All Forum Posts by: Christopher Persaud

@Chiagozie Fawole Definitely, I did reach out to property managers about the rental rate, but I did not pick their brain too much. I will have to meet with them again. Thanks!

@Jamar Vaz Welcome! I purchase foreclosures very often in Queens and Brooklyn. 

@Dennis Xenos What price would you expect? Since value is based on income, does it matter the per door number?

@Eric Schleif Financing would come via construction loans from a bank.

@Eric Schleif Yea, the tax worries me a bit, but I think I will hold off on building since NYC isn't offering tax abatement's for new construction multifamily right now. I hear they will probably restart the program later this year though. Either way, the location is great so I don't mind waiting.

Costs, including architect, permits and construction would be about $1.3mil.

@Tom Mole Awesome detailed response. Thanks so much for the kinds words as well. It is a bit intimidating, but it's more fun this way. :)

I will also reach out to commercial brokers in the area. 

@Shmuel Harris I would rather not share the price since I just put it under contract; will post when closed.

Building estimates are $1.2mil. The architect and permits will be just under $70k.

@Chiagozie Fawole Thanks! No idea how that slipped my mind. I will use 50% just to be safe.

@Eddie T. I average about 4-5 a year for the past three years

Hi, I currently flip houses in Brooklyn and Queens.

Long term goals are to develop buy and hold properties in Manhattan. Know any Manhattan investors or are you one? I am looking for a mentor in that area.

Thank you!