All Forum Posts by: Nicholas Mann

@Casey Roman

I’m sure it’s been repeated here 10 times over but there are multiple ways to make your money or your investing work no matter the market.

You said your market was very high and even complete dumps went for 150k well I’m in a market where those same dumps go for 400k.

You either overcome and adapt or fall prey and play the blame game like majority of society. Look for out of state investments or places within a 2 hour drive and I’m sure your 100k will go far. If your scared to invest, that’s fine as most of us newbies are, then just continue your education until you feel comfortable diving in. Network with other members, your friends and. Family and everyone you meet for the rest of your life and let them know that you love real estate investing and your gonna make it!!! If none of these things work to get you started in the real estate game then just simply put that

$100k in a safe diversified stock portfolio ( All weather fund; see Ray Dalio) and expect decent gains for years to come.

Good luck and best wishes, you control your destiny and nothing will stop you so hustle and research!!!

@Ryan Ross

Hey Ryan,

Before all this corona stuff happened I was looking at buying in Ossining. I visited multiple properties over there and analyzed a lot of deals. My approximate estimate for taxes on a 4 unit in ossining should be around 16k a year but probably more. The tax rate in Ossining is high and typically you would be paying more than surrounding areas. Trying to factor in 1500 a month for tax expense.

@Bryan Cavellier

Your best bet is to go to your building department and ask if the Single family is zoned for a multifamily property and go from there. In my town I had a similar question regarding buying a single family and adding a “accessory apartment” and the town code states that you must live in the property to have the apartment be legal. So in my case trying to bug a single family for investment and making it a “2 family” is not possible. If the whole Neigborhood is multifamily and you find a single family with accessory apartment then you might have a good chance of having it zoned multifamily. As far as changing the zoning of a property, very hard and unlikely from what I’m told. Best of luck.

@Andrey Y.

Good for you! I think it was wise to try and help them early on and hopefully they will remember that going forward.

@Tyler Caglia

Wow! Awesome post! Makes me want to reconsider buying a 2 family in my market for way too much money!!

Keep up the good work! And keep us posted on how they turn out.

Good luck!

thanks everyone for the great input!! I will try an offer right around 500k and go from there. Thanks again everyone !!

Hello everyone,

So I am currently looking at a house that is a 2 family listed around $600k. I have ran comps and my investing metrics and the property seems like a decent investment if I can get it around 520k I’m considering offering about 480k and seeing if they counter. The other day my real estate agent was on the phone with the listing agent and I heard him say the sellers probably wouldn’t entertain any offer with out a 5 in it meaning $500k and up. He also stated the only offers they were receiving had been in the low $400k range.

Any experienced negotiation tips will be appreciated!

Thank you all!

@Demarcus Crump

I've been analyzing deals in my local market and most asking prices on MLS for 2 families tend to have negative cashflow and ROI. There's been a few properties that make it above this threshold as it is a strong appreciating market. My criteria as of now is too find a property I can get about 80% of purchase price (asking) and Cash Flow +$500 a month with a CoCROI of 5%. Plenty of other investors on here will take smaller cashflow with higher ROI but that would be very hard to come by in my market.

Good luck

@Franklyn Abreu

Hey Franklyn,

I worked 2 years in NYPD 52nd Pct, I currently have been working the past 6 years as a police officer in Westchester County. Congrats to everyone else who works for public service as well as finds time to invest in real estate. Stay safe out there!!

@Jeffrey Butler

Hey Jeffrey,

I’m also looking at multifamily’s in Westchester!!

I recently went to my towns building department to inquire about changing zoning on a property and pretty much got puzzled looks that its pretty much impossible to change the zoning. Also my realtor has a property that was originally 2 family and now is 4 and had trouble listing it even as the original 2 family. For now I plan on staying away from any illegal MFs although I’m sure many people use them.

Good luck