All Forum Posts by: Laura Moreno

Looking forward to it!

@Javier Diaz

Yes, Javier, I love that area. There are lots of people moving there because of the convenient location. Great hipster restaurants open up too! Multi-families are hard to get, there are more condos and co-ops. Would you be investing in apartments? Thanks! Laura

I am too looking to house hack in Brooklyn and there are some deals but you need to have a good amount of cash to put down the deposit and for sure, the 1% rule doesn't apply here. 

I am looking now at this property, what are your thoughts? https://streeteasy.com/building/2333-foster-avenue.... 

Any updates? I am intrigued!! I am planning to go to my first auction next week and your post is super useful!

@Darren Sager can help you in East Orange. Isn't that right, Darren? Also, you should come to the event on August 2nd to network and meet other investors.

Good luck and keep us updated!

Laura

Wow! thanks so much for all the replies!

@Eric A. yes, I have considered working with a broker and thanks to this page Realtrends.com and it's top ranked agents, I've found one that specializes in multi-family in Brooklyn. I just had a call with her recommended lender to be pre-qualified for a mortgage so she can start showing us multi-families soon, hurray!

And thanks for the advice, yes, I will always run my own analysis!! 

@Adam K. yes I can see now that not all the bedrooms have windows, I wonder if you could convert the dining rooms (with windows) into bedrooms. 

The other thing is based on your calculations, if I occupy the first floor I'll be losing $20k per year, which is not that bad taking into account we are losing now much more paying rent (around $48k per year). But yes, you are right, we will be spending $220k in down payment plus closing costs (another $40k) and at the moment we are getting an 8% return on those per year which we will not earn.

I should also clarify if this is a cash payment, for sure.

Thanks so much for your advice, Adam!!

@Janel F.  thanks so much for your comments! I see now that the rents are way off! And thanks for the legal bedroom requirements in NYC!

I just found this property looking a 3-unit multi-families in Brooklyn. I would love to occupy one of the units. 

- Purchase price: $1,100,000

- Units: 3 2-bedroom

- Gross Operating Income (3 units): $102,000

- Annual Expenses: $16,902

- Cash Flow before taxes: $85,098

- Annual mortgage: $50,000 (with 20% down payment)

- Cap Rate: 7.73%

It looks good, right? What do you think?

Laura

This is the link: http://x.lnimg.com/attachments/12E7445F-9991-4DC3-A583-2AD1579F92F5.pdf

@John Hickey , thanks so much John!

This being my first real estate investment in the US I would prefer not to start with a RS building because it may put me off from future deals. I found a great Corcoran agent that specializes in Multi-families in Brooklyn and I am going to start there to see where she can offer. 

Thanks so much again and have a great week!

Laura

So today I am going to see this property http://www.maltzauctions.com/auction/300268/two-fa... a two family home in Ditmas Park super close to the subway with which could be a nice flipping potential:

What are your thoughts?

It is rare to find a property so cheap in this very desirable area. The auction is next week, and I suppose the final sales price will be higher than 1.1 million, which is the starting price.

Do you have any experience with auctions? Something I should know?

Thanks again and have a great day!

Laura☀️

Wow! Thanks so much for your great replies. I reached out to the agent and this building is now under contract.

@Jaysen Medhurst , you are saying that a good rule of thumb is 50% of GRI, before financing. Is GRI Gross Rental Income? I would love to start using this rule.

@Jane W. and @Adam K. I should have asked if it was a rent stabilized building. It didn't say so. This is the listing: http://www.loopnet.com/Listing/20259446/466-54th-S...

@Adam K., I didn't know it was more difficult to finance commercial properties. We have the 25% to put down but no track experience. And you are totally right, I forgot to add my mortgage expense there. Oh la la 😅

Moving into other properties then, thanks so so much for your great analysis!

All the best!

Laura