All Forum Posts by: Adam Cherko

Any update on the offer?

They unfortunately don't always get posted. If you search you should see the old postings though. 

The first Thursday each month at Uncle Henry's Bar in Harrison, 7-9pm, cash bar, mix and mingle networking. 

The third Thursday of each month we are at the Yonkers Brewing Co, 7-9pm also, same structure. 

We have another one, run by Darren Sager, where we have a BP podcast interviewee speak, but the schedule that is not planned as we need speakers to fly in for across the country. That one has been held at the radisson in New Rochelle, $20 cover, 6:30-9:30pm  but we do not have the next one set up yet. 

@Edgar Martinez we have a few going on in southern Westchester, is it too far to be down that way?

I agree very much with @Brian Pulaski,  creating your own scope as detailed as possible will ensure that they are quoting the same thing. With lack of experience, it may be difficult for you, and that’s ok, it’s how we learn. When you leave something out, and the cost increases, it’s the lesson that you won’t forget. But after you write your scope, I’d be happy to review it for you and see if anything is blatantly missing.  

I managed constructuring for years before investing or becoming an agent, and can attest to how detailed you need to be until you know the person you hire well, so well that you feel confident they can read your mind. Otherwise it’s a shot in the dark and you can’t build a business on that. Here’s an analogy, if you go to an upscale restaurant that was recommended by a friend because they had wonderful porterhouse steak and say, I’ve got $100 to spend and I want meat for dinner, with a starch and a veggie, and I’m thirsty, so add some fluid, thinking the chef will take care of you. What comes out is a glass of red koolaid with no ice, a dry piece of boneless chicken breast, grilled and slightly burnt, with white rice and a Brussel sprouts. When you wanted a medium rare Filet minion, with garlic mashed potatoes and grilled zucchini, with a glass of red wine from NAPA. Those are two COMPLETELY different meals, that both meet the same description given above, and one main difference is the restaurant will make a whole lot more giving you the first one, and they really met the demands. Whatever your vision is for your project, you have to describe it as clear as possible for your contractor. If you hire an architect, it’s your job to let them know what you want and they will spell it out as clear as possible for the contractors. The better the architect the better and clearer the description. If the fireplace mantel is supposed to have two hooks integrated and perfectly spaced evenly, side to side for Christmas stalkings, and painted the same color so they blend in, and only 1” tall, the contractor needs to know that upfront, so they can plan to do it, and know what to charge you for that. Otherwise if you just say you want to rebuild the fireplace mantel when you walk by with one contractor, and they envision a wooden mantel without any decorative detail, and the next contractor is thinking brick surround, and bluestone in front, and a metal mantel above, and powdercoated, that’s going to take more time, cost more money and you said the same thing to both of them but they have different experiences and vision. You need to focus their vision and see if they are comfortable creating it. 

Then once they are on the same page, and if their numbers come back similar, that probably means it’s somewhat accurate, but the only way to know if get as many quotes as possible, if 5 quotes are within $5k and one is $20k cheaper, it probably means the low guy missed something and will try to get it back later through an argument, or just leave it out because it was missed and may not get discovered, or he underbid the job just to get it, and either won’t have enough money to pay his crew and finish, will finish but will try to get more money out of you through change orders, or just may not make any money, which is bad for him and you because he won’t be in business much longer! 

Ask your agent if they have a good contractor they trust. And make sure you and them have really looked through comps for the ARV (after repair value) and really know how much room you have to play with.

It’s hard to say what a roof will cost without seeing it, if the house is only 1400sf, it may be a ranch, without dormers or charges in roof line. Does the sheathing need to be replaced or is it in good condition? Have you seen what it looks like from the attic space?  If it’s just removal of shingles and replacement and there is just a single ridge, it may only be a few thousand. If there are a bunch of dormers, different sections, needs full plywood replacement, it may be over 10-15k. That’s where the detailed scope comes into play! Are you buying materials for the roof, or in the contractor supposed to provide everything they need to get the job done, the prices will be very different for each of those options. 

Long story short, I would write down a thorough scope, and give it to the contractors that have given you the prices, see if they need to change anything in their quote, and also get 2 more contractors in there, using that new scope you just created. 

Where is the property, I want to see if anyone I know would work in that area. Keep us posted! 

Haha, well thanks! I’m happy you feel that way, I felt like I just kept going! Anything you need, feel free to ask @Rashad Ellis

Thanks @Russell Brazil! 

@Rashad Ellis the suggestions and responses on your post are spot on. I agree with @Abel Curiel very much. We would need to take a look at what you have signed to make sure its the standard agency disclosure form or something modified, or if you signed something completely different like an exclusive right to represent which will also mention agency disclosure within.

At the end of the day, You should have an agent whom you trust, in personal character and knowledge of your particular asset type and preferably location. They should have no alternative interest than a fiduciary duty (your best interest) to you, especially on your first deal. Maybe down the road, you will have enough comfort under your feet to negotiate against the other side yourself, but the point of hiring a qualified agent is to leverage their experience to benefit your purchase. 

Many buyers agents will have you sign an exclusive agreement and will charge you a commission. In many circumstances that commission or a portion is covered by the sellers in our area for properties found on the MLS. In some cases, you or the agent may find a "for sale by owner", FSBO, and they may not offer any commission, so you would be responsible for the entire amount you agreed to in your exclusive agreement. Or if the property is completely off market the buyer will usually have to pay their agent's commission completely.

Agents like to have exclusives, and keep in mind, with an exclusive, they work for you! The same way you would hire a wedding planner, and sign a contract to know that they will perform, and they know that they will be paid for the work they do for you, it's a win/win. Without the exclusive, any agent you try to work with will most likely, consciously or unconsciously, put you on a back burner because they are servicing the clients who they are in contract with and have an obligation to produce for as stated above. 

As an investor myself, I do understand the benefit of "talking to" as many agents as possible, to have the biggest reach. There are benefits to "knowing" as many agents as possible, but to truly build a team and strong bonds that will help further your investing future you need to focus and get to know agents and then chose ONE to represent you. Be very clear with the agents you know and are getting to know, if you have an exclusive relationship with another agent, or you are "interviewing" agents to find the one you click with. If you are looking in multiple areas, maybe you ask the agent you are working with to refer you to another agent in another area so they can stay on top of whats going on and they will still be paid for the work they have completed for you or will do in the future. 

All agents have the same access you have to properties on public sites, and most agents have access, or should have access to the MLS in their area. They can clarify the validity of information you find on the public facing sites, as many are not accurate all the time. Some agents will have better connections to things off market and other investors that may not be ready to sell or are waiting for the right buyer and do not plan to list on MLS. Some agents hit the streets better in the Brooklyn, Queens and Bronx markets, and that will also be a determining factor for you.

I hope my long winded post is helpful and ads some clarity for you. Always happy to talk about any road blocks!
 

  

@Maritza Soto is crushing it!!! She is on her way to bring podcast worthy once she finishes this next deal! Keep up the great work! Metro north proximity is still key for the near future! 

Awesome event! We are very excited to have Gabriel in New Rochelle, he has amazing experience and so willing to share! Adrienne and I had a great ride home from the mo day meetup. Our gears were really turning! Gabriel talked about things no other guest speak has before!

It’s going to be great, I look forward to seeing you guys!

I completely agree with @Alex Horelick and @Abel Curiel, and what they have written, I similarly am doing the same thing. I’m originally from New Rochelle and was able to find a great duplex walking distance to The New Rochelle Metro North/Amtrak station as well as walking distance to the Pelham station. I am a product on New Rochelle’s diverse public schools and would never trade that! I was able to easily complete a 4 year architectural engineering degree with ease at the school of my dreams, and I owe that to the incredible education I received in New Rochelle. There are other options as well depending on your price point. 

the biggest thing to keep an eye out for is the number of bedrooms in each unit. As you are aware a building with 3 - three bedroom apartments will rent for significantly more than a building with 3 -one bedrooms. There are a few other factors I considered when I bought mine a year ago. 

We do have a property for any flavor here in westchester but given your variables they may need to be looked at on a case by case basis, but that’s no trouble.