All Forum Posts by: Ecaterina Katerina Morosan

We just purchased a mid-term rental condo in Miami with 15% down. Very doable. We have a list of approved condos as well as local lenders know how to work around different requirements. Happy to share my experience

 @Thomas Santella Yes, I was about to say around $50k last time I checked for a similar project

Hi Ian, talk to a commercial lender or 2-3 of them. They'll e able to underwrite the deal for you and give the LOI based on the property performance. Commercial real estate is a totally different niche. I can share our preferred commercial lenders if needed.

Emily, investors we work with are only interested in raw numbers especially if it's a Miami condo/hotel unit where each condo is completely different and offers different amenities, services, views etc. Although AirDNA can be a solution in some markets, using AirDNA for condos in Miami area is like using Zestimate to price a unit for sale. 

Hi Max!

If we're talking about Manhattan, I assume we're talking about condo or coop. 

Option 1. To buy an investor-friendly coop that you can live in for the first few years, and than rent it out and buy something bigger. 

Option 2. To buy a condo with 2-3 bedrooms and rent out the rooms while occupying one of them. 

If we're talking about actual house-hacking in NYC, maybe you want to explore small multifamily homes within 30-40 min commute to your future office. That should give you a good appreciation and cash flow in the future.

It all depends on the amount of down payment and your purchase power. 

Hi Esther, we just helped my best friend to purchase a great property in Ft Lauderdale among other wonderful clients that we helped. Would be happy to answer your questions if any!

Hi Agustin, we work with a lot of agents and investors from NY who are looking to buy in FL. Would you be open to it as well?

Hi Jonathan,

We analyze 4-family inventory in Brooklyn and Queens for our clients on a daily basis. The inventory is low because there are not that many 4 family properties in NYC in general. But as far as price range and property location, I think you have reasonable expectations.

Jersey is known for high taxes. We had many clients looking into both markets, and come back to Brooklyn/Queens because of high expenses. When you're using FHA, you're sensitive to every dollar that goes towards expenses. Also, Queens and Brooklyn are renters markets, there is always demand for apartments. And at the end of the day, you're buying a piece of land in NYC - unmatched dream.

Regarding FHA, it can be a smart move if you find a property in lower price range and if the property can provide extra income from rented garage spaces etc. In general, in Brooklyn/Queens, if your out of pocket payment is lower than the average rental price of that apartment, it's a win. Especially if you're focusing on core areas of the boroughs.

And I agree with everything Abel says above

Good luck!

Hi Dylan, we found a great duplex for one of our clients for $380,000 last year (he is around your age!). He currently lives in the smaller unit and inherited tenants from the second unit. Also, the lot allows him to expand or build another duplex in the future.

Since the prices are higher and inventory is low, you will most likely have to be ready to make an offer right away once you see a good property. Also, work with a local agent who has access to off market inventory as well.

RealEstateExpress.com

I've been using it for both license and CE.