All Forum Posts by: Tony D'Anzica.

Basically, when the economy expands the Fed raises interest rates to control inflation. By doing that the Fed raises the cost of borrowing money, thereby reducing the money flowing in the economy.

If you are financing the purchase of this property a bank will require a title search and a title policy. Family or not, you should do a title search and get title insurance so that you can rest comfortably knowing that you have clean title if and when you decide to sell.

Tony L. D'Anzica, Esq.

Basically, once your LTV drops to below 80% you should no longer be charged PMI. If you are being charged PMI contact your lender.

As a property manager I find that the best way to reduce long term maintenance costs when it comes to floors is to get rid of carpets when they've lost their useful life and replace them with linoleum tiles. They last a very long time and they are easier, quicker and cheaper to clean when tenants move out. Ripped/broken tiles can also be easily removed and replaced individually - which is why every one of my apartments has exactly the same type/style/color linoleum tile.

Tony D'Anzica, JD
DynaMax Realty, Inc.
Property Manager

A different situation, but I've replaced some of my lawns with ivy to avoid having to pay for having to mow it. Certain ivy is very hardy, withstands the cold (I'm in upstate NY) and never really needs to be watered. As long as it's trimmed to prevent overgrowth into other areas it's economical and actually can be very attractive.

Tony D'Anzica, JD
DynaMax Realty, Inc.
Property Manager

I like Lucia Waibel's response. She makes some good points. A rental unit needs to be habitable, very clean, very functional with no adornments (unless you're marketing apartments to upscale tenants). Your apartment should standout from the competition for a quicker turn-a-round, but your improvements and upgrades need to be economical. Do not overspend. make improvements that will reduce your long-term maintenance costs (i.e., replace carpets with linoleum tiles and paint walls/ceilings all one color). All of the apartments we manage look exactly the same...

Tony D'Anzica, JD
DynaMax Realty, Inc.
Property Manager

I am a property manager and I never include a washer/dryer in the rental unless I separately charge a monthly washer/dryer fee to cover the water bills. If tenants have children, you may be surprised at how easily a $35 quarterly water bill can turn into a $135 bill. Typically, depending on the size of the household, number of units in the building, and the cost of water use, I charge between $10-25/month extra for washer/dryer hook-up.

Tony D'Anzica, JD
DynaMax Realty, Inc.
Property Manager

Hi Chris,

I manage many properties with Section 8 tenants and I've had a very good experience with it. Be ready for yearly HUD inspections and be ready to correct any violations right away or Section 8 will withhold rent. As for the tenant, I've found they value their Section 8 benefits and will generally behave in order to continue receiving those benefits. Lease violations can put their benefits at risk. If you're interested in obtaining Section 8 benefits just mention in any of your ads "Section 8 OK" or contact your local housing agency and have them place you on a list of landlords accepting Section 8 and then you will be contacted by tenants. It's not a bad program, and it forces to keep your property in good shape.

Hello Anna,

I hope you are proceeding with your Syracuse investment strategy. Syracuse has some great investment opportunities. understand before investing in any real estate.

I am a real estate attorney and licensed real estate broker, but I now run my own property management firm in Syracuse. Let me know if you have any questions about property management and I will be glad to speak with you and provide you with references.

Looking forward to hearing from you and good luck!

Tony L. D'Anzica, Esq.
DynaMax Realty, Inc.
Property Manager and Realtor

Hello Michael,

You've already done some good research since you found Syracuse. It is a very good market, stable, affordable and offers the possibility to make some very decent returns. I work closely with investors from all over the country, many of whom are first time investors with a limited budget. If you want to know more about Syracuse feel free to contact me. I am from Long Island but I do business in Syracuse and spend much of my time there. I am a real estate attorney and a licensed real estate broker, but I now run my own property management firm in Syracuse.

Syracuse has some great investment opportunities, but as with everywhere you have to be careful with who you work with and where you buy. Most brokers have very little understanding of what investors really need (e.g., return on investment, maximizing cashflow), nor do they they thoroughly understand the rental market, which is one of the most important things every investor must understand before investing in any real estate. Consequently, many investors end up with properties with amazing cap rates (they just have a very hard time collecting any rent whatsoever).

By the way, as for Long Island or anywhere else in the NY-metro area, you will never get a positive cashflow. In general, you will find that cap rates are way too low anywhere in this area (unlike Syracuse).

I would love to chat with you if you're interested. Looking forward to hearing from you and good luck!

Tony L. D'Anzica, Esq.
DynaMax Realty, Inc.
Property Manager and Realtor