Home Buying in Albany>Question Details

Jag3630, Home Buyer in Brooklyn, NY

Out-of-Towner interested in rental income investment in Albany, NY

Asked by Jag3630, Brooklyn, NY Sat Jun 20, 2009

interested in rental property investement. Have $10,000 to play with. Where can I get the best bang for my buck. Would like to know estimated costs for home insurance, water/sewage, and most importantly...property taxes.

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4
If using a Property Manager be very careful who you choose to manage your properties. Some of the larger companies in the area ( and some small) have been known to charge fees based on PROJECTED income. What does this mean? This means that as the owner of the income property you pay them on empty units!!!!! Where is the incentive to get paid? Choose a company that gets paid by performance or guarantees a certain occupancy rate. (not a fee or percentage based on projected income/occupancy)
RENTAL INCOME!!! Is it really income? What is the life cycle of certain building systems? roofs, hot water heaters basic repairs ....What is this stuff going to cost over the next 10 years? 20? Some buyers get caught up in the moment calculating the income they will make on a monthly basis. Think long term!!! Reserves are very important. You must be ready to pay for repairs. They will be needed!!!!!!

Clair F Bee III
Keller Williams Realty Capital District
ClairBee@kw.com
518-724-5870
Http://www.ClairFBee.com


NYS LICENSED REALTOR
Web Reference: Http://www.ClairFBee.com
0 votes Thank Flag Link Thu Aug 6, 2009
You must have an area or 2 in mind, so why not take the time and visit, check out transportation, parks, shops, dine at a local restaurant etc., then take it from there; ultimately that decision is yours and yours alone.

Anna
0 votes Thank Flag Link Sun Jun 28, 2009
Hello

Are you looking for an Apartment Building, Multi-family, Townhouse or Duplex? What is your desired price range? Property taxes are determined by the location and the property itself.

I would be happy to send you properties that are ideal for rental income .

Feel free to contact me.

Shelley Englert, Realtor
shelley@all-americanproperties.com
518 812-5510

Thank you,
Shelley Englert
0 votes Thank Flag Link Sun Jun 21, 2009
Good morning,

Albany and the greater "Tech Valley" region is a smart place to be investing in real estate. With the strong local focus and growth in the semiconductor technology and energy industries we expect very nice appreciation here in the coming years. In terms of investing my question would be are you looking for short-term or long-term return on your money. When a client comes to our team we discuss your goals, timeframe, and financial situation (I also worked many years as a Financial Planner / Stockbroker so we discuss how real estate fits into your overall portfolio). Are you looking for immediate cash flow, long-term growth, tax write-offs, or all three? When I know those answers then we can give you advice that makes sense for you. Taxes, insurance, utilities and other expenses are all part of the APOD (Annual Property Operating Data) analysis we go through for our clients on each property. Please feel free to contact my office, or any competent Realtor who specializes in investment real estate.
Web Reference: http://www.CecilProvost.com
0 votes Thank Flag Link Sun Jun 21, 2009
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