All Forum Posts by: Andres Baena

Hello @George T.,

Downstate NY? 

Congrats on the appreciation, considering multi-family investment next?

As a broker and an attorney in based in the boroughs/longisland, I can tell you from experience it's almost never worth the risk doing it alone for the reasons demonstrated by @Jaysen Medhurst . The biggest risk being a financial one due to the market analysis and understanding what is an appropriate sale price for your unit and expected negotiations based on current market conditions and your own unit's condition. Next risk would be the marketing, which while sending a short message to renters may help, you are missing out on the majority of buyers on the MLS that can be shown the unit through their own brokers. I definitely recommend reaching out to a qualified professional that will save you time and money such as @Abel Curiel to ensure that your transaction receives the most value from professional experience.

@Jaysen Medhurst

@Frank Chin Perfect example of how to operate and also points out another important property management tip for those looking to invest in Nassau County, make sure your lease includes nuisance language so that you can hold them in default if neighbors do complain.

"Neither Tenant nor Tenant’s licensees or invitees shall be a nuisance or act in any manner that would interfere with the quiet enjoyment by adjacent property owners. This prohibition includes, but is not limited to, loud noises, loud music, noxious or unpleasant odors, and disruptive behavior or actions."

Supporting Frank's advice, it's virtually impossible to achieve a variance in most Nassau County municipalities. Most investors understand this, take the risk, and pray they do not get hit with fines. Each municipality is different with their level of enforcement, but the real variable are your neighbors making complaints.

Thank you @Abel Curiel and pleasure to make your acquaintance @Hong Y.

Please feel free to reach out. With any questions you might have. I will direct message you shortly.

Quarantined Regards,

Andres

3/20/20 Update: My closings have now become entirely mail only. The offices that I am involved with are no longer allowing parties to attend. Docs have to be presigned by all everyone and we have to advise our clients before the closing occurs. I'll keep posting on new developments as they progress.

@Marlen Weber The first one I have will be on Monday! I’m New York based, Queens County closing which means I’m not too worried about accessibility to WiFi, printing locations and mobile notaries. I’m wondering what solutions will look like with places less accessible though and non-attorney states. Will definitely keep you posted on how it goes!

So today I had to schedule my first two "Virtual Closings" where I am repping the purchasers. I am having the bank send me pdfs of the funding docs so that I may review via google hangouts simultaneously with the client while the client is physically there signing. I've had management companies and law firms also send out emails saying that only essential parties may attend the closing.

Curious to see how the rest of the community is handling!

Hi Suzanne! 

While I am no means a veteran I can give you my perspective from my first year after going in full-time with commercial in the same markets. My best advise would be to have enough capital saved up or a steady income stream available to you during your first year. I know many big commercial shops tell you at the interview that you can't come to work for them unless you have a years worth of income in the bank because commercial deals usually move a lot slower. That said it is still possible to get moving on deals and there is MASSIVE opportunity out there. 

I am glad I stuck with it because after my first year, commercial hit me like religion. I will still broker residential and do legal work but all I want to do now is focus on the bigger deals! 

If you have any questions or would like to pick my broker's brain for more insight, please feel free to reach out!

Quarantined Regards,