All Forum Posts by: Scott Wolf

Hi Vaugh,

Where in NYC are you looking? I work mostly on LI, but we have an agent in Manhattan and refer a lot of business to other smart brokers in the boroughs.  Feel free to PM me.

-Scott Wolf

Hi Anthony,

That seems like a great way to house hack! Will your in-laws be paying you rent? Also, what are of Long Island? Will you be commuting to the city daily?

Feel free to PM me to discuss options.

Best,

Scott Wolf

@Ireneusz Slonina I would stand firm where you are, as you are only negotiating against yourself at this point.  If you give them full price offer, they won't accept anyway until after the open house, so you have nothing to gain.  Also, if they do get a full price offer at the open house it will start a bidding war anyway, and you will need to make a determination of what you think your highest price is for the home.

I would take the two weeks until the open house and continue to look for other properties, as you may find something else you want to purchase. 

Another, more aggressive tactic you can take is putting a time frame on your offer, for example, have your realtor put in your offer at your current price (or full ask if you prefer), but have the offer expire after 48 hours.  You may want to discuss with your realtor first, to see what their thoughts are, but sometimes this lights a fire under the seller to make a decision,

Best of luck!

Hi @Sal Mazzone what lender did you speak to in the end? I'm looking to invest in Westchester and am currently searching for a commercial mortgage broker.

Blumberg.com has standard forms.

Welcome @Vishal Arora!  I'm a RE broker in Jericho, feel free to reach out to me to discuss what you're looking for!

@Seepaul Paray  you would need to

1) Find a hard money lender or a private investor to go in with you. 

2) Or perhaps the seller would consider seller financing. 

3) Listen to @Karl Dowden and live in the property to obtain a FHA loan. That way you can rent out your current home or move-out completely if you are renting.

Based on the numbers you have provided ($100 per month cash flow), a 3.5% cash-on-cash return is not something most investors would be interested in.    Best of luck.

Hi Seepaul,

Is this a SFH or a multi-unit?

Hi Dory,

What joint venture are you looking for? I currently have a client looking for multi-family or mixed-use properties in the Bronx.

Hi Joseph,

Smart move on living in a multi-family property.  I'm a commercial broker/investor out of Jericho, NY and am currently in the process of purchasing a multi-unit property in East Northport, NY.  I'd love to help you sift through the plethora of listings in New York, and find something that fits your criteria.

Feel free to contact me at anytime.