All Forum Posts by: George Hermann

@Raza Rizvi, 

If it's a non permitted conversion, I would not purchase it. There are plenty of 3 unit properties available throughout the Bronx. 

@David Ma

Your question is a good one, but the answer is anything but simple. New York City is a great place for real estate investors, as can be seen by the billions of dollars invested every year. However, is it a good place for you to invest depends on a whole lot of factors. 

You answered one question already. If you have one million dollars in cash to invest, there are many opportunities for you to consider. As far as what part of the city would be a good place to start, I would suggest multifamily properties in the Bronx. If your strategy involves financing, you can look at small to mid sized buildings or maybe a mixed use building with a retail tenant. If you're not familiar with the market or how to develop your own strategy, I suggest you reach out to someone who can help you.

Good Luck.

I would suggest that you hire an inspector and look into violations before anything else. Use an attorney with experience in purchasing distressed property. 

Good luck

hi @Abigail T.

Since you work in Manhattan, I suggest you first look at the subway lines that will be best for you and look for opportunities near those lines. Trulia has some good crime maps that can help you identify areas to avoid. Then, visit the areas of interest and walk the neighborhood. Now you're ready to look for specific properties to put an offer on. 

Good luck!

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You might consider becoming a licensed Appraiser. It sounds like you may already have much of the knowledge required and this would get you into buildings on a daily basis.

Sounds like a foreclosed property. The credit union will set the price and hires the broker to sell it for them. Usually not negotiable but price will be lowered each month it remains available.

I would certainly be looking at a 1031 exchange. Keep as much of the money working for you as you can.