All Forum Posts by: Joshua Heller

Hi Jerri,

In my opinion I'd try to find a mentor first - to me, that matters more than the name of a brokerage. All brokerages have pros and cons - tech, splits, resources, name/location recognition etc. As a newbie, you're best served trying to find a team that is active and doing deals etc., that's going to be your best way to learn. Just my 2 cents! Feel free to DM me any specific questions.

Josh

Bravo Fahad! Sounds like a killer deal. Can I ask - what part of Brooklyn is this in? 

Hey Daniel,

Just my 2 cents as I've been working with a few investors in Brooklyn. FHA loans are less attractive to sellers, so if there is more than one bid (assuming they're similar offers), seller would most likely go with the higher down payment offer. I've had a few buyers lose out on deals due to FHA offers being less attractive.

NYC also has some limits on how much you're approved for (by # of units - 2, 3, and 4 units all have different limits). As far as the lenders go, they shouldn't be "requiring" anything above that for an FHA, however some properties do require at least a 10% down payment.

Hope this helps. If you need recommendations for lenders, let me know.

Josh

@Efraim L. that is a really good point. Essentially everything is in favor of renters right now from a legal perspective with the new legislations. 

Hi Cristiano,

I have a bit of a different take than Taylor. I'm native to Brooklyn and I actually think now is a really good time to look for deals. I'm currently doing this with a few clients. Cap rates have increased to the point where the numbers can actually work in parts of Brooklyn and Queens, I'm not as certain about Manhattan. 

I just sent you a note to connect, happy to share my insights and help wherever I can.

Josh

Hi BP network!

I've been a long time BP fan as a reader and I have continuously been impressed by the strength of this network. 95% of what I've learned in real estate has come from Bigger Pockets. This consistent learning and the power of a network lead me to get my real estate license, and I'm now officially licensed in New York state with Compass.

I wanted to use this post to introduce myself and offer my knowledge and expertise with all things New York real estate. I grew up on Long Island, went to university in upstate New York, and have been living in NYC for the last 10 years, so I'm happy to provide as much local info as I can! I'd also be happy to assist in helping find deals for investors, helping with analysis, market insights etc.

If anyone here has any tips or best practices on how to best leverage this network to grow a business as an agent, please reach out to me here or via DM.

Thanks!

Josh

That makes sense @Josane Cumandala ! Thanks for your input. I'm definitely not in the market for something in our neck of the woods, thinking something a bit smaller and cheaper to start, but I know vacancy is a huge concern. Especially in smaller cities with less renters. But I think the majority of the cases to be made are for buying something vacant.

Apologies if this has already been discussed, but just looking to get some different view points on this.

For multi-family rental investment properties, would you rather buy something that's already occupied or something that's vacant? I can see pros and cons to both sides.

Thanks!

@Will Gaston awesome man, I figured. Thanks for the response and verification. Will check out that link!

Hi all-

I'm new to the BP community and am ready to get started with my first rental investment property. I've decided student rentals in a college town would be a good place to start small and get my feet wet. I know the market well and have identified a few solid options, but my only concern right now is timing. 

With classes starting in 22 days (Aug. 22), I'm worried that off-campus housing has largely been secured already for the most part for the upcoming school year. I'd also imagine it would be much tougher to rent off-campus housing in the middle of a school year.

Does anyone have any experience/advice/input on timing re: student rentals?

Thanks!

Josh