All Forum Posts by: Scott Wolf

@Account Closed makes a good point, you can probably find a discount code with a google search as well, if you haven't already started.

Hi @Zaida M Santiago, I think you need to be more specific.  What do you mean by stealing deals?  And what deals are you looking at, and what are your goals?  

In NYC, it's hard to find deals that cash flow well (higher percentages).  I see properties trading in the sub 4% cap range in the 5 boroughs. There are also lots of laws for rent-stabilization (6 units and above), and it is a very tenant friendly place.

If you're a billionaire looking to park some cash, it could be great for you.  If you're a broker looking to facilitate deals, and you can represent the property, it can be great for you.  

@Thomas Nolan do you mean you want to take out a mortgage on the home you just bought, or do you have another home you own that you want to put a mortgage on? (Your wording is a little confusing.) 

If it's a home you already own, (not the one you just bought), any traditional bank or mortgage broker would be able to help you out.

Best of luck.

@Account Closed yes it is online only.  Timed with quizzes for all sections.  I believe NYREI has an online only course as well.

@Account Closed , I used RealEstateU, which was significantly cheaper than NYREI.

The class and tests (both class and state) are fairly easy to pass.  You may prefer NYREI, as they can set you up with a broker to hold you license, but there are other ways to do that as well. 

@Ian Jackson I think in more expensive markets, you need to have a more realistic approach to what house hacking means.  By this I mean, if you can buy a multi-unit, and pay under market rent for your unit, then I would consider it a win.  If you are going to live there anyway, then it may make sense, plus you will hopefully enjoy the appreciation, and potentially be able to pull out some equity in the future with a refi or heloc.

@Sean O'Lone what are you goals for the property & your portfolio? How many others do you own? Can you find a property nearby to move her into (purchase a cheaper one and move her in)?  

A good tenant is not something you want to lose, but based on the market prices, it seems that by keep her you're losing out on almost two full months of rent every year (based off the 1550-1850 difference).  It may be worthwhile to put her on a MTM lease, and ask for access so you can do an inspection.  That way you can see what repairs may need to be done to get the apartment ready to re-lease, should you decide to remove her.  Additionally, if you see that there are some serious issues, that she is not complaining about, it may be worth it to keep her.

Perhaps @BiggerPockets .com will add a tenant replacement calculator, to help with problems just like this one.

Best of luck!

@Account Closed mentioned.

Aside from that, I have some issue with other comments made in this thread.  Is it completely impossible someone would move from NC to NY? Absolutely not! That's what's great about New York, it's a melting pot, both of foreigners and people from other states.  I find that thought very narrow-minded, as if New York is only made of people from New York.  

As far as buying a deli in NY for 200,000k or less, 1) it is possible, look on any bizbuysell type of site, and 2) it's not unheard of to get financing when starting a business. 3) on 

Additionally, as a former RE Broker with inconsistent income, I was asked by my very large landlord (top twenty by units in the city) for a 3 month security deposit. 

Hi @Dimitrios Magdalinos have you asked the seller about doing seller financing, or spoken to friends and family to act as equity partners with you? You can also move into the property (if it's a 4-family or less), and try to get a FHA loan with 3.5% down.

Best of luck!

@Evelyn Zanetti , first of all, congratulations on your success with this property.  This is a great problem to have! Secondly,@Natalie Kolodij is right. A 1031 Exchange does not mean a 2-family for a 2-family. You could turn this sale into an apartment building, shopping center, mixed use property or a NNN property. And these properties could be located anywhere in the USA.

There is a lot more to suss out in this story.  Was the 2-family used for investment? If not, you may not qualify for a 1031 exchange and would be limited to the lifetime property appreciation of $250k or 500k for a married couple filing jointly. (an attorney would be better able to explain this.) 

I'd get in touch with a good real estate attorney you trust.