All Forum Posts by: Steven Luttman

Very doable @Sean Fraser. I DM'd you some additional info you might find helpful. -Steve

@Sean Fraser,

Pine Hills and New Scotland are generally considered areas of student housing (UAlbany, St. Rose, Russell Sage all in close proximity). Crime can be a concern, however there is demand for quality housing in these neighborhoods. Center Square is going to be a higher quality area, and price points reflect this. The Ten Broeck Triangle/North Pearl pocket is experiencing significant redevelopment, consider exploring there as well.

Steve

Based on their email @Sigmund VanDamme I'd say you have a fantastic tenant. Approaching you with solutions to a problem is a great start. In my opinion, protecting your asset (the property) takes first priority. The moment you become punative regarding their exit, the risk of damage and non payment increases. 

You've collected a security deposit above the NY state cap, so keeping the full amount should be avoided. Outside of that, as long as they agree to allow showings to new perspective tenants (assuming advance notice is given) I'd be inclined to take them up on their offer. 

Best of luck, -Steve

 Thanks for the kind words, glad you found the video analysis to be helpful. 

As to the Lark St property, without having an idea as to the condition of the interior it's impossible to gauge whether it's a good or bad deal. Multifamily in Albany has been very hot the past few years. The fact no one has stepped up to buy this yet should be treated as a red flag. 

-Steve

Lark St is an affordable area, however the property does have red flags. No interior photos is a concern, and the fact it's been on makret for the better part of tree years without a buyer points to it being a significant project to take on. As a first time investor who lives out of the area, perhaps there are more appealing alternatives.

Best of luck, -Steve

Hi all,

Seeking guidance on a tenant related matter in Saratoga County, NY (30 minutes north of Albany/Troy). Lease began in March and at the moment are past due for the month of July. A domestic incident has caused the wife to leave the state, and the husband is MIA on a drug bender. It's my understanding that the wife had an order of protection issued against him earlier this month. Because of this, it's possible he doesn't yet know that his wife has left. His phone has been disconnected. Prior to her leaving, I asked the wife to sign a lease cancellation. Where I'm seeking advice is:
1) Am I able to reclaim the apartment due to it being "abandoned"?

2) Does one party signing a cancellation (in this case the wife) provide me the ability to cancel the lease in full against both tenants?

Thanks!
-Steve

@Mark Navarrete give a look at Pine Hills or perhaps something around Manning Blvd. 

Benjamin,

MTRs are going to be the path of least resistance. Municipalities including but not limited to Albany, Lake George, Glens Falls, and Queensbury are in various stages of restricting or reviewing possible restrictions on short term rentals. Given the housing shortage in New York, in my opinion this push is likely to continue. On a state level the The Short-Term Rental Registry Act was just recently introduced, not so much aiming to limit rentals but to monitor who is doing what.

Rentals of 30+ days do appear on stronger footing. Clients of mine in Albany are having great success renting to nurses. Quality housing options for this group are limited.

Best of luck, -Steve

First obtain your salesperson license. You can then apply to become a broker by demonstrating 3 years of relevent expereince (your property management background) as a substitute for 2 years as a salesperson. More information can be found on that ste's website via the dept of state.

Best of luck,
-Steve

@Andrew Curro  be sure to monitor short term rental ordinances in Albany. Stays of less than 30 days me become a thing of the past. Speaking with clients of mine who own in some of the higher quality neighborhoods, traveling nurses appear to be an attractive option. A high-quality tenant with rents above what a standard year long lease would generate. -Steve