All Forum Posts by: Scott Wolf

For a buy and hold investor, anything above a 3% Cap Rate is considered an acceptable return in NYC, as people buy and hold to have the appreciation, and it is almost like buying real estate as a bond (safe & stable investment).  As for a flip, I cannot speak to returns that they are looking for, as it is not what I do.

blumberg.com is a great resource for legal forms.

@Michael Ndjondo makadi I would definitely not sign the contract stipulating you pay him 6% (or 3% if he receives 3% from the seller).  That being said, I do believe it is in your best interest to stick with one broker in your search, as it will streamline the process for you.  If other brokers contact you about off market deals, that is a completely different issue, and you can deal with them for those deals only.  But, if they send you on market deals, it is best to direct them to your broker, as his knowledge and expertise will help you in the long run.  

BUT, if the agent won't do a search with you without you signing a contract, find another one who will build a relationship with you, without a contract.

Adding on top of that, FHA 203K loans stipulate that the owner live in one side. So the total rent isn't realistic, as one of the units will be occupied by you @Raina B.  Also, you need to be sure that the basement can even be made into an apartment.

Thanks @Alex Deacon 

I just parted ways with my old brokerage and am considering forming a new one in NYC. Should I go with a LLC or S-Corp, or other entity I'm missing?

I am currently a licensed broker.

@Scott Williams Unfortunately, that's too small for my connection.  Best of luck in this and the move!

Hi @Scott Williams how big is the property? I have someone that may work for you.  They manage 8+ properties in the 5 boroughs.

You can find an attorney to expedite it, and get it in under two days.  Otherwise, if I correctly recall, it took about a week or two to set up the most recent one I formed.