All Forum Posts by: Navin P.

Curious as to this as well. Obviously a very large return. 

Dona, did you receive any further information?  

Hi Alex! 

Sorry for the delay. I do not get alerts from forums. I'd be happy to go over my investment with you in more detail privately. I may also be in Nyack occasionally in case you would like to grab a coffee to trade experiences.

My somewhat quick take is as follows: It is difficult to find the right project but they are out there (at least one was out there for me). My deal was through a broker with the owner in a distressed situation.  I had reached out to this broker initially and realizing it was it was a competitive situation I had initially stepped away.  When that deal fell apart, the broker reached out to me and everything fell into place.  While I don't like to rely on luck, there was a lot of that involved in this situation...but I had been putting myself out there for a long period of time exploring many. If you are serious, I would suggest the same. 

I am considering another one and, putting it out there to the community, would appreciate any insights into legalizing illegal units in Rockland County. Is that a fool's errand?  Also, any help on where exactly this query should go would also be helpful... I have difficulty navigating the forums.

Thanks everyone!

Navin

Hi all,

I am not sure where the best place to post this is but here goes...

I’m looking for a local referral for a reliable and reasonable contractor that can help fix up a duplex in Nyack, NY (Rockland County). This goal is to hold the property as a long term rental so I obviously want to ensure durability. It will require some decent, but not overly extensive, TLC in both units. It is currently vacant.

Thoughts on positioning the property are also certainly welcome!

I owe a big thanks to the BP and its community for its help in getting me motivated in RE and started on my first project. 

Navin

Hi all,

I’m looking for a local referral for a reliable and reasonable contractor that can help fix up a duplex in Nyack, NY (Rockland County). This goal is to hold the property as a long term rental so I obviously want to ensure durability. It will require some decent, but not overly extensive, TLC in both units. It is currently vacant.

Thoughts on positioning the property are certainly welcome!

Thanks in advance!

Navin

Great responses!  I would echo the comment from @Caleb Heimsoth about focus.  It's great to be ambitious and to want to learn everything but it takes time and persistence.  I've had coding on my list for years...  A structured environment, like school, makes this easier (although it is not essential either).  

For the entrepreneurship side, since Udemy was mentioned, I just signed up for "Product Hacks - Develop a Product for Free or Cheap", which is free with this link (https://www.udemy.com/product-hacks-101/?couponCode=weloveourfriends).  It's usually only 10 bucks otherwise.

Gentleman, 

This is all extremely helpful and puts me somewhat at ease.  Thank you all.

@OnYango Williams Each of the units are 2 BRs.  I do not worry that they can be rented although I have noticed units on the same block going for less than I would have expected.  

@Llewelyn A. Thank you for the comparison...although I do not know the unit breakdown of yours (it would be great to hear more), it seems on point.  I would be putting down 20% or 25%.  Credit to you for your willing to continue to jump into this market, but you've obviously done well and I wish I had gotten in 20 years ago (I know everyone says that).  I only question whether the rents and property values will truly continue to go up--I think the large gap is still there between Manhattan and BK, which would be in our favor but I also know there is only so much people can afford.  I wish I had your exuberance.  Even if things go sideways, I think I would be okay and not lose my shirt but I'd hate to have so much tied up in one thing.  On the flip side, it should be easy to manage and I think it would complement my income from my other property. 

Thank you all again. 

Hello BP community, 

I am looking for some thoughts from the community on a possible purchase of a 3 family in Brooklyn, NY in the Barclays Stadium area with great train access on a nice street.  I would live there and it would be an upgrade in lifestyle, but it's probably not where I would choose to live in the longer term.  It would cash flow very modestly when considering my imputed fair rent (so I get partially subsidized housing).  The area is clearly developing quickly but I see mixed signals on the rents that can be commanded by non-full service buildings.  The property appears to be well-priced for the area, but I have a great deal of trouble dealing mentally with the pricing in NYC in general and have my concerns about getting in so deeply at this time in the market. 

To add to this, I am in contract for another 3 family in Westchester at a discount.  I feel like I may have been lucky and I should not expect those too often.  There is also the question whether I should pace myself having just committed to my first investment purchase.  I have a full-time job, earn a good salary and have savings, but eventually want to strike out on my own in real estate and other activities.

I know this is limited info and maybe a little vague but I'd love to hear opinions and suggestions for considerations.  I can share additional details as needed.

Thank you. 

@Rick Mavrovich  Thank you!  I will definitely reach out to her. 

Hello BP community!  I am in contract to purchase a multi-family family in White Plains (finally!).  The building will come with a tenant that I may keep.  

Two very distinct questions/requests for the community: 

1) Does anyone have any experience with the local courts in White Plains and the eviction process?  I would like to obtain a better understanding of how difficult this may be if problems arise.  Is it comparable to NYC?  Or Rockland County?  I am more familiar with the latter.

2) I would also like to solicit any referrals for good RE agents out there for rentals.

Thanks!

Helpful post. Ryan, how'd it turn out? If you went forward how did the title process go? I'd be curious to hear your experience. I'm looking at a property that ends today but unfortunately will be unlikely to complete sufficient diligence by then. I'm also looking with some fellow investors in Staten Island if you'd ever like to chat. My personal focus is Rockland/Westchester.