like the one family, I'd say a B neighborhood.  The asking price is 239,000 but since it's a multiplex I need to put down 25% and get a 5.5% interest rate.  This expenditure will eat up almost all my liquid cash but I really like the cash flow as this will allow me to move on to my next property much faster.  

What do you think?

As a military officer i can tell you that i'd be all over the service member in this situation.  The problem is that power is somewhat limited in the civilian sphere.  He can, however, revoke the service members ability to live off post (assuming you are somewhere that has on-post housing) which is what i'd suggest doing so you can free the place up.   This soldier probably has other issues as well 

I’m getting it at 10% as a second home rather than an investment property.  My thought were to get a nice one around 150k on this one.  The only issue is the small cash flow makes it take longer to get the next property.  

I can get a single family for 10% down so it’s not much down (plus closing costs which in ny are a lot) which is what I’m leaning toward.  I find in my market (Albany ny) I can get a really nice place around 150k but less than that the house quality drops significantly. 

The 2 family was advertised as being in good shape but had numerous issues including needed a new roof and structural issues.  The apartments themselves had recently been rehabbed.  I low balled and then walked as I don’t want to take on that project 

So I was on the cusp of buying my first property, a two family (one three bedroom and a one bedroom) for around 110k but after inspection it needed major repairs so I backed out.  I liked the property because the 3 bedroom covered the morgage and expenses so the one bedroom provided around 650 in cash flow.  What I didn’t like was it required 25% down and closing costs so it would be 4 years and sone change to get back my investment (cash flow wise)

I can get a one family for only 10% down but I can find one that cash flows more that 2 to 3 hundred a month and I’m not sure it’s worth the risk/hassle. 

I really want to get this started but I’m not sure what to look for right now.  I want the cash flow so I can save it and reinvest into more properties.

Hello all.  I’m just getting started out and looking for my first property in the Albany ny capital region.  Looking for some advice/networking