All Forum Posts by: Peter Rowell

Finished up the rehab a month or so ago so I figured I would post the pictures. Took longer than I thought, but I guess that's the norm. Thanks for the tips @Mindy Jensen , they were very helpful! Still a little Redguard to touch up on the side, but it's functional.

Vacancy rates (from my experience as a renter) aren't a huge issue if you are in the right spot and actually have responsive management. I went to school in Albany and still live here (currently own a duplex uptown) and any time I went looking for an apartment or moved out, it seemed like there was a lot of interest in each place. 

While that is anecdotal, there are some cornerstones (hospitals, universities, government jobs) that keep people employed and needing a place to live. 

Center square is great if you can find a place where the numbers work. A lot of places are very expensive, but you can cash flow if you are looking at something with 3-4 units. My wife and I used to live in a one bedroom by the park and paid $1050. At those prices you generally get responsible professionals who don't have an issue paying their bills.

Good luck to you, let me know if you have any more questions.

Thanks for the tip, glad to hear a success story from someone who has replicated it. I'm still in the demo stage at this point, but I'm sure I'll have some questions once I get into it. 

Soak it all in @Sean Lauber, there are so many resources here!

So after months of looking at homes, getting outbid, and failed inspections, my wife and I finally closed on our first home a couple weeks ago and are trying to get some renovations done before we move into our unit at the end of the month. Big thanks to bigger pockets for keeping me motivated to keep going after losing out to countless cash offers (would be nice to have $200k liquid, maybe someday).

Some quick details:

Purchase $209,200

Two Family 3br 1 bath each unit - Tenants Currently Downstairs pay $1100 a month

PITI - $925

Taxes - $750

It's not a slam dunk right away, but we are doing some work (redoing the bathroom and a bit of painting) and hope to push the rents a bit higher in the next few years (market for 3 BRs in the area tends to run $1300-$1500 depending on the location and quality of rental. 

For the bathroom, I am entertaining the idea of doing a tile shower inspired by a Mr. Money Mustache post here: http://www.mrmoneymustache.com/?s=how+to+make+a+sw.... I'm thinking it will hold up better long term and command higher rents down the line. I'm reasonably handy, but this will be a big challenge, maybe too big. Thoughts?

I

Good point. Most of the estimates are items which were found in the inspection, so would it be fair to bring all the newly discovered items to the table?

I need a little help finding out the best way to go about renegotiating the price after I have had estimates done. Some background info:

House is a 2 unit that I plan on house hacking. The original selling price we agreed on was $216,000. I asked the contractors to write up everything so I would at least have the option of bringing each piece to the table, and the total came back just around $30,000. Some of this stuff is more cosmetic while other things are a bit more functional (plumbing, chimney repair). 

My question is, what is the best way to use the estimates in renegotiating a price? Should I come to the table with everything to set a stake in the ground full well knowing they probably won't go that far? I obviously would like to get the largest credit possible, but I don't want to alienate the seller by asking for something ridiculous. 

Also, would it make more sense to ask for them to fix it versus a credit? I'm not to keen on this as I would like to select the contractors who do the work, but if it would help my negotiating power, I would be open to it. 

Any thoughts, questions or comments would be greatly appreciated. This is my first house so I am without any experience to rely on.

Pete

Welcome Malky!! I'm newer as well and have gotten lost in the plethora of info on the site. It's a great resource, so enjoy!

Hey @Dominic Jones thanks for the links. I started looking through the duplex article and the calculator is great. Lots of hidden expenses that add up. 

Duplexes around Albany tend to run in the high 100's to low 200s range depending on the area. Our hope is to live mostly rent free, then have the property cash flow once we move out. 

That being said @Joel Barron is right, there hasn't been much coming on lately. Guess its time to get out there and start driving around!

Hi Guys, my name is Pete Rowell, I'm from upstate New York  (Albany specifically). My fiancee and I are looking into purchasing our first home - most likely a duplex in the Albany area - and then expanding beyond there. I'm new to the real estate community but got hooked by listening to the podcasts and reading a few books on investing. 

At this point, our investing focus is on finding a good two family to live in and rent. Any tips on starting out this way?