All Forum Posts by: Patrick Alston

Hi Tee, 

I was looking on this forum and saw that you were interested in investing in Schenectady.  I am also interested and was wondering if you had any luck. 

Hi, I was looking through post and saw that you posted this a few years ago. I'm looking to get into investing in the area and I'm curious how you made out and if you can offer any tips for me?

PJ

Along with the plumbing and electrical concerns of some of these old houses, are there any Asbestos and lead paint issues?

Union College is a good school. On the smaller size, but a good school for academics and sports students.  The homes near the campus are older, large style homes. I guess at one point they could have been considered mansions. Some with stately pillars and lavish entrances. Many of these homes have been bought and converted into multi family dwellings and Professional(doctor and dentist) offices.  The main concern in this neighborhood is the area is not as safe as it has been in the past. I think that's why the college has discouraged it's students from renting there. I do think It's a good investment area if you are willing to deal with the changes that the neighborhood is going through.  

Before you call any family service, how about meeting with them and expressing your concerns.  They could very well be fostering siblings or family members. Get all the facts and details before you act. They at least had the courtesy to ask about it. Give them the courtesy of a sit-down.  They may even offer to increase the security deposit. 

How long have you owned your property? I assume you're managing it yourself. Did you target that property because it was near the casino? Hope you don't mind the questions, trying to pick your brains a little. 

Like Charlie said, your best bet is to talk to an Attorney. If the problem was really obvious before being disguised, you may have a case against the owner.  

Or you may have a case against the Inspector if your inspector was negligent and you can show that a reasonable inspector, in his or her place, would have discovered the defects in the home.

@Alex Corral

"...the 30 year loan will cost me $49,444 in interest."

It's not costing you Alex, It's costing your tenants!!

Any updates? How did this turn out?

@OP " I owned and rented smaller apartments before but feel confident that I will be able to handle 8-plex"

Is there a language barrier here? Your post title says that this is your first property and your asking if an 8plex is too much to take on. 

I'm I reading this wrong?