All Forum Posts by: George Hermann

Since hundreds of properties are sold every week in New York, I would say that there are hundreds of good deals available. Now, "good deal" is a very subjective term, so you will have to define your idea of a good deal to get a good answer to your question. 

No BRRRR strategy, etc. This is about the process to buy property in New York City. We will cover financial aspects but not strategies. However, you will learn the whole process from A to Z and meet Agents, Bankers, and Attorneys who do this every day.

You’re very welcome. Please text the message from my post to give us a good head count.

Thanks

George

Wine, Cheese, and Information for First Time Home Buyers. If you don't know the full process of buying property in New York, this is for you.

To reserve your seat, text FTB <your name> to 914-450-8213 now.

Look at everything you can and move towards the property offering you the best deal. If you can afford it, great. If not, consider a partner in that deal. But, be sure to make an offer. I see way too many "Investors" who are always looking and never make an offer. Good luck!

Do not wait. But, if you plan to represent the buyer, review her financials and make sure she will qualify for a loan. 

Also, since you’re an agent in NY, maybe the owner would let you list the property and you could get the sellers side brokers fee.

Good luck.

Ken, I would be happy to discuss the Bronx Multi Family market with you. Please look at my profile and message me if you would like to connect.

You don’t have to give up on the Bronx. There are multi unit buildings under $400,000 throughout the borough. You may qualify for financing with only 3.5% down and the rental income factored in to the loan amount. I suggest you look into financing before you try to invest in an area far far away.

I imagine your unit is in a condo and being sublet. The majority of buyers will be looking to live in the unit and first impressions count. My advice is to get the tenant out, clean up and paint the apartment and then list it. 

Hi Noel,

First, yes you can inherit your Grandmothers property if she leaves it to you in her will. Typically, in her proprietary lease it will allow succession so you could move in without additional board approval. Also, most likely the basis for your inheritance will be the value at the time your Grandmother passes and you inherit. So, if she purchased it for $100,000 30 years ago and its value was $600,000 at her passing, you would get the inheritance at $600,000 and would not have to pay taxes on the profit from the original purchase price. Bear in mind that I'm not giving any advice and I'm a real estate agent, not an attorney. Your situation could be unique and not follow these norms.

Talk to an NY Real Estate Attorney.

Good Luck,

George