All Forum Posts by: Andrew Jennings Freerks

@Manuel Rodriguez can you send me the details please?

@Kyle Vogeler I own a few properties in NYC and have owned them for many years.  I'll DM you so we can jump on a call.  Much to discuss :)

Hello BP members,

I am a seasoned investor, who has found a solid deal in the Albany Capital Region.  The property has a value add component, and diversified income streams from both residential and commercial tenants.  I am looking for a junior investor, who is looking to get their "feet wet" on a $325,000 purchase.  The junior investor would bring the capital, and I would bring the deal/ teach them everything I know about real estate investing (10+ years experience, 40+ units currently owned).  I can also leverage my knowledge of the area and connections to increase the value of the property.  Once stabilized, the property will have a Cash on Cash return of 20%+ (it currently has a 10% annual return).  Please send me a message if you are interested in working together.  Thank you

@Anna Cerda good morning.  I own a few Bronx townhouses myself, and have used Jill for my architecture needs.  She lives in Mott Haven and has been very helpful. I'll DM you her details

@Omar Fernandez for my NYC purchases I use 978-767-3757 (Berto).  He is a great guy and works for Langdon Title

Congratulations Sanusi.  You are bold for taking on a non-paying tenant.  Do you have a good eviction attorney?  I just completed an eviction in the South Bronx, and it was rough lol

Seem like a silly question but I'm renting out my first rental in the Bronx. For applicants with multiple adult occupants, do you take the combined income for everyone into your income criteria? For example if rent is $2,500, you would expect total gross income of 7,500/month if my criteria is 3x income?- This approach should be fine.  For my units, I usually look for someone with annual income 40x the monthly rent so I know they are financially secure.  Also credit score 680 with no missed payments over the last 2 years and also check their criminal report just to make sure you know who these tenants are, as the eviction process in New York city is very long and expensive.  Better to be safe than sorry.

Additionally, do you all generally use a smaller income criteria if the rent is inclusive of utilities? I own a multi-family house that was converted from a single family, therefore, there is only one gas meter. It may be easier to include utilities in the rent. - yes this is a good approach. You'll just have to figure out how much utilities normally are for your calculations.  Also control the thermostats so the tenants don't jack up the heat in the winter giving you a massive bill.

Welcome @Abby Blumenfeld.  That was a great introduction.  Where did you purchase your rental?  

@Ariel Rivas I have renovated several places and know the Bronx rental market well.  I'll DM you.

Hi Alex, can you DM me the details?  I have a few investors I can put this in front of.