All Forum Posts by: Lewis Tse

Discord seems to be a sensible way to start this off with group voice channels. Building a solid local community virtually with screen sharing to broadcast. We can set up "pitch rooms" for potential projects to push for collaboration or even brainstorming meetings. DM me if this sounds like a start.

Hi Andrew, I also think relationships are an integral part of long-term investing as they also nurture over time. Which REIA in NYC are you interested in joining?

Hi Leah, Welcome to the Forum. I know it's insanely difficult to conceptualize for you now. However, it is doable. Learn and take up any opportunity that comes your way even remotely related to Real Estate. Through consistent practice, you will build up discipline to do the "smart work". For example, Deal Analysis requires critical thinking and reverse engineering. Those skills cannot be brute-forced by working hard. After you accumulate knowledge and practice enough to the point it's easier for you to accomplish your tasks than to fail them, reflect on what you learned by networking with other like-minded people (on this forum especially). The next two steps are "thinking of solutions" and "active experimentation". These steps only matter if you bother to reflect on your results and practice enough. 

This is Cycle of 4 which creates a feedback loop for you to continue improving at what you want to do (which is investing in real estate).

Experience - Concrete Experience (Hard Work)
Reflection - Reflective Observation (Studying Competition)
Thinking - Abstract Conceptualization (Find Solutions/Trade-offs)
Applying - Active Experimentation (Sliding Scale of Adjustment)

You're still 16 so I understand that's a lot to take in. Focus on the first step which is to learn as much as you can. Set expectations that you will fail because that is the only way to succeed.

I'm an agent in Upper Manhattan, NYC specializing in rentals. Feel free to reach out if you wanna dip your toes a bit deeper. All the best!

Yes, there is undeniable outbound migration, but "exodus" is an exaggeration. Beyond this point, however, I do not have any experience in the areas you mentioned. I'm looking for properties in Uptown and Upper Manhattan, but check auction.com, Streeteasy, Zillow, etc. After enough weekly and daily searches, you'll have a better idea of how the market moves in your targetted areas. All the best with your decision! 

Tax abatements are usually associated with new development condos from what I've seen as an agent that is also looking to invest in the Manhattan area more specifically Upper Manhattan. 

I specialize in working with landlords and they usually do not allow Airbnbs. They even have riders tenants have to sign as part of the lease.

Without some creative out of the box planning, the numbers by themselves don't work for house hacks. Some value add renovations may help, but with the current rental market, it may not be the best approach either. The landlords I work with are even hesitant to add washer/dryers in the unit which is the most searched criteria since May. 

I'm not speaking in absolutes since Manhattan is quite diverse in sub-market. This is all just food for thought derived from my anecdotal experience. Hope this helps and all the best!

@Aniello Belfiore

Hi! I'm also looking to network with other people looking to invest in NYC! I'm an agent that specializes in rentals in Uptown Manhattan. I'm also looking for properties myself in that same area so let's connect to share what we know with each other to accelerate your path of investing! Stay safe and have a great weekend!

Hi Krystal, evictions are one of the downsides of renting out to tenants in New York. However, you may mitigate these risks by asking for more documentation and calling them for a quick interview. Here is a list of documents I tend to ask for:

Completed Application
Photo ID (Passport or Driver's License or State ID)
Most Recent Tax Return
Most Recent W-2/1099 (If Independent Contractor)
3 Most Recent Bank Statement (Showing Maximum Liquid Assets)
3 Most Recent Paystubs
-
Student School Schedule and ID (if applicable)
Pet License (if applicable)
Pet Vaccinations Records (if applicable)
Landlord Reference Letter (if applicable)
Proof of Rent Payments (if applicable)
CPA Letter (if applicable)

If they can't provide sufficient documentation for you to approve them as tenants, then it would be better for you to move on to the next applicant. If you're stuck between choosing a few applicants, it may be better to make phone calls and interview them so you understand their situation better.

All the best!

I am a Licensed Real Estate Salesperson in NYC. I am with eXp Realty and I have been doing my own thing since I onboarded with them. They are cloud-based and they have been hands-off entirely. There are online classes if you want to attend, but by no means required.

Hi @Vik C.,

Hold out on renting the co-op if you can avoid that option. As @Brandon Cohen said, the number of concessions are ridiculous heavily in favor of tenants at the moment. 
What's your timeline looking like? If you need the cash now, selling is an option. There are certainly buyers right now. According to Urban Digs, Supply has been going down and Pending Sales are going up so make of that what you will.

@Brandon Cohen

Hi @Claire Zhang, are you part of a team structure or an individual agent? Your principal broker may be able to clear things up. If you are closely acquainted with this colleague, you may be able to resolve this between you two and not involve anyone else. However, as @Elvis Herrera said, do not feel obligated to pay anything. Any time I assist anyone within my circle of closely affiliated colleagues, I always establish a compensation structure upfront beforehand to avoid any awkward conversations down the line unless I already decided to volunteer my time. Managing expectations is one of the core parts of our trade whether it's with our clients or fellow agents.