All Forum Posts by: Chris Rosenberg

@Lawrence L.

Concourse and lower concourse I like. Especially by the hub. How is that area in the 160s by Morris Ave? Haven't heard of LOBRO yet. Definitely know SOBRO. I have a 3 family under contract in Morris Park. Should be closing very soon.

Hey Lawrence. What areas of the Bronx are you interested in investing in? Were you born and raised in the Bronx?

I agree that the nyc real estate market has become overheated. Prices have been skyrocketing. Even old houses in terrible neighborhoods are going for a million dollars. If it's Brooklyn it's trendy. All the transplants from other states come to nyc and drive rents up. I'm still baffled by how much rent is going for in bushwick and bed stuy. Queens is crazy expensive. The prices in ridgewood have shot up so much that most of the agents I spoke to in that neighborhood said prices have gotten ahead of themselves and are due to correct. And with all the new construction coming to market I don't think these prices are sustainable.

Maybe I missed it but where do you plan to live now that you are out of your $600 2 bedroom rent stabilized apt and how much will you pay in rent? I don't know if you can find a 2 BR anywhere in NYC for double that price. You will burn through that $10k in no time. I would do everything in my power to pay the back rent owed, stay in the $600 apt, put the kid in daycare, get a job, save enough for a co-op or condo downpayment and get an FHA loan.

@Andy Perez Have you looked into an FHA loan? It only requires 3.5% down. Also, they may count some of the expected rental income from the property towards your regular income. Where is the property located and how much work does it need? I'm guessing it's a 3 family house?

@John C. I actually just spoke to a lawyer today about a multifamily house in the Bronx with a similar situation. The difference is the seller will not amend the violations. The lawyer told me the violations and the fines follow the property. So the fines are attached to the house and they are inherited by the new owner. That's what he told me about the property I was interested in. 

I have been looking all over Queens and Brooklyn for a 2 family house with a walk in basement to live in and the prices are crazy. Also it seems like the inventory is low. I was thinking of looking into short sales. I understand what a short sale is and how long the process can take. Is it still possible to buy a short sale in Brooklyn or queens for a discount? How do I go about finding these short sales? Thanks. 

@James Northrup

That was incredibly helpful. I definitely appreciate it. 

@James Northrup forgot to tag you

I'm most interested in the area north of Fulton st. My questions are:

The prices I'm seeing are all over the place. What can I expect to pay for a brick 3 family house?

What are the average rents for a 1, 2, 3 bedroom apt?

Do most people rent out the basement illegally?

How is the tenant base and vacancy rates?

Are more people from other neighborhoods moving in that are being priced out of their old neighborhoods?

I know crime and drugs decreased dramatically in the area over the years. Do you think it's now safe enough for a woman to walk home from the subway at like 10pm?

And lastly, do you know any good real estate agents in the area?

Thanks in advance.