All Forum Posts by: Chris Rosenberg

$536,000 sounds low for a 5 family in the Bronx and the rent roll sounds low. How many bedrooms are in each apt? Are all tenants paying? What neighborhood is it in? What are the property taxes and insurance? What type of condition is it in? Heating bill and fuel type?

Bushwick took 30 years to gentrify after white flight. And the real estate market in nyc has just been way too hot. Now with the L train shutdown and prices and rents no longer increasing who knows what happens next. 

@Michael Charles

@Tiffany Campbell makes some pretty good points. I would not want to live in ENY and I would not want my wife walking home from the train by herself at night. Maybe Prices will increase and maybe not. But I wouldn't want to be stuck there if things take a turn for the worst. Listen to @Ceasar Rosas  I actually live in Morris Park. You will get much more for your money and it is an extremely safe neighborhood. Prices are very reasonable there for NYC. 

@Tae Young Lee I think @Ramon Guzman really hit the nail on the head. I just bought a 3 family in Morris Park and couldn't be happier with the neighborhood. It takes me about an hour to get door to door to my job in midtown. I paid $560k FHA with a seller assist on the closing costs. The place was neglected so I'm putting money into it to hire guys to rebuild the garage and redo the roof. The rest of the work I'm doing myself. My PITI is $3400 and that includes PMI. I can rent the top floor for $1700 easily and $1200 for the ground floor apt. I'm living in the main unit and use the backyard and garage and washroom etc. that's probably all worth about another $2k a month. I would say if I was hiring a GC to get this place rent ready and all fixed up I would be spending around $50k. I looked all over for a long time and this was the best deal I could find.

I will be living in the $1800 and my in laws will be paying $1000 for the ground floor. But if I rented out everything plus the garage and backyard access, gross would be around $5k monthly. Net would probably be around $2000 including maintenance and cap ex expense, etc. With the mortgage and PMI included I would probably net around a few hundred a month. My insurance is expensive at about $3k a year. Taxes are around $5600. Heat is about $4-5k. Vacancy is pretty low.

@Eddie T. Morris Park. $560k plus a seller assist on the closing costs which brought it up to $585k. FHA loan. House needs work but is in decent shape. Just finishing up getting the top floor rent ready. It should be done by Sunday. Two bedroom plus an office. 1st fl is a 3 bedroom. Ground floor is a 2 bedroom. Basement has 3 storage rooms plus the boiler room/washroom. Detached with a garage. Doing most of the work myself. I will probably be putting about $30k into it after all is said and done. Rent should be $1700/$1800/$1200.

@Eddie T. I ended up buying a 3 family in the Bronx. 

@John Hickey

Hey John. I'm not sure how to send PMs but I would definitely be interested in the list of off market deals your broker sends you periodically. 

@Anthony Hidalgo

Ok great. Thanks. 

@Anthony Hidalgo

Hey Anthony. Did you find a good tenant screening site? I will also need to find a tenant soon.