All Forum Posts by: Oudit Rambharose

the property is in Schenectady. A city called mount pleasant. The property is a 2 family home with 4 bedrooms and 2 bathrooms. I'm using a management company called Maddalone and associates. I wasn't gonna buy any properties in Schenectady. But what changed my. Ind was the casino they will be building by Mohawk. It may probably be a temporary fixed for Schenectady housing problems, but it may help me build wealth. I was told that the reason the rent is so low, because the previous owner hasn't kept up to date with the property. And so it will need some improvements 

Hi All,

I'm a first time investor.  I will be closing on my first 2 properties sometime this month, and have run the cash flow several times.  Each time that I receive more accurate information, the cash flow looks smaller and smaller.  Does this happens to anyone?  The first time I ran the cash Flow, everything looked very positive, and it's still positive, but not as I would hope it would be.  I do live in NYC, so I will be hiring property managers to manage the properties.  As I buy more properties, I will look towards having my brother or friend handle the properties for me.  Also, I'm buying these 2 properties from the management company.  Is that a good idea or did I get into a trap?  FYI, the rent in the area I'm buying the properties from average around $750, but these properties are currently renting for less than $600.  I will be doing an owner finance for both properties, and the title will be under my name.  Even though the cash flow isn't that great as first though, I'm still sticking with it as a learning experience of what and what not to do for my next purchase.  Any suggestions or advice for a first time investor?