Hi folks, I am relatively new in this forum, but trying to make the heads and tails of one particular deal in Westchester County.
The deal is 8 unit multi-family house, however... there appear to be abandoned building next to it, I am not entirely sure what that means... I have an idea of what that means but, it's hard to tell... whether or not it's even abandoned at all or just looks like someone is simply trying to finish construction.
The neighboring possibly abandoned building is very close to the building that I am considering to purchase... I am aware that there may be a downside.... to purchasing building... like that, but the cap rate is decent and the property math number wise appear to be somewhat normal.
I can't find anything wrong with the building. Yet at the same time, the building that is for sale... comes with hassle-free factor...to some degree. The building is about 1.1 mil... seller offers to finance. Appreciation of the city where the property is located seems to be somewhat ok... However... I am trying to wrap my mind about the financing.
Are there any local lenders in Westchester County who I can speak with numbers? To see if I can qualify for the conventional loan in a combination of owner financing?
Also are there any other members on Bigger Pocket who faced a similar situation with the abandoned building next to the multifamily property..... any advice from any wonderful folks in this forum?
Is the abandoned/incomplete building for sale with 8-unit or a separate property? From your description, I cannot tell.
Yes it's actually separate building Jared. Here is the link on the Loopnet.
This is the deal I am analyzing... Looks like Broker hasn't called me yet... i think he is either busy or sick... I tried calling him to schedule the meeting no luck.
However, I did drive by the area.. the property looks good, but there is this abandoned building concern... Also does anyone know about appreciation in Mont Vernon... ? or this particular area in general?
Note... this is for now the best property that I have seen... so far.. out of all the properties in Westchester County... however.. there is this uncertainty factor... and well the factor of broker not calling me back... maybe the building is already sold and I was just not notified... well there can be that factor as well.. (or maybe broker felt that I was a newbie... and bailed there is that possibly also...although his secretary picks up the phone and telling me he will call right back... I wanted to actually schedule the visit... to see inside of the property )
If anyone can take a look at the link i provided and let me know what you feel.. Also hopefully I can hear feedback from you Jared... thank you fyi for responding... ah cool you are out of Yonkers...
I know in Yonkers appreciation is supposedly better than in Mount Vernon... but not sure if you have any insights on Mount Vernon area...
Any feedback would be greatly appreciated... Note.. any other person would not share the property that they are hunting for.. but I am sharing it... because I believe in the good faith and wisdom of people and desire to help.
Thank you for advice ahead ahead of the time...
I will be honest @Rome Wells . I am still a newbie in the investing world so I cannot talk to the numbers or appreciation however I have lived in Yonkers for more than 20 years which borders Mt. Vernon. There are certainly areas of that city which I wouldn't be caught in nor would I invest in. Mt. Vernon has it's good part though (better known as Fleetwood or Northside). This property isn't too far from there but I am not very familiar with the vicinity. You might want to canvas the area and do your research (possibly with a native realtor). It may not be the lack of interested tenants but moreover making sure your tenants aren't going to be problematic.
I would also find out who's the owner of the abandoned neighboring building and reach out to them. The outcome/planned changes or lack thereof may affect your new property. It would be wise to investigate.
Thanks for Advice Jared.... for sure... indeed Fleetwood or Northside are a bit expensive areas the closer to better side the more expensive it is :) Only if broker could get back to me then perhaps it would be a lot easier to investigate.... Since broker didn't really get back to me I guess there maybe other ways of finding multi family buildings by going direct route, as I describe in my post here.
Also in regards to being new, no worries mate... I am also technically a newbie... I started diving into this journey in Jan 1st 2018. Appreciation and all the other mumbo jumbo... is important to know but not too much to learn... In case if interested in seeing how I am learning about commercial real estate multi family investments... feel free to check out my blog... (let me know if interested in the link and I will share it with you)
Here is what I show in my blog...
1... How to copy successful folks
2.... how to understand math behind the deal
3... how to network with others...
My blog is a bit corny, but it shows how I am taking actions... and literally describing what they are.... Some folks may find it interesting especially the ones with like minded mindset... and some simply don't care :)
Figured i might as well share this journey with you.... so you can learn about appreciation and numbers and art of investing and all the other jazz... associated with it...
Once again thanks for advice... and yes I would have to literally investigate the area closely, but the closer and closer I look at things, the more and more i begin realize... other opportunities in other appreciated locations not to far from Yonkers... or at least is what i hear from other folks (and like minded investors).
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