All Forum Posts by: George Hermann

I suggest you find an experienced agent to help you. If you would like a referral, let me know.

A coop in New York City is not an investment opportunity. There are stringent occupancy rules that usually requires owner occupancy for some period. 

If there has not been an acceptable offer in 3 months, the unit is probably overpriced. It sounds like the seller is being unrealistic and taking it out on the agent.

From an investor perspective, you should look at condo's, townhouses or multifamily rental buildings. 

The stats are out. Bronx sales are up 35% year over year. Queens sales are up 6% in the same period, and Brooklyn sales are down 4% in the same period. Inventory has been tight but is showing signs of opening up. If you invest in NYC, you should be reading up on the Bronx.

Look to the Bronx. 

Hi Charlie,

I work with a lot of investors who are looking for Multifamily properties in the Bronx. If you're interested, PM me and let's talk.

If you have a fully executed lease and they no longer want to live in the apartment, they are breaking the lease. I would get it in writing from them and agree to get a new tenant asap. They would be responsible for the rent until your new tenant is in place.

Richard, in NYC the security deposit is used to repair damage. The landlord covers normal wear and tear which usually covers floors and minor repairs to walls and painting. I hope this helps.

Just to add something here. New York City is not "completely overpriced". It is a very competitive market and like all markets has many opportunities for investors at all levels. If you want to compete here, you have to work hard to find the deals that will work for you. The price of a property has nothing to do with the value of the investment. 

Hi Daniel, my first thought is must you purchase all three buildings or could you just make an offer on the two 4 unit buildings that are together? If you did, could that eliminate the need for a partner. The bank will want first position and will likely require you to put in the down out of your own pocket. If your parents can give you the cash you need and the bank is happy and the seller will take back paper, then you are in complete control. A good place to be. Good luck.

Hi Serena, both the online courses and the classroom approach are capable of allowing you to pass the NYS exam. Hearing the interaction between the instructor and other students and having the laws, etc explained can be very helpful. I would recommend the classroom if you can make that happen, but don't be afraid of the online training if it's the only way for you to get it done.