All Forum Posts by: Meghan Cheek

Trustco Bank!  I believe they have locations in NJ too so definitely check it out.  They have low closing costs and no escrow.  

I agree with @Shawn M. When I was looking for my first owner occupy I was originally going to do an FHA loan which only requires 3.5% down but it was hard to make the numbers work with the PMI. Then my agent told me about a local bank that only requires 5% down with no PMI! It was definitely worth it to pay an extra 1.5% to save so much on our monthly payment. So definitely find an investor friendly agent and research local lenders who may offer better loan rates/benefits.

Also, if you do plan to use a CPA, ask what will make it easier for both of you come tax time.  Even though I currently only have one property (which I house back), I've found it really beneficial to find a good CPA who can advise me on how to keep my books in order to save him time and in turn save me money.  He is also able to advise on tax saving strategies, so I can discuss any renovations I plan on making to see how to best expense everything for depreciation purposes.  My CPA is a big believer in QuickBooks but I'm trying to hold off until I have more properties, so for now excel works. Just find a system that works for you that you can be accurate and consistent with.  Setting the foundation now for good book keeping will save you so much time and money in the long run. Good luck!

 I like the idea in theory, that way we could get a gauge of the amount of interest in the property.  I just don't think we'll get a lot of inquiries without pictures of the kitchen/bathroom.  Also don't want to lose potential renters if work gets delayed, etc.  Thank you for the tips, I will definitely try to get as much done ahead of time as I can.  Thank you!

 Hi Kris,

We have to wait until our Tenant moves out to start the work. 

Thank you for the advice I appreciate it!  And yes, screening is so key, especially now and being in NY.  I suppose it's better to have a month or two of vacancy than nightmare tenant.

Hello!

Our tenant just gave her notice and will be moving out at the end of April.  We bought the property (two family that we are house hacking downstairs unit) over the summer.  We would like to do some renovations, specifically redo the kitchen and possibly the bathroom, when she moves out.  My question is, should we wait to advertise the unit for rent until the renovations are complete, or should we post it and explain the work that is going to be done?  We want to get the best rent possible but also want to limit vacancy time as much as possible.  Any thoughts would be appreciated, thank you!

Hi BP community!

I'm a newbie investor.  My husband and I recently purchased our first two family in Albany and we are currently house hacking in one unit.  Our tenant is moving out in April and we would like to renovate the unit's kitchen and possibly the bathroom too.  We're looking for any recommendations or referrals for contractors.  If you have any personal experiences to share all all the better!  

Also have another side note question.  We want to post the unit and get it rented asap, but since we plan to renovate, should we wait until the work is complete in order to show the property at it's best?  Or should we explain in the posting the work we plan to do?  Want to minimize vacancy as much as possible.

Thanks!

Saratoga county is better in regard to taxes but property values are higher and affordable multi-family units are hard to come by (not impossible but difficult).  Albany does have great rental potential, like everyone else has said just factor the taxes into your numbers.  Neighboring cities like Troy, Cohoes, Waterford, Watervliet are more affordable but higher risk (more C class neighborhoods), just watch out for areas close to the water that require flood insurance.  If you're worried about taxes I would consider another state, NY is not changing and taxes will only continue to go up.  If you're comfortable investing out if state there are better markets.  Good luck!!