All Forum Posts by: Scott Wolf

@Dominique Mickles it depends how your state operates. In New York, even if you’re buying all cash, an attorney needs to be involved with the closing along with a title company. Also in NY the buyer chooses title, as they are paying for it.

My company operates nationwide so if you want more information, don’t hesitate to ask.

I'm looking for a commercial RE attorney in Oneonta, NY to help a client of mine with a non-paying commercial tenant, that has a lease that runs through 2025.

Thanks!

@David W. this seems very tight to me. If you're OK with a 7.39% CoC return, then go for it.

It is not a deal I would consider, as 4 months of lost rent on a single unit would wipe out any profits for the entire year.

You could have your current renter balk at the rent increase and have trouble finding a tenant for the downstairs unit, which could be 2 months of lost rent in that scenario alone.

Definitely speak with a REPUTABLE CPA. If it was her primary residence, 250k of that 500k gain will not be taxed. If it's investment, she can 1031 it into a NNN property that gives off good cash flow and she can live off that. But again, speak to a good CPA.

Hey @Dionis Dvorin, welcome to BP, & Thank You For Your Service!

What's guiding you to NYC, are you originally from there, or do you have a job lined up when you come back.  Buying a 4-plex in Brooklyn is a great way to start.  It may not completely eliminate your monthly payment, but it will most likely make it cheaper than renting.

Best of luck!

@Jose Jusino BRRRR is probably difficult in the 5 boroughs, but not something I've ever looked into.

I do buy and hold investing for cash flow, but only you can pick what path you’re most comfortable with.

@David J Lepard that’s awesome!

Do you own more RE or plan to expand and buy more vacation rentals, or was this a one off for a place for you to use while also collecting cash flow?

Welcome @Jose Jusino!  There are a ton of great resources (both human and non-human) here.

You should listen to the podcasts and read many, many articles.  I'd definitely look into house-hacking, as in my view, it's like giving yourself an automatic pay raise by cutting your housing costs.

Best of luck, and feel free to reach out if any questions arise.

@Allen Li definitely get a commercial mortgage broker involved for financing. I don't think you'll have a hard time finding financing for an asset in NYC, even with a new LLC. If you need recommendations, feel free to reach out.

As far as maintenance and capex go, definitely look to historical operating data and local contractors about what things will cost.

Best of luck!

@Jesse Maldonado there are a lot of hard money lenders in NYC (and nationwide that will lend in NYC). There are no standards. Every lender is different. I've seen some at 6.99% rates and some at 15%. It all depends on the quality of the asset and the quality of the borrower. Also, HML tend to have shorter lending periods(3 years is the longest I've seen) just something to keep in mind.

Best of luck and let me know if you want to discuss any particular deal.