All Forum Posts by: Brandon Cohen

tenants are looking for a wild amount of concessions, so not sure if you're taking that into account with the rent you're looking for.  That, plus no tenant will ever treat your home like you do, so the value may be impacted...plus a tenant in a coop will likely have to go through the arduous approval process.  I faced the same dilemma, put my apartment on the market and was in contract in a month.  If you have an attractive apartment and price it well, buyers are there.  

Hi @Steven Luttman depends on the deal I suppose.  Love Saratoga! 

Hi everyone, never realized there was an upstate NY forum.  My partner and I own a handful of doors in Oneonta (non-student rentals) and we're actively seeking more opportunities.  We currently own 2 and 3 unit houses, and are currently looking for 5+ unit buildings.  If you're in the area, please reach out...needing work is OK.

@Rizwan Halim you can certainly get a deal in Manhattan.  Cash flow is always difficult but depends what you’re looking for.  

Depending on the seller there are absolutely deals to be had.  I’m getting offers on my listing and offers are consistently coming in 20% below ask.  Just depends on which buyers are willing to dig their heels in and which sellers need to offload.  

I’ve come across a deal in Walton, NY that seems good on paper but I’m just not all that familiar with the town. My agent from a few towns over is saying it’s a dead end town with no industry and is only seeing a boom right now with NYC folks buying homes/second homes. If anyone is familiar with the area I’d love to hear your thoughts and if you think it’s good enough market to purchase a multi-family.

Thanks!

Depending on the scope of work, I’d consider reaching out to the building super to see if he’s interested in doing the work for you.  He may be able to jump through hoops quicker than a contractor.   That said, if your apartment is a good space in a desirable location, a renovation may not be necessary.  I have a couple of listings in BK right now that have been quite busy 

Unless you have a standout property, I’d consider paying the fee.  You can Choose pay only your brokers fee As well in which case the tenant will have to lay their agent if they have one.  In this market, you’re likely to be up against a lot of “no fee” apartments...so if you sit on the market for two months it may have made sense to just pay the fee.  

@Michelle Backer it depends what your goal is.  Are you looking to rent it out on Airbnb or are you looking for appreciation? From what I’ve been seeing the last few months, there are deals to be had in NYC and Hudson Valley is on fire because a ton of NYers are buying second homes and overpricing the market.  That said, budget between both markets gets you a very different product.  

Can only give my sense from what I’m seeing as an agent in NYC.  I have 3 clients that are leaving NYC and are choosing to sell their homes (once we get to Phase 2 here).  All of these are people that have known they would move at some point, the pandemic just accelerated the process.  I have a handful of Buyers who haven’t changed their position, still looking just Now hoping for a better deal.

 The rental market has been VERY active.  We have some high end and some middle of the road homes that have all seen a lot of traction and leases have been signed and people have moved during this time.