All Forum Posts by: Andrew Jennings Freerks

@Adriana Orozco  Nice to virtually meet you.  I have been a realtor for 10 years, and highly recommend TitleVest in NYC.  For an attorney in the Bronx, I use Anthony Matos on all my personal and client deals.  He's based in the Bronx and does a lot of work here.  Also, let me know what deals you come across in the Bx or greater NYC.  My small development firm has about 10 properties and we are continuing to expand in 2023.  Thank you and good luck with your new endevor! 

@Edwin Park our houses make 15-20% above what they would make on the normal market.  We keep a living room space for the tenants, but to be honest, no one really uses it.  Mostly, they just stick to their private rooms, if not using the kitchen or bathrooms.  I have tried multiple sources, but FB market place seems to get the most traction, even though there are a lot of trash leads on there.  Once you sift through them you can find good renters like anywhere else.  All of our rooms are unfurnished.  We tried finished one time, and people kept asking if they could remove the furniture and bring their own.  I hope this helps!

Hello BP Fam,

Ever since I was a young kid I wanted to become a real estate developer.  Over the past 4 years, I have acquired several rental properties in the Chicagoland, NYC and Albany area, most of which required only small to medium renovations, except for my most recent projects in the Albany area.  That 4 unit required almost a complete gut renovation and will be completed in a few weeks time.  The project has been stressful at times, but overall it has been a great experience and value add seems to be where I want to focus my future purchases.

That being said, to continue my growth towards becoming a medium sized real estate developer, I would like to complete my first ground up development in 2023.  We have a few lots in the downtown Albany area already identified, but my question to everyone is do you have a rough idea of the cost per square foot to build a 2,800 SF three family plus basement apartment (for my super)?  I know there are a lot of variables at play but I just wanted to see if others have done something similar Upstate New York.  

Thanks for the help!

@Steven Gesis makes a lot more sense now jaja.  Best of luck!

Where did you get 144 units in NYC for only $4.5M?

@Elson Pllumbi I looked into it briefly a few years ago.  Depending on finishes and contractors, I was given a price of roughly $250-$400/ BSF (buildable square foot).  What part of the Bronx were you looking at?  I can give you a rough idea of what you should expect to pay per BSF of the lot.

@Stephanie LiVecchi where is your fathers construction company located?

Hi BP family,

I am finishing renovation of two units in Albany, NY close to an area hospital.  From the locals, I have heard that renting to traveling nurses could be a good way to boost the rental income, but where do I find comps on such rentals?  The nurses also usually only stay for a few months.  Is the turnover and extra vetting/ management worth it?  What are other investors experiences?

Thanks all!

@Ryan Davis Great question!  I have worked in NYC Real Estate for 10+ years, and can attest that it is heavily relationship based.  I can count on 1 hand how many times I have received a listing from a mailer.  That being said, you are probably better at it then me and it can be very lucrative, once you find that deal.  I wish you the best of luck and let me know if you have any follow up questions.

@Maurice W. Evans obviously it depends on the location within NYC, but we own a few 2 family properties in the South Bronx and collect around $7K per month in rent.