All Forum Posts by: Steven Kopstein

I only buy vacant properties-  just don't want to be in the business of inheriting possibly bad tenants or worse needing to evict a family.

Location matters a lot - as it will affect vacancy rates and the future rent rates.  What part of NY are we talking about?

@Luiz Souza I guess the only reason to wait would be that time on the market is the biggest negative (at least in NYC) and after a few weeks, things begin to look stale.  I know there will be more people looking in March than Feb.   

I like a big crowd at the first open house and multiple offers.  That's how it works in NYC - but maybe not in Union County, NJ (suburbs)?

@Nicole (Dunlap) Pendergrass  Awesome post - tons of good information.  Persistence pays!  Plus in NY it's really hard to cash flow - so good job!  You'll make a lot on appreciation for sure.  The Bronx is doing great and will only go up up up.

I'm about halfway through my first fix and flip project and my contractor is moving along faster than I anticipated. The house will probably be finished the first week in Feb.

It's in Hillside, New Jersey (near Newark/NYC). ARV is about $210 so it's a starter home.

My question is - should I wait about 3 - 4 weeks until spring has started and the market heats up or put it on in the middle of Feb which is traditionally pretty slow in this area?

I have a hard money loan that I will need to start making payments on the 3rd week in June.

My Broker's Hat says wait as does the "Zillow Talk" book. But I'm used to dealing with regular sellers and more expensive properties. At $210 I think we will be slightly below market which should pique some interest quickly. There are not a lot of new or fully rehabbed properties on the market in this area.

Any thoughts?

Thanks

@Abraham Rahmanizadeh - Hi Abraham- Welcome to BP - you are in the right place!  Check out all the podcasts - they are amazing.  I've been listening  - starting from #1 and moving forward and they are very valuable.

@Bob Roach Condo or coop?  I say avoid coops at all costs.  Price seems high to me - almost Upper Manhattan level...

Great first post and great attitude! I suggest listening to every podcast on BP. Start with number one and keep going until you're caught up. Consider yourself in school and spend as much time as you can educating yourself. You'll know when you're ready. Meet other investors from here in person. They can provide guidance and support.

@Ariel Boyle Welcome Ariel - smart move! My 2 quick tips - 1) put a picture up for your BP profile. It really helps build trust, which is central to community building and BP is the best community out there for REI. 2) Listen to ALL the podcasts on here starting from #1 and moving to present. NY is fun - but so expensive that you usually make more on appreciation than on cash flow. So, consider it a ling-haul proposition not a quick get rich thing. I guess that's 3 pieces of advice. :)

@Robert Niosi Welcome Robert!  As a relative newbie to the site (with 25 or so years in Real Estate brokerage), I can say this is the best place to learn.  Let me know if you'd like to meet up for a coffee sometime - I find it very valuable (have had 2 meetings so far.)  Also, listen to ALL the podcasts, starting at #1 and moving up to now... They're packed with great information that will surely be of value.