All Forum Posts by: Brian Whelan

great post Juan and thanks for sharing. Givien the high price points in NY I often wonder is the design and build from the ground up a better route here too!

What about Jersey?? Plenty of deals right across the water in JC, union city, north Bergen etc?? Mightn't be quite 50k but worth a look as its so accessible to the the city..

A good agent should help you along the way here! 

2 quick tips that I have learned during my short time on BP which may be valid for you in this situation: 1) don't bet on appreciation and 2.) avoid analysis paralysis!

It's never going to be the perfect time to jump into the market as there'll always be uncertainties to some degree..run your numbers as best you can, get as much good advice as you can and avoid having tunnel vision when weighing up your options (theres always a way to get a deal done!) 

Best of luck! 

Is there a reason why you wouldn't go for conventional financing, by the time you pay them their 5.5% fee you'd almost have 20% down for a bank loan? Or if you live in the duplex you could go FHA and only lay down 3.5%.. 10% for 30 years sounds a bit crazy imo!

Hi Dennis and welcome to BP!

Personally I would be hesitant to purchase a Coop if your goal is to rent it out from Day 1.. Many Coops have strict rules on renting and often write into the contract that the unit cannot be rented out for the first 12-24 months.. Even when you are allowed to rent out, your tenants will be subject to board approval which means there's extra hoops to jump through.. Additionally many Coops have rules on the Owner:Tenant ratio in the building and if they have already reached their quota, then you will just have to wait in line to rent yours out!

Also be sure to check out with your friend what kind of financial standing the building is in (when was their last increase on the coop fees etc and is there any capital expenditure planned in the near future) as these monthly fees don't go away and can definitely inhibit your ability to produce cash flow from Coops..

Hope this helps somewhat!

Hi Teresa- thanks for sharing these events!

I've been looking for potential RE networking events in the area so will definitely mark this in the calendar..

Best,

Brian

Hi Lee- Welcome to BP!

I'm a BP newcomer and also based in NYC.. 

Are you targeting any specific neighborhoods in Manhattan?

cheers Brandon much appreciated! 

thanks Mark!

@Calvin Kwock I'm currently licensed in NY but considering sitting the NJ exam also as most of the property I'm looking at seems to be in JC area.. I did the RE license course online (75 Hours required). I work full time for an environmental construction company and have a huge interest in real estate so figured it would be good way to get started and open up some doors in the industry. 

Working as an agent goes hand in hand with my work in construction and also allows me learn the ropes of REI so it's a perfect fit for me..

Definitely would love to grab a coffee and hear your plans.. I live on 23rd St so not far from midtown.. any evening usually suits..