All Forum Posts by: Scott Wolf

@Jay Richmond, I don't see anything wrong with the seller redoing the PSA.  In NY the seller's attorney usually draws it up, and as @Steve Morris mentioned, the person who draws it up usually does so to protect their interests first and foremost.

@Jason Boice, you should contact local banks. They will usually finance something like this, even if it's in an LLC.

Hi @Travis Hutchinson I may have someone that can help you.  I'll reach out to them on Monday.  

@Orly Howard, without doing a complete deep dive into the analysis, I like the 2 separate homes. I think the general clientele up there are more likely to rent an individual house as opposed to an apartment, and the COC is better. Just remember, that with two homes, come two roofs, which are big things to replace, so make sure your inspection is tight.

@Michelle Backer I think buying for speculation in NYC is risky right now(prices may not fall immediately, rental laws are strongly in the tenants favor etc.), and you will need the cash flow to sustain the asset in the meantime.  

As for the Hudson Valley, I'm not sure values will double in 5 years, and no one can be.  But those areas will always be desirable and garner greater cash flow than NYC.

@Kelson Alexander.  It's all about the numbers.  Look at properties in both locations that you would consider buying and run the numbers.  Also consult an accountant, as a house hack would bring mortgage interest deduction benefits.

Whichever nets you more, should be the answer.

@Ron D., if anything there would be benefit by keeping it in the LLC and 1031 exchanging the property if there are gains. Happy to discuss the process if you're interested.

@Enyi Ajoku, Cuomo issued a moratorium on evictions until August 20th.  So you're SOL in regards to getting them out before then, and there will be a back up in the courts, so who knows when you'll even get in front of a judge.  I'd wait until September, and also let him know that you will be reporting his delinquent payment to the credit reporting companies if he does not catch up on rent.  Obviously you can come to a mutual agreement about the repayment plan, but make sure they stick to it.

@Michelle Backer, I think this is a common thread on BP. You need to set your goals, and strategy.  If you're looking for immediate cashflow, the Hudson Valley is the move, but as @Paul DeSilva mentioned, the competition is getting intense outside of the city with Covid-19 and people fleeing Manhattan.  The NY Times even wrote this article about it, with a home going for $50k over asked.  That being said, I think in the MF space, the numbers can still pencil out there.

Good luck, and always happy to chat off-line!

@Wendy S. a title company should be able to get you a separate title quote.  Them saying a LE won't be correct sounds a bit fishy.  They should have given you one immediately, and given you a caveat that numbers may change.  That's why an estimate is an estimate.  Is the company reputable?

If interested, I can get a title quote for you.