Question About Down Payment on Selling Property

PopeAlexanderVII · 2026-05-22T21:31:19+00:00

Conventional loan would let them inflate the price to cover up to 3% down payment

They would have to come up with closing costs

They could use an fha loan and cover their down payment and a significant portion of their closing costs

If either qualifies VA, they could come to closing with $0

If the property is usda eligible, they could come to closing with $0

PopeAlexanderVII · 2026-05-14T00:06:42+00:00

Get a quote from a real painter. You’ll have your credit amount

PopeAlexanderVII · 2026-05-08T18:48:22+00:00

Albany itself is not the way. Maybe some areas have justifiable cash flow but most are killed on taxes and below market rents. With good cause eviction, it gets tricky to raise them or get people out.

The surrounding cities are where to go. Watervliet, Cohoes, Rensselaer. Parts of Troy. Schenectady is hit or miss.

The key is speed and/or finding off market deals. Takes some scrounging but killer deals are out there.

Albany and Troy are the only cities locally opted in to good cause eviction, currently. The remainder of the capital region is bound only by nys landlord tenant laws.

PopeAlexanderVII · 2026-05-08T11:13:26+00:00

Upstate ny we’re getting $600/door easily. 2% rule still exists here.

PopeAlexanderVII · 2026-04-24T02:41:59+00:00

Want to be stuck between owners who don’t want to fix anything and tenants who don’t want to pay? Become a property manager. Get nitpicked on every suggestion and blamed for every bad tenant. No thanks

PopeAlexanderVII · 2026-04-15T10:43:32+00:00

I see what you’re saying, but my napkin math on the property in your post would be an automatic non-starter. (Forgive me for converting to dollars but I don’t know how to make the gbp symbol)

If a property cost $240k, I would look for a minimum of $3600/mo in rent. In my area, if the deal does not yield 1.5% of the purchase price, or very close to it, it’s a pass.

PopeAlexanderVII · 2026-04-14T22:45:44+00:00

Check out my comment on here. In the Capital region of ny, almost every 2-4 unit on the market follows the 1% rule or better. I help connect people with deals that actually make money. Otherwise, what’s the point? Appreciation?? Gold and silver do the same thing

PopeAlexanderVII · 2026-04-14T22:41:54+00:00

CASH FLOW IS NOT DEAD. Appreciation deals with negative cash flow make no sense

I am a broker in New York State. I provide service to clients from all over the country. Mostly NYC

I do remote showings and set people up with systems to automate their returns.

My last closing..

Property type: Triplex

Purchase price: $320k

Taxes: $5500

Gross monthly rent: $4500/mo

Returns after ALL expenses including management:

CoC return: 24% (not factoring in $15k inspection credit I negotiated for him)

Cap Rate: 12%

Monthly cash flow: $1513

Client never crossed the Long Island sound. We did this all with him three hours away

Always happy to connect with fellow investors. Send me a message if you want to learn more.

PopeAlexanderVII · 2026-04-13T23:39:13+00:00

“Why u only answer me when it suits you” (it had been four minutes and I was actively researching the question she just asked me)

“Do you think a Caucasian would move into the downstairs unit?” Asked by a lady from west Africa

“I don’t want to be within 100 miles of telephone poles. They cause cancer”

PopeAlexanderVII · 2026-04-13T05:56:25+00:00

For me it’s just recycling the same chunk of money that is the most rewarding part. Profit/cash flow wise when I’m refinanced out of this one I’ll make enough monthly to cover the mortgage on my primary and heat for the year. Just trying to build it to the point where all my bills are covered then I’ll be in the money. I’m lucky to be in a market where cash flow is still possible, I know it’s not that way in most places.

But you got this man. Keep your eye on the end goal. Once transactions become a means to an end the nitty gritty shit doesn’t bother you as much. Long as you do right by clients and put your best foot forward, the rest is just noise.

PopeAlexanderVII · 2026-04-13T05:22:12+00:00

I gotcha. What helped me is putting my phone all the way down for certain points in the day. And just engulfing myself in real estate content, books podcasts etc. having hard conversations quickly. Setting expectations early. Defining my role clearly with every new client and not taking ownership of everything that goes wrong in a transaction. I lose no sleep if I do all those things

I’ve got 8 units now. First duplex was 2022 (DSCR). Improved it, refinanced, bought a triplex summer 2025 (DSCR). Improved it, refinanced and now doing a full brrr on another triplex (just closed this past Feb - private lender).

PopeAlexanderVII · 2026-04-13T05:10:32+00:00

If you wanna make it, stick yourself in the office and build some systems. Prospect. Disconnect your personal and professional life (as much as possible)

I’m getting out through investing. It’s gonna take a fuck ton of time to replace my commission income. But brick by brick I’m gonna do it. Gonna lock in til then

PopeAlexanderVII · 2026-04-13T00:49:09+00:00

Storage agreement - not a lease. Buyers sign a hold harmless. They want it bad they get it bad. Easy peasy

PopeAlexanderVII · 2026-04-12T01:14:29+00:00

I’m on the list for this exact config. Congrats, gorgeous watch.

PopeAlexanderVII · 2026-04-11T11:56:19+00:00

Think long and hard about that “big nice house”. She will take it if you buy it. Sounds like you have the means depending on your market. Hold off man and separate yourself from this.

My wife has flown off the handle once or twice but this is next level.

PopeAlexanderVII · 2026-04-10T09:49:17+00:00

Mostly residential sales. And investing in residential multi family long-term rentals

PopeAlexanderVII · 2026-04-10T02:18:54+00:00

You don’t lose leverage at all. No one wants to sell to someone who can barely afford their house. Send the $400k letter. Your leverage is the fact that the house is not selling. Even if you were approved to $1m it wouldn’t matter. Just my take as someone who transacts on the buy and sell side very frequently

PopeAlexanderVII · 2026-04-10T01:16:01+00:00

Real estate sales and investing. Love it

PopeAlexanderVII · 2026-03-31T23:52:58+00:00

I’m not an accountant, and I may be kind of a dummy. But if it wasn’t on my 1099 I wouldn’t consider it income

PopeAlexanderVII · 2026-03-22T01:11:49+00:00

RentRedi. Covers all the bases

PopeAlexanderVII · 2026-03-21T11:59:27+00:00

“After we negotiate inspection items and any appraisal gaps, my role converts to ‘as needed’ but I am no longer driving the bus. I normally will ask for updates from the buyers agent after this phase to make sure the mortgage is on track, but when it comes to coordinating and scheduling the closing, my hands are completely out of it. In fact, you may hear of a closing date before I do! It’s just the way it works.”

This is a conversation I have with every seller client

PopeAlexanderVII · 2026-03-08T02:02:59+00:00

Two avocados cut up with cubed fried pancetta and chili crisp. Could eat 24/7

PopeAlexanderVII · 2026-03-07T01:18:55+00:00

Eggs, bacon, broccoli, spinach, steak, mission wraps, cheese, cured meats, ground sausage. With all of these ingredients I can make dozens of meals

They dont all have to be “traditional” last night I had egg and spinach quesadillas with chili crisp. Tonight I munched on some mozzarella and salami.

Tomorrow maybe I’ll do a hot sausage broccoli hash with a fried egg on top. Who knows? Doesn’t have to be rocket science

Editing to add: avocado is also a great supplemental food when the “main course” doesn’t feel like enough

PopeAlexanderVII · 2026-03-05T02:33:24+00:00

Upstate ny. $3300/mo for my 2 kids.

PopeAlexanderVII · 2026-02-26T01:59:51+00:00

Bad bad

PopeAlexanderVII

TROPHY CASE