I had meetings this week with several investors that made me remember what I have always told buyers. Don't ask your agent how many homes they have sold. Ask them how many homes or buildings they have owned themselves. I work with investors all the time and I am active in the market myself. Here is a home I purchased this week. No I didn't have any inside line on this. I purchased it straight out of the Multiple Listing Service just like any buyer could have. It illustrates there is still money to be made in Albany NY Real Estate. These are actual numbers in a student rental section of Albany.
Purchase price $110,000
Taxes-$4586 (property is assessed at $158,000 so this should be coming down)
Insurance $780
Loan amount $88,000 at 6.12%
Monthly payment =$534.41+$382 (taxes)+$65 (insurance)+$38 (Water/sewer)= 1019.41
Total monthly payment at current assessment is $1019.41
Total rents will be $1950($975/unit)
Monthly cash flow=$930.59 or $11,167/Year
Total cash investment including closing costs, down payment, attorney fees, title insurance etc =$23,776.
Cash on cash return at full occupancy=$11,167/23,776=46.9%
Ok Additional outlays will include a couple of thousand bucks for paint and cosmetic updating. However the total return will still be over 40%.
Great returns are possible in Albany Real Estate! If you are interested in adding a home like this to your portfolio call or email me at Albany NY Real Estate
Capital Region Short Sales projected to increase
I was recently on a conference call with some of the top real estate minds in the country talking about short sales. Based on this call it appears we may be in for a second wave of foreclosures...
Added On: 01/17/2010 08:22
$8000 in Free Money for Albany NY First time Home BuyersThe President's economic stimulus bill is proving to be a winner for first time home buyers in Albany. If you are a first time home buyer you may be eligible for up to an $8000 tax credit if you purch...
Added On: 03/29/2009 20:54
Albany NY Short SalesThere appears to be a huge misconception about Short Sales. There are many many short sales listed for sale in our local Multiple Listing Service but not many people very familiar with the process. I ...
Added On: 03/29/2009 20:52
Albany NY rental property deal I had meetings this week with several investors that made me remember what I have always told buyers. Don't ask your agent how many homes they have sold. Ask them how many&n...
Added On: 03/21/2009 11:00
Albany NY Real Estate Market name one of the 25 strongestThe Albany NY housing market has remained fairly immune from the high foreclosures rates and declining prices faced by many areas of the country. This is due to a variety of factors in my opinio...
Added On: 01/14/2009 20:21
Articles RSS Feed 
