All Forum Posts by: Scott Wolf
Scott Wolf has started 43 posts and replied 1797 times.
Post: Eager to start the process of purchasing my first multi unit.
- Lender
- Boca Raton, FL
- Posts 1,917
- Votes 933
Originally posted by @Diara Campbell:
Thank you so much for replying to my post. To you answer you questions, i would like live in either New Jersey or Brooklyn. As for my long term goals, I would like to invest in a few multi family properties so that i can have different streams of income. Enough to replace my current job. So to be able to have a chance to start working towards long term rental for me would definitely be ideal because i want this to eventually be my main source of income. Not to mention, i really dont mind living in one of the properties. Is there anyway i can reach you personally, so that we can chat a bit more about this in depth, so that i can start to get the ball rolling?
Hi Diara, all my contact info is below in my signature.
Post: Commercial Private lenders in Jacksonville?
- Lender
- Boca Raton, FL
- Posts 1,917
- Votes 933
@Scott Brewster happy to chat with your friend about what he's trying to do, but not sure about the face to face meeting will be possible. My info is below.
Post: Purchasing condo/apartment in New York
- Lender
- Boca Raton, FL
- Posts 1,917
- Votes 933
Originally posted by @Raymond Armani:
@Scott Wolf
Scott thank you so much for the advice! I’m looking for long-term investment and not cash flow. What do you think?
Many people think now is the time to buy in NYC, so if you're OK with buying an asset that may not cash flow, the appreciation could work out in the end.
Post: Where to put my 1031 exchange money. What would you do?
- Lender
- Boca Raton, FL
- Posts 1,917
- Votes 933
Originally posted by @Nik L.:
I sold a highly depreciated SF Bay Area california duplex I have owned for more than 2 decades. I sold due to rent control and a bump in value but I hope I haven't made a mistake. About $48K in annual net income plus 5-6% annual appreciation. $1.7m sales price before expenses and $900K cash. Now I need to figure what to do with the money as my tax bill would be around $500K.
Been looking at multi family syndicate TIC, deferred sales trust, OZones, investigating markets outside of California. Still in the wealth accumulation mode for the next 5 years and don't necessarily need the cash at the moment although would like to develop income streams as I semi retire in 5 years.
My familiarity is in SFR and small residential. I have been flipping in Atlanta for several years and I am a 20 year residential appraiser. But looking to diversify into something more passive and don't know much about MF, commercial, storage,??,...
My 45 day clock started yesterday. So...what would you do?
If you're looking for passive income a NNN property can be a good option. Cash flow may go down, but ease of management will 100% be there.
Post: Purchasing condo/apartment in New York
- Lender
- Boca Raton, FL
- Posts 1,917
- Votes 933
@Raymond Armani, Manhattan is a big island with lots of different areas. The price point in Northern Manhattan is very different from the price point in Soho. The cheapest condo on the market in Manhattan is $325K for a 408 SF apartment in Central Harlem, per a quick Streeteasy.com search. Most 1-beds on Streeteasy in the area are $2,000 and under, so cash flow may be tough. Are you looking for appreciation, then it may work, if you're looking for cash flow, not so much. Always happy to chat about your goals.
Post: Eager to start the process of purchasing my first multi unit.
- Lender
- Boca Raton, FL
- Posts 1,917
- Votes 933
@Diara Campbell, where in New York do you want to be? What are your long term goals? Do you want to have long term rental income? If so, house-hacking is a great start.
If you have the cash in hand to buy a property outright, you can do that, but leverage usually amplifies your return. Getting a mortgage pre-qualification will give you a better idea of what a bank will lend to you, and therefore help you define your budget.
I'm happy to chat further to help you move along this path.
Post: Seller of an 11 unit portfolio offers to finance 50%
- Lender
- Boca Raton, FL
- Posts 1,917
- Votes 933
@Argi Avetisyan, what terms are they offering? And why are you bringing no equity to the table at all?
I think a private lender would be more comfortable in first position with 70% LTV, maybe 80 if you're lucky, especially at that low of a price point but most will want you to have skin in the game as a pure rental play.
Post: Go to Portfolio Lender
- Lender
- Boca Raton, FL
- Posts 1,917
- Votes 933
@De Chappell, I have a mortgage broker that works with private & hard money lenders if you'd like the introduction.
Post: Best places to invest for a rental property
- Lender
- Boca Raton, FL
- Posts 1,917
- Votes 933
Originally posted by @Brandon DeVega:
It really just depends. Of course like you, its not impossible, just hard to find. But I am willing to find it for anyone looking. Sometimes you have to go A little higher tho. For example instead if a 5 or 6 bedroom house. Get a small building for a 1mil or so. I saw a great 4 unit building for 1.1mil. It has about 14 or 15 Bedrooms. @Fab Ragh
Brandon, you can email me any 5 bedrooms homes you find in NYC for $400k. A $1 MM property is 2.5x more expensive than a $400k building, not exactly "a little higher".
Post: Best places to invest for a rental property
- Lender
- Boca Raton, FL
- Posts 1,917
- Votes 933
Originally posted by @Brandon DeVega:
New York City. Get a 5 or 6 bedroom house, and rent it out as rooms. Definitely connect with me, maybe I can point you in the right Direction or give you some insight. @Anthony Holloway.
Brandon, where will he find a 5 or 6 bedroom place in NYC for $400k?