All Forum Posts by: Raza Rizvi

We are a group of residents in a 14-unit building in the desirable South Slope/Greenwood area of Brooklyn. In January 2024, NYC DOB vacate order was issued due to the building's structural instability, and all residents were forced to seek alternative housing. Despite this challenge, the building's prime location and unit layout make it an attractive investment opportunity. The foundation instability issues were discovered in 2018, and over $900,000 has been invested in repairs so far, but an additional $1.4 million is required to complete the work.

Opportunity for Hard Money Lenders and Investors

- Potential for High Money Lenders: to propose a plan to help us out of the financial stress and get us back into our homes.

- Low-Cost Acquisition: 7 units have outstanding arrears totaling approximately $770,000, and the building board is filing for foreclosure on 3 units. Additionally, some residents are willing to sell their apartments well below market value, providing potential financial relief for the building.

Details

- Location*: South Slope/Greenwood, Brooklyn

- Unit Mix*: 13 x 2-bedroom apartments and 1 x 1 bedroom apartment

- Appraised Value*: Over $800,000 per unit when the building was in good standing

- Repair Costs*: $900,000 invested, with an additional $1.4 million required

- Arrears*: Approximately $770,000 owed by 7 units

Seeking Innovative Solutions

We are open to creative proposals from hard money lenders and investors. If you have experience with multifamily buildings or distressed properties, we would love to hear from you. Please reach out with any suggestions or proposals.

Contact us to discuss this investment opportunity further.

I was thinking of doing Airbnb arbitrage in Cincinnati but discovered that there is a restriction that the STR operator has to live within 50 miles of the property. Anyone has experience with this?

I will hire a local person for emergencies and other stuff but wondering if anyone on this forum had specific details.

Thanks.

Hello, I’m looking for Airbnb arbitrage opportunities not limited to any particular market. If someone has any leads or realtors that work in this field, please contact me.

Thanks

Question for the BP community. I just purchased a 2 family home in the Bronx (NY). Should i form a LLC and collect rents under the LLC? Is there any benefit to that? The property is in my name and transferring the title to the LLC is not a possibility. I already checked.

Your feedback & advice would be greatly appreciated. 

Thanks 

Thanks everyone! I missed a key point here. It is a mixed use property @Andrew Postell, @Tom S., @Ko Kashiwagi. 

Please let me know if you have any suggestions. 

Thanks 

Hi, this is an investment property

Hello Community,

I'm seeking guidance on refinancing a property with an owner-financed loan that's nearing its maturity. Despite the loan balance being relatively small at just over $100,000, the property's value has significantly appreciated to over $500,000. I aim to refinance the loan under conventional investment terms to avoid the high interest rates associated with hard money loans.

With an excellent credit score, securing a loan shouldn't be a challenge. However, I'm concerned about the high monthly payments that come with shorter loan terms. I would greatly appreciate any suggestions or advice on how to refinance this property with a more manageable payment structure.

Thank you in advance for your expertise and guidance.

Hi, I am looking for reasonable interest rate, property is in contract. $620K LTV 75 (2 family investment). My credit score is over 800+ and finances are solid. Paperwork is ready to go.

Please let me know. Thanks 

Hi, can anyone suggest any Home Insurance companies that specialize in multi-family investments. 

Thanks 

Thank you for the detailed write-up. I will certainly take all the factors you mentioned in my search and do my due diligence.