Dorothy Neumann

Where did you find the above number? The link below will show you MLS listings in that area. - Sat May 10 2008, 16:41

Doug,
We could get into an entirely different conversation on the topic of absentee landlords...some of whom are good, and some not so good (and that's true for local landlords, as well). My attitude is that if a property is for sale, it's just as available to someone local as someone distant. The ideal buyer is someone local who will actually live in the property, and some properties have been greatly improved by just that type of buyer. The worst thing is vacant, abandoned buildings. I don't discriminate for or against buyers. - Sun Apr 27 2008, 03:30

Agreed, Doug, but you were not the one with the original question. The original question came from Bernard in Queens, who presumably would be an out-of-area investor. It would be HIS choice as to the location where he wished to invest, whether or not he wished to deal with Section 8 tenants, and whether he would prefer an area with higher-risk tenants in exchange for greater return on his investment dollar, or a higher-profile area with lower-risk tenants in exchange for a lower return on his investment dollar. I also agree that Rome taxes are awful. And incidentally, lower priced properties do not automatically mean Sec 8 or otherwise subsidized tenants. One property I sold a couple years ago, which is in an area you would probably avoid, has had the same tenants, who are not subsidized, and who pay their rent on time every month. Owner has had no problems. - Sat Apr 26 2008, 10:12

Doug, your choice to keep it is fine. It suits your purpose and meets your goals. I recently missed an opportunity to purchase a 4-unit for $18,500 that had the potential for $1,600/month income. Granted, the tenants wouldn't have been professionals and I would have needed to invest money in repairs. So let's say I invested $20,000 - $30,000 in repairs. Still have depreciation and tax writeoffs and taxes and insurance to pay. My investment goal is to have 50% of the monthly income as positive cash flow. It can be done. I'm currently investigating a 2-family house in Rome where the owner just wants to unload it. He wants less than $10,000. Does it need work? You bet! Rental potential is $800-$1,000 per month. Can be kept for monthly income or flipped after repairs for $50,000 to $60,000. Smaller numbers...bigger profits.

I sold a 3-unit in Rome a couple years ago to an investor, one unit of which could be rented for professional use. They paid about $160K. It is a gorgeous building. The supply of professionals is smaller than the supply of regular people looking for a place to live. This building is not cash flowing, and is again for sale.

It makes a difference if you are local to the property or whether you are an absentee landlord. An absentee landlord really needs someone local to keep an eye on things, rent the vacancies, deal with tenant issues and arrange for needed repairs. This increases their costs. - Sat Apr 26 2008, 00:32

Genesee Street and mixed use is, of course, a different animal. The highest sold price I could locate for a two-family in the 2000-2500 Genesee St area was $150,000, up to $179,000 for one zoned commercial. But I hope I'm not bursting your bubble, Doug, to tell you that $1,400-$1,500/month rental income would not justify a price of $165,000 for an investor looking for rental income. A professional person could conceivably pay that much if they wanted it for an office. - Fri Apr 25 2008, 06:23

Two-family homes in the Utica area typically sell between $45,000 and $100,000 depending on location and condition. A three-bedroom unit rents for about $500-600 per month, plus gas and electric. The landlord usually pays for water. Tenants are readily available for adequately maintained properies. Local propery management is available for absentee landlords, and may become mandatory in the future. You may contact me for more specific information. - Sun Apr 13 2008, 06:44

The answer could be anywhere between $125,000 and about $300,000, depending on location, how much tillable land, soil types, condition of the house, whether or not the barn is usable, and many other factors. Here is a link to our local MLS, where you can search our local listings. You may contact me to refine your search. - Sat Apr 19 2008, 07:02

There are many foreclosure sites out there. My personal favorite is
http://www.foreclosure.com/ - Fri Apr 18 2008, 10:47

To check your credit without having yet another credit check lower your score go to
https://www.annualcreditreport.com/cra/index.jsp
You are entitled to check your credit once a year free of charge from all the three major credit bureaus. For a small additional charge, you can check your fico score.

Go over your printouts carefully to check for errors. When I did this for myself a couple years ago, I found that one credit bureau was showing an unpaid medical bill and an overdue utility bill, both of which were incorrect. I also discovered the reports showed I had a store credit card or two with companies that aren't even in business anymore. I wrote letters to cancel credit cards I don't use, challenged the incorrectly reported overdue items, and actually got a refund on the, as it turned out, twice-paid medical expense. I got "paid" $264 for checking my credit report myself, and also raised my fico score.

No need to pay expensive credit repair companies for this. - Fri Apr 18 2008, 06:55