All Forum Posts by: Dyrol Harding

Don't believe the subway is a major factor. You can try to change the windows on the street facade which is a very expensive endevour (approx. $800 - $2500 per unit). Another option could be to call a company like WindowFix to give you an estimate to re-gasket/weather seal all the windows (approx. $200/unit). There are hundred of residential buildings along the above ground tracks in Brooklyn. The great thing about this market is that there is no shortage of tenants.

Obviously the numbers must work..

You can purchase for potential or security or both. I have lived in Bedford Stuyvesant for 10 years, the best investment we have made. We have seen the potential for increase in property value improve over the years while the neighborhood has become safer. if you read the DE article "Douglas Elliman rep: 70% of Brooklyn home sales going to hedge funds, investors and international buyers", http://freewilliamsburg.com/douglas-elliman-rep-70-of-brooklyn-home-sales-going-to-hedge-funds-investors-and-international-buyers/. Brooklyn is receiving international attention. There is something going on.

Sorry for the late response but here is my take; "Douglas Elliman rep: 70% of Brooklyn home sales going to hedge funds, investors and international buyers" reference http://freewilliamsburg.com/douglas-elliman-rep-70-of-brooklyn-home-sales-going-to-hedge-funds-investors-and-international-buyers/.

NYC is a different market, Brooklyn is a very hot market. There is a hedge fund representing an Australian buyer who owns 71 buildings in Bushwick. These investors are not looking to flip they are holding. There is a lot of money being spent in Brooklyn now and if you can get a "reasonable deal" you can capitalize on this. The market is competitive but there are things you can do the maximize your income:

1) Since you are doing construction, consider separating the utilities and have the tenants pay their own heat (or other utilities if possible). Way the cost of the additional work to assess the ROI.

2) Look into shares for the 3 br apartments. Preferably rent to a group of friends who can share the space and rent rooms. A per room rental may increase the total rent for the apartment. Keep in mind that the apartment reno should facilitate this (storage, common spaces etc.). I have had friends (professionals: architects, artists) who lived in bushwick sharing an apartment for years. This also can reduce your vacancy rate by allowing individuals to leave independently while some rooms stay occupied.

3) Maximize your commercial space i.e. make sure your commercial tenant can bring value to the neighborhood in the future. This is purely a judgement call since the area is going in a certain direction. You don't want a ghetto fast food, they don't add value to your property but give the prospective tenant the impression that you have low standards as a landlord.

Obviously YOUR bottom line is the most important. I don't believe the subway is a major factor. You can try to change the windows on the street facade which is a very expensive endevour (approx. $800 - $2500 per unit). Another option could be to call a company like WindowFix to give you an estimate to re-gasket/weather seal all the windows (approx. $200/unit). There are hundred of residential buildings along the above ground tracks in Brooklyn. The great thing about this market is that there is no shortage of tenants.

SO, good luck. I live in Bedstuy and there have been a few dead bodies and drug raids on my block but the neighborhood is seeing much better days and even much better tenants. Hope this helps.

Goldy,

Welcome to BP. I am from Brooklyn and have a pretty good understanding of the market. Finding low cost single family properties requiring little work is going to be different in and around NYC. Finding anything low cost and requiring little work is different, not impossible, but difficult. You really have to pound the pavement. There are investors here who purchase hundreds of houses a year and they blanket the area with letters, postcards and walk the streets.

It's a tough market but if you jump in and keep at it you will be successful. The great thing is that there is the potential to make a lot of money ($100k+) on a single deal. My neighbor (a woman) owns 5 3family brownstones on the block all of which she acquired over the years just by talking to the neighbors and as their time came to move on she was there to snatch it up for a bargain. I know she has other properties as well. If you are genuine and people feel comfortable with you and most importantly you know the numbers you will be fine. I would suggest Dale Carnegie's "Making friends and influenceing people". Think it will help navigate the hostile landscape.

If I can be of help with anything construction or code related please don't hesitate to try me. Good luck.

@Dion DePaoli thanks. We have tried that bit the servicer is being difficult, giving the run around and saying the investors don't want to sell. The public records don't show the AOM. Still working on it though, hoping to get lucky. Thanks.

just looking to do some due diligence before purchasing a piece of land for $50k in Orange country ny. The property had a house, so wanted to see if there was anything prior. Can you give me a number to call?

Can anyone recommend a reputable title company tha can do full title searches on properties in NY state at a reasonable price? (Under $500) Thanks for the help.

I am trying to locate the note holder for the first mortgage of a property being serviced by Caliber Home Loan, formerly Vericrest Financial. The property is located in Brooklyn NY. Can anyone offer help on this? Thanks.

@Kay Lee, thanks. Please let me know how you make out with the Brooklyn property. Good luck.

I really appreciate the warm welcome. This says a lot about BP and the community. Looking forward to converting this enthusiasm to $$$$. Thanks guys.