All Forum Posts by: Shmuel Harris

George Hermann Where do you find these stats?

Richard Mui What is your cost going to be if you have to go to court? Lawyer fees etc. Maybe it doesn't hurt to see whether or not the tenant will put up a fight. If they don't then you are good to go. But if it looks like it's gonna be a fight, it may not be worth your time and money. In NYC the courts have a reputation of taking care of the tenants. Just my 2 cents. Do us a favor and let us know how it goes for you. Happy Investing!!

Bill Callahan Welcome to the BP community. In order to find true off-market properties in NYC you have a few different options IMO. 1- Find a real wholesaler in the area. The difficult thing about these guys is usually they have a few investors that they already work with. To get in with them is hard. 2- Door Knocking. Many successful investors out this way knock on doors themselves or pay guys to knock on doors for them. 3- If you have enough capital to play with, this option isn't too bad. There are on-Market properties that are not prices towards end-users because of complications. I. E. Tenants that are not co-operating and the such. If you are looking to jump in right away, this option can afford you the opportunity to get involved relatively quickly. Besides for the networking opportunities here on BP, the educational material here is invaluable. I love listening to the podcasts and going through random threads to see what I can learn. Happy Investing!

Sunny Pyun Hey Sunny. I am a realtor based in BedStuy. A few of my colleagues have had deals with 203(k) loans. They say that it is not just possible but a good route to go. I believe you have to make sure you are working with a bank that understands the process. Usually those bankers can also refer a few different certified contractors. In general it is better to work with contractors that are familiar with the process. The checks are released after the work is done so the contractors will have to lay out the cash. If you would like I can refer the mortgage guy we use. He has experience with these types of deals. Good luck and keep us posted on how it goes.

@Barry Gottehrer

Hey Barry.

Welcome to BP!

If you could be more specific about what you need advice on, we can definitely assist you. 

Do you want to know if this is a good deal?

What are you looking to do? 

The rent definitely seems a bit on the low side for the price tag.

But then again, it is like that throughout Brooklyn.

I love the BP community. It has helped me tremendously in learning more about the RE industry. So much to learn and so little time to learn it in!! I love listening to the podcasts and going through random forum posts. Also, make sure to set up keyword alerts. That is how I found this post.

Good Luck and Enjoy!!

Hey BARRY welcome to the BP community.

The resources here for anything involved in RE are very impressive. I love listening to the podcast, randomly going through forum posts for interesting topics, and setting keyword alerts so that I can talk with other BP members in my local markets.

That is how i find this post.

Enjoy the BP community.

@Elise Chen

Unfortunately, this seems to be quite common in the markets I deal in. You have a lot of investors who are looking to move fast on the renovation and don't calculate into their costs holding times for getting the appropriate permits. This is why I make sure to work with the right investors when bringing properties to my buyers. There are definitely many properties around  hat are done the right way.

You just have to find them.

I am happy that you guys were comfortable moving on in your search. The right deal is out there. You just need to locate it.

Good luck!

@David S.

Hey David,

I think this is a great topic for BP. Thanks for sharing with us.

1) I would love to hear what your contact thinks about the NYC market versus elsewhere in the country.

It would be really cool if he has experience outside of NYC when it comes to RE investing. I always feel like a lot of the content here on BP doesn't translate too well to NYC. I am curious if other investors agree with me.

2) Also, I am curious to hear how his firm strategizes when it comes to apartment investing in NYC. I would be surprised if they are covering their mortgage with the rental income. I am curious if they still invest only in apartments and if so, how they structure their deals.

Please keep us updated!

Oh and Enjoy!

Yadira Gutierrez If you are uncomfortable with the realtor because he is too inexperienced, maybe it is possible to sit down with the broker to be more comfortable with how your property is being handled. I believe the most important aspect in selling your home is good communication with your whole team. It is an overwhelming process to some. Before moving to another option, see if you can make it work. Good Luck! P. S. The BP community loves to be updated on how things work out. Please let us know.

Hey Yusuf, BP is a great resource for networking. It might help for you to share a bit more information, like budget and exact specifications. I. E. One or two family. Feel free to contact me. I work in the Bed-Stuy area. Sam.