All Forum Posts by: Mohammed Rahman

Hey @Account Closed - are you asking because you're wanting to break ground on a project or just partner up with other builders? Sorry your post is unclear. 

I'm an investor and realtor in NYC/LI, I've worked with smaller developers and can help point you in the right direction. DM me, thanks. 

Hey @J Usmonov - congrats on getting closer to your first deal! 

I've worked with a lot of clients that are in your shoes who were wanting to start the process of househacking. Depending on what your needs/budget is, NYC may (or may not) be the right market for you. 

A lot of new househackers typically want to aim for cashflow to cover their mortgage payment. If you purchase a 2-4 unit multifamily in the city, more likely than not you will be in the red every month as the high prices here call for an appreciation gameplay, not cashflow. 

It's not impossible, but you have to search thoroughly. 

Shoot me a DM, I'm happy to chat - I'm an investor & realtor based in NYC

Hey @Orlando Goodon sorry to hear about what you're going through! What neighborhood is this in? Asking because I had a client that went the cash-for-keys route in Queens and it worked out well for him. 

He did exactly what you mentioned in terms of trying to understand from their perspective and then giving them some cash for moving expenses in trade for keys. 

Also asking for your location since I have an attorney I can recommend if it's in NYC or LI. DM me, thanks! 

Hello @Maurice W. Evans, hope to see you in NYC soon! 

NYC, like any other large city in the country has expensive properties that kill monthly cashflow for investors. If your investment goal is having your tenants sustain your mortgage payment, I wouldn't recommend it. 

However, if your investment thesis is to house-hack and then recoup your fixed mortgage payment as the rents/prices appreciate; that's a possible strategy. 

Shoot me a DM if you'd like to chat, I'm always excited to connect with wholesalers and would be happy to give you the lay of the land for NYC. 

Hey @Ryan Davis - welcome to NYC! 

As some of the other users have mentioned, real estate in NYC isn't much different than real estate anywhere else, just more expensive. A co-op is an apartment in a building that a person inhabits through purchasing shares in the corporation (which is the building itself). The shares give you the right to live in the apartment, vs. a condo where you own the actual apartment itself. 

If you're wanting to wholesale, then co-ops and condos aren't the best places to look. 

What's your strategy? Are you primarily wanting to wholesale? If so cc'd are some other wholesalers here that can chime in. 

cc @Oladimeji Sonibare @Jean Tranquille

Hey @Rosalie DiPietro - your post got a lot of strong feedback, I think you have a good idea now on how to handle things. I'm a realtor and investor in NYC, if someone moves into an apartment with amenities (not specifically excluded in the lease) then the understanding is that the landlord is responsible for maintenance. 

I recommend increasing your rent -- this way it will avoid future issues where you have to wonder whether a $200 repair expense is going to break the bank. 

Good luck! 

Hey @Franc B. - If it's your first property, I strongly recommend local. Local attorneys will have a better grasp on the process and any specific laws that apply to your county. 

They can also help you craft a lease when you're ready to rent out your property. Good luck! 

Hey @Juan Arias sorry to hear. DM me if you need an intro to private lender based in NYC, thanks and good luck! 

Hey @Oladimeji Sonibare - excited to see you getting closer man! 

I've run into similar scenarios and have observed my clients typically doing 50/50 - however, this is usually with a partner they've already been working with for a while and have done a few deals. You may want to consider taking less with the perspective of building a long term relationship since it sounds like you're putting in $0 into this, if so -- you're taking no risk. 

If I were you, I would try to structure it in a way that the financing partner gets the lion share of the returns up until they hit their required return. 

For example, if you ask them what % return they're aiming for and they say 10%, you can recommend taking only 5% (just an example, can be higher) of all cashflows/profits/etc. until the deal hits the 10% return. Anything above a 10% return, you get 30% (or higher) of the profits/etc. 

It's more complicated than a simple 50/50 split, but based on our conversations and voice notes, this may help your financing partner feel more comfortable since your payout is now tied directly to how well you run the property/deal. 

Good luck! 

Hey @Cee Williams - congrats on finding another property, I recommend speaking directly with a couple of attorneys you can research via Google and not crowdsourcing a solution from BP. As far as my experience goes, real estate attorneys aren't super active in these forums. 

Appraisal access should be the bank & seller's headache primarily, since your contract will mention a mortgage/appraisal contingency. If no appraisal, no mortgage, no deal for the seller. 

It doesn't seem like you're under contract yet on this property? You may be pulling the cart before the horse here, unless you've already received strong indication that the seller will even accept your offer (assuming you're doing FHA since you mentioned you didn't have 10-20% for down payment).

Good luck!