All Forum Posts by: Bob McIntosh

So I am going to look at a 3 family property this evening that is completely gutted, the owners started the rehabbing then ran into financial problems and want to sell it now.

The listing states the following:

Perfect opportunity for developers or first-time investors! 3-story building on 18.75x100 lot. Engineering & architectural plans complete, historic approvals & bldg permits obtained. Building is gutted and ready to go! Project includes design of 3 gorgeous condos totaling 3200 SF as follows: Unit #1 - 1800 SF, 3BR, 2BA duplex w/2 living rooms, terrace, backyard & parking! Unit #2 - 900 SF, 2BR, 1.5 BA w/private balcony. Unit #3- 500 SF, 1BR, 1 BA w/400 SF private roof deck!

I have a couple of questions to ask the owner at our meeting this evening but I wanted to get this forum's input on what types of questions I should be asking.

This would be my first purchase so don't hold anything back!!

Thanks in advance!

I wasn't suggesting that it should be a chat only site, i was just suggesting that there should be a chat room. I didn't see the link for the chat there before so i guess this post is somewhat irrelevant :P

It is always a good time if you plan to buy and hold (as long as you buy right).

But really... its very dependent on your area, most areas are going down in price so it may not be the best time to buy and hold... it also depends on what you want to achieve... let us know and we may be able to give you a more specific answer!

So I always see a bunch of people at any given time viewing topics, it would be cool if there were a chat app available...

just a random thought :groovy:

So I have been working with a Realtor based out of Hoboken NJ because they had a number of large projects they were selling for investors however I am starting to rethink that relationship.

There was a potential property I wanted to look at that she sent to me last week Thursday, and I have yet to hear anything from her yet and its going on... almost a week later...

I was wondering if anyone in the NYC Metro area would be able to provide me the names of any "Investor Friendly" Realtors they have worked with, or are currently working with.

So far many of my inquiries to local Realtors have said to me "well it doesn't really matter if they do investment or owner occupied because it's all the same" at which point I politely thank them for their time, wish them a good day and hang up...

Generally what I have seen is that you will only get a tax abatement if you are brining something big and new into the area. I have never seen a small place get a tax abatement.

A discount is much more probable. Since you are looking to purchase a fixer-uper I doubt that you will be able to claim some item of disrepair and use it to get discounted taxes. However you may be able to get one if you can show that by giving you this discount, they will get more in the long run. So you would need to show that by having this property fixed up and rented the city is going to attract residents that will want to spend money in their city (shopping, dining, drinking, etc...), you will want to show a trend in neighborhoods that have gone up in value have increased the city's tax revenue over time, etc...

While I am no expert, in the past, that has been the best route that I have seen to get discounts.

As All Cash points out, having someone who used to sit on the board that makes those decisions is always a great route to go as well. They will know what the board is looking for, and what to give them so they will say yes.

Thats my thoughts...

Why not start a group up yourselves? There are bound to be all kinds of investors in and around your area, you just need to provide the forum for them to come and impart their knowledge upon you!! :)

You can always change your hair style...

:groovy: :goofy:

Or show up in a cape...

:superman:

:P

no but seriously, I agree with everyone's comments so far. Take them to heart and you will be noticed real fast!

There are certainly cheaper properties the further away from Manhattan you get, however I am particularly interested in staying close to Manhattan (1/3 because its still appreciating despite the market everywhere else, 1/3 because I live in that area so that makes PM easer, and 1/3 because a 20 mile drive here could mean an hour or more because of traffic), so maybe I am just being to picky...

I have to agree with Mike on this one. If you are pulling down $2250 a month but are willing to accept $1000 per a month, why not take that extra $1250 and reinvest it each month... A 5% return PER MONTH is pretty decent and if the only thing you are worried about is PV (i.e. your investment is secured somehow) I wouldn't move it at all...