All Forum Posts by: Shmuel Harris

Billy Rogers Hey cool that it all worked out in the end. It is important to me as well to operate to high ethical standards. Congrats on the deal!

Chris M. Lol. I'm working here in NYC. Housing stock is about 100 years old on average. So I'm guessing we still would have to deal with stuff like that.

William Vining Hey. Just curious. I'm assuming that your only concern would be with buyers that are buying to invest. An end user buyer wouldn't really care about rental competition. Just pointing this out. I wonder if your strategy is only focused on buy and hold investors. Sam Harris.

Norm Park Hey. Sorry to hear about your situation. I don't think I have any useful information for you but I wanted to wish you well and I hope someone here has the answer for you. Also, I would definitely try posting this on your local community forum or try reaching out to any Local lawyers that are on the BP forums. Good luck! Sam Harris.

Chris M. Wow. So I'm a realtor and I just realized how much I have to learn about RE VA loans. Thanks for sharing the info.

Just saw this post.

http://www.realtor.org/videos/the-voice-for-real-e...

Sounds like it is possible for the Federal Government to do away with the price limit that vets have when applying for a loan. This might change drastically how many houses a vet can buy. In podcast 163, Bill Allen mentioned that there is a cap on how much total debt a veteran can take on. Effectively, this limits how many loans a vet can take out because of the eventual cap. 

It would seem to me that if the cap was removed, wouldn't vets be able to take out an unlimited amount of vet loans after living in each property for a year.

http://www.militarytimes.com/story/military/benefi...

Just figured I would put this out there to see what the BP Community has to say about that.

Might be that my presumption is Bollox though.

Sam Harris.

My pleasure. I am happy to see that I can contribute to the BP community. I owe my RE education to them. So I definitely believe we will be seeing a trend outwards from Manhattan. As time goes by, there will be more and more people pushed out of East Flatbush, potentially even Brownsville, as prices trend upwards. But I believe that this may be more of a waiting game. What I am finding is that at this time it is hard to find motivated sellers, due to the amount of RE activity that has already taken place. Places like Queens you will definitely have more options to house hack. Crown Heights is already past the wave of pricing that would allow you to purchase a house-hack, for example we have a listing for $899k in Crown Heights. It is a one family attached property. Definitely not a good example of something to house hack. Prices are really high there due to the large jewish Chabad community and its proximity to the subway.  

@Jordan Moser

Real Estate in NYC is a whole other animal from pretty much anywhere else in the country. A lot of the techniques that are discussed on BP are simply irrelevant when applied to NYC. Properties are limited, or better explained, many of them are off market.

I definitely believe it is possible to buy a house with an FHA loan. I am a realtor based in Bed-Stuy and I have worked with multiple clients who only used FHA loans. The areas they were looking to purchase in were East Flatbush, Flatlands or East New York.

@Upen PatelI haven't heard of this before but I will be asking the mortgage bankers I work with about a Fully Approved Loan with address at TBD.

You have to realize though that FHA will not allow you to buy in certain areas like Bushwhick and Bed-Stuy like @Eric A.mentioned. The properties there are so highly priced that banks prefer clients with a large amount of equity already in the property.  Furthermore, I don't believe it would be possible to House-Hack properties in that area because mortgage payments would be too high. 

@Antonio ArtusaIf you look in the right areas, a FHA loan is very possible.

I would love to sit down with anyone interested to discuss this further.

PM me or call me.

Sam Harris

Hey,

I heard about odesk from BP and tried searching on line for it. Turns out the new name is upwork.com. Just figured I would update the BP community about that.

Have a Great Day Y'all!!

Sam Harris

Very successful first meet up!! Looking forward to more events here in Brooklyn!

Sam Harris