All Forum Posts by: Catherine C.

@Nick Rutkowski Thank you for that great feedback. I'm looking for a cash flow deal. Once I made the changes on the calculator, the estimate cash flow dropped, so it unfortunately doesn't look like a good deal. I wasn't planning on Airbnbing, I was going to focus on student rentals and maybe weekly rentals over the summer season (when there is an influx of tourism). 

We have a couple rentals upstate, and I agree - NY is not the landlord-friendly state we need it to be. I'll take a look at the MDL laws - thanks for that advice. 

@Richie Thomas Thanks for that feedback! Great advice, I appreciate the help.

Thanks for your feedback, @JaysenMedhurst. This property is in a high-end town of upstate New York. It's an A class neighborhood, within walking distance to town and an expensive private university. Large tourist attraction year round. I agree that their asking price is too high. It's an MLS deal, so I figured it wouldn't work. I usually focus on wholesale properties, but its location is so perfect. In regards to your comments, I came to the rental prices by using the median rents for that area per Rentometer. I lowered closing costs a bit, and bumped up CAPEX, vacancy and repairs in my analysis. The $100 misc is for lawn care, snow removal. Renters would pay for water/sewer and electric, additional utilities.

Edited PDF: https://www.biggerpockets.com/calculators/shared/1300912/36864687-7c3b-4984-bf5d-82ec6fe6c33b

With those changes, their asking price is too high. In my opinion, my offer would need to be closer to $260k max ($700+ cash flow per month) https://www.biggerpockets.com/calculators/shared/1300912/a00e9635-f6f2-42cc-844a-1c99d768e94f

I'll likely pass on the deal. It has an interesting lot in the back, but it's zoned as vacant land. It's too small to build on. I could try to rezone, but that's more of a risk. 

https://www.biggerpockets.com/calculators/shared/1300912/0d5c3566-6846-46fd-bee1-f900bf68a04b 

*This link comes directly from our calculators, based on information input by the member who posted.

Not 12% ROI, but good cashflow. Upstate NY

@Nik Moushon

Great advice, thank you. Just took a look at the parcel search.. interesting, how the lot is triangular shaped and expands past the neighbors (I attached a picture)... Hmmmm. I'll have to look into this more. It's a curious piece of property...

Edit: Lot is listed as 88x88, however is truly 1742 sq ft. Misrepresented on tax assessor’s site.

@Nik Moushon Thanks for the feedback. I just took a look at the tax assessors site and they list it as 88x88 lot size, but 0.04 acres (around 1742 sq ft)... so it’s smaller. The information on their site isn’t consistent. Hopefully that helps to clarify

Hi all, There is a duplex I found that’s in decent condition, and it’s being sold with the adjacent back lot that currently has an old shack/home. The back lot is zoned as vacant land, and is basically the parking area for the front duplex. There is a back alley that goes to the back lot. The back lot is small (like 88x88) and the zoning office wasn’t much help when I asked for more information on how the lot could potentially be used/ if a small single family property could be built. It has it’s own street address, but my question is, have you had any experience working to rezone vacant land lots? With a lot that small, what could I even use it for? The lot is tiny - so not sure what use it has besides a garage space and parking (no driveway or parking for the front duplex).

Any thoughts?

Hey Kevin, Do you plan on hosting another event next month? Are they usually in Bay Shore? Thanks

Welcome! I am a wholesaler in the area - are you interested in a duplex in Rensselaer? We also have rentals in Saratoga Springs. Let's connect!