All Forum Posts by: Jaime Borbon

I help my parents manage their 4 story 9 family walk up in NYC. Queens specifically.

We hired a company to replace the old boiler, pains an extra 10k to do it right with expedited permits etc.

Prices were in range with competitors.

A year later, job isn’t closed out, tenants have no heat, things that were expected to be done weren’t done. A **** show. Hearing system still doesn’t work well.

Granted, Covid got in the way of doing things from March til .... summerish. But we’ve heard nothing from them even after sending a certified letter.

We would like to sue to get back our “expediting” fee at least, all of it at best.

Looking for an attorney that can help us in this respect. Any recommendations would be appreciated.

So does one usually go through a CPA or a lawyer? 

Hello! So I'm doing some research on incorporating or maybe doing business as an LLC. As I gather info I thought I'd tap into the wealth of experience here. With that in mind... here's the story...

My parents own a 4 story walk up, 9 family apartment building in Queens NY. They've had it for over twenty years and have just kind of muddled their way through with the help of a shady accountant, who let them "keep more of their money".

Recently they tried to use their investment property to secure funding for another project and were denied by the bank as the property shows zero income "on paper". 

Meanwhile, they've grown a bit tired of running the place. I'm more than willing to step in and do the work for them. They would like to leave a stake in the business for all the children in the family. We'd also like to find a way to use the property to grow acquire more real estate investment property. 

Now that you're basically caught up, what would you suggest? Is forming a corporation a good way to move forward? LLC? Would that be a good starting point before moving forward and securing funding for acquiring property?

Suggestions, opinions and advice are all welcome. 

I'm considering Chase, Navy Federal, or Veteran's United... 

Working this week on getting my first mortgage prequalified for the 4 fam MFR I'm shopping for.

My question is, big bank or small local bank or CU? 

Do big banks have more wiggle room? Small banks more personable? Is it better to build a relationship with a certain financier or banker? 

So, I currently use Zillow and Trulia a I try to find the right MFR for me.

Does anyone have suggestions for other apps or web sites that may be more geared towards finding MFR properties?

Hello all.

I'm looking for a bit of guidance as to how to proceed with my first purchase. Some things I read say you should get financing first, then see the realtor as they wouldn't take you seriously without financing in place. Other things I've read say to find a good realtor first and they'll point you towards financing. What's your experience? 

Thanks for the info folks! 

I'd love to be able to attend the meeting this month, but I won't be able to due to a prior engagement at my son's school. Next time for sure though! 

My name is Jaime Borbon. Currently residing in Dutchess County, NY. Originally from Queens. As a Marine Corps Vet and OGA Contractor I've lived all over the map, NC, FL, Dubai, Istanbul, Afghanistan and Uzbekistan. 

My family has always been in the multifamily business in NYC either as labor or as small MFR owners. As a result I've spent some time working for LeFrak in NYC as both labor and asst. property manager in LeFrak City.

Short term I'm looking for a 4 family MFR in the NY metropolitan area. I'm focusing on the Bronx and Westchester counties right now because those seem to be the areas where I can get the most out of a VA loan for a 4 family property in my price range, although I'm open to suggestions.

Long term I hope to build on my pending success and own larger MFR's so my family's future will be secure.

I'm brand new at this myself. It will be my first loan and first property. I'm starting the VA loan pre-approval process this month. All kinds of advice is welcome!