All Forum Posts by: Peter Rowell

Sorry wrong thread

Anyone have recommendations for good contractors in Albany, Troy, Schenectady area? I have been looking for homes that have some but not a ton of work but have no idea where to start when finding a rehab number to plug in.

Not sure if this helps but I am looking for homes in the $50,000-$100,000 price range that need somewhere in the neighborhood of $20,000 to $40,000 in work.

Was on Bigger Pockets for about 5 months before I pulled the trigger. Would have been a bit sooner if I had not been beat out by cash offers on a few deals. If you are still waiting for the first deal, don't worry it will come. It may not necessarily be a home run, but it will at the very least teach you a lot.

Anyone have recommendations for good contractors in Albany, Troy, Schenectady area? I have been looking for homes that have some but not a ton of work but have no idea where to start when finding a rehab number to plug in. 

Not sure if this helps but I am looking for homes in the $50,000-$100,000 price range that need somewhere in the neighborhood of $20,000 to $40,000 in work.

@Lynn Fujihara Albany can be a great place to invest, although it is getting very competitive over the past couple of years. One thing I like is that there are a lot of cornerstones (hospitals, colleges, government) that keep the rental market rather stable. The whole city isn't tied to a company being in business. 

That being said, the taxes are pretty high and you do need to know the area well. Going from good neighborhood to bad can be as simple as crossing a street. If you are ever interested in a breakdown, shoot me a PM. I've been in the city the past 9 years, so I can give you some info on where to look.

Buy property #2

Hey @Tony Han ,

Albany is a great place to look. Lots of cornerstones (hospitals, colleges, state government) that will ensure demand for housing for a long period of time. 

As far as area goes, it all depends on what you are going for. From a pure cash flow perspective, you can get very cheap houses in Arbor Hill, but the management (I would imagine) would be very involved as this is a rough area. Center square is on the opposite end as far as price goes, but if you can find a deal there, you can get rents at $1000 for a one bedroom increasing your class of tenant.

I've tried to set my sights somewhere in the middle of this, trying to find something that will cater to grad school students around Albany med where you can get $1500 or more for a three bedroom. The market has been hot though. My wife and I got outbid three or four times before finally landing a duplex last July. 

Good luck to you and let me know if you have any specific questions. I went to college in Albany and have lived here the past 3 years so I can tell you street to street what makes sense and what doesn't.

I'm a big MMM fan, but I think some of the frugality tips and calculation are a bit over the top. I tried to mimic a lot of them, but I found the stress created by optimising each purchase decision wasn't worth it. If it is a one-time decision for a recurring expense, I'll spend the time to optimize it but I won't stand at the grocery store comparing cans of corn to see what is the cheapest based on net weight. 

The way I think is to get your big pillars right (mortgage, car payment, insurance, etc) and then let the small stuff kind of happen. You will drive yourself crazy analyzing every single purchase.

Another thing I have noticed is the more frugal I try and be, the less ambitious I am with the other side of the equation: income. Pinching pennies definitely dampens the mindset (at least for me) when it comes to growth in life and real estate. It's hard to explain, but I feel like being a little looser with money (to a point) emboldens me and helps me take on challenges that I would not try otherwise.

Hi @Justin D. Myers, great move with the house hacking. My wife and I bought a duplex in Albany and are renting out the downstairs. It has been a great education and we hope to expand to another rental property in 2017. 

What areas are you looking into? The market was very hot last spring (we got outbid several times) but hopefully competition dies down a bit in the winter and you can find a deal.

Thanks so much!