All Forum Posts by: OnYango Williams

Jack New York is a great place to invest in. I was just wondering' if you were tied to the Williamsburg neighborhood? I'm sorry, so I phrased my question wrong. I should have asked about neighborhoods.

Jack with the way things are going in the market, some properties are sticking around longer than usual. Of course, since you are loiking in New York, you will spend more than most any other market, with the exception of LA. Now the later you wait, the more the ability to rent right away comes into question. My question to you is, are you only tied to Brooklyn?

I would also be interested in connecting and networking as well. Please let me know, would like to meet and talk about the market.

Hello Julie, my name is Yango Williams. I am a real estate agent in Brooklyn. I'll be the first to tell you Bed-Stuy  and Bushwick are becoming more and more popular in Brooklyn. If you were looking for a condo in your pre-approval amount in these neighborhoods,  then I would say it is doable. However, for a multi-family  in those neighborhoods, you would have to wait for prices to drop.

Keisha like you said properties within the five boroughs is high. Hard money lending is an option, however, the cost of paying it back on what you would have to borrow would be high as well. Now I'm starting to hear some things about East New York. However, I don't know, if you want to wait for a long period. 

You are in a good position, though considering you already own. And since interest rates have bumped up, the cost of properties will have to come down. So I would continue to save my coins and hold out until the price drops on properties. Of course, keep your credit good and be ready to put some money down as prices drop.

Raynor a 10% CapRate in New York right now is unheard of at the present moment. It's hard to get above a 5%Cap right now. Especially, with the cost of borrowing going up. I would take that rate and run. Some may differ and, if they do, please tell me where in the five boroughs they are buying property.

The income you would be getting is good. I don't know, if you know this but it's said that Brooklyn is the new Manhattan. In two years your equity will probably go up. If the initial purchase price for something like this didn't scare you; you should purchase and wait for your equity to come rolling in.

As long as the living situation isn't killing you, then I would suggest staying were you live. Just think about once you reach your goal renting your other units out and the cash you can make. what most likely will happen now, is the cost of loaning money will go up. with that happening the rental market will increase.

Welcome to the forum Alvin. You are taking steps in the right direction by working on your credit. There a lot of people that have bad credit, which isn't a bad thing considering what happen in 2008. What makes it bad is when you are doing nothing to fix it. It means you can not borrow money, in turn making it impossible to get a house. Unless you have a money pit and can pay for a house in cash. All that to say, welcome Alvin.