All Forum Posts by: Nate Monson

@Dominick Di Fiore I think in this current rate environment doing everything you can to told onto a rate less than 3% will probably work out best for you in the long run. Even if you can only get say 1500-1600 for rent, do what you can to break even. I'm sure you can rent it for more but with such a low risk mortgage like that holding on to properties like that can make you look really smart. And when we get through this down turn in the market you will likely either be able to rent it for more or sell it for a higher amount down the road. 

Hi @Souhimbou Kone I am from Albany, NY. Let me know if you'd like to connect!

@Ryan Vienneau have you experienced anything like this?

 And your not the only one with this fear. But in any investing endeavor there is going to be some level of risk. Everyone has to take that leap of faith on their first deal. You got this!

Hi @Edwin De leon New York is certainly a state that seems to favor tenants. That being said the main city that has been truly a problem for landlords is Albany. No eviction should be labeled easy, but outside of Albany evictions aren't as troublesome. 

1) All things being equal, yes buying in states with less restrictive laws is better. But this there are obviously more dynamics at play here.

2) I'm obviously biased being in NY, but there are plenty of ways to safely invest here. It depends on your goals. The WHY is that most markets here are stable cash flowing markets. 

3) The simple answer here is good systems and processes to avoid having a terrible tenant in the first place, including making sure management is aligned with your way of thinking. There's no magic wand to wave to fully prevent a bad tenant even in good land-lording markets. 

4) Short answer here is: YES. Absolutely can make a difference. 

5) There are some horror stories of course. Shortest I've been is 3-4 weeks before COVID. Now a days in Albany it can be a 2 month process on average. 

If you'd like to talk about the market up here please don't hesitate to reach out!

@Jessica M mogardo similar to what others have said here. If you're going to have the seller do the work you want to make sure that you both have an understanding of the scope of work. A credit is a good way to put the ball in your court to oversee how the job gets done.

@Patrick Shep If your paying cash for the property closing costs should be pretty minimal. For you it would be your attorney and title fee. For the seller there is transfer tax and their attorney. You certainly could negotiate on who pay's what on these fees but that is the general make up. If you are using a lender then there are fees associated with that as well of course. 

Anything that is negotiated outside of of standard practices can be drawn up with an addendum by a realtor or the attorney. And being an attorney state everything does go through the attorney's office. 

@Harry McNamara To me the answer to this question lies in what you're going to do with the equity. If you're going to go to Vegas....well obviously pull the trigger! 

In all seriousness if you're trying to continue to scale up your investments and you find something that is a slam dunk than yeah i'd go for it. But as many have recommended I wouldn't force anything because you're already in a good situation. 

 @Tyler Graber in my experience this is the right answer. But I would check with other lenders in your area. If you can find a good portfolio lender they may be able to come up with a similar product for you at a low downpayment. 

@Winston Jimenez II follow up is the business system. With out it you will do deals here and there but consistent and disciplined follow up is how successful agents do the most business.