All Forum Posts by: Amit Kal

Interested to hear the financials on this. How much did you acquire the building for? How much are you putting in for improvements? And how much will each unit rent for? Are you accepting/relying on any type of government housing vouchers or are the tenants paying out of their own pocket?

Start by moving your dad out of there. It will be much easier then.

I'm still waiting for one person here on BP to tell us some positive PR investing stories. I went down there and looked and the numbers just don't make sense of the risk. I won't hold my breath but would be delighted to hear a success story or two about La Isla De Encanta

Hello Altus. I'm from NYC as well. How deep are your pockets? As you can obviously tell, it's incredibly capital intensive to invest here. When I started out 13 years ago to by my primary residence, I looked at 100's of places in and around Western Queens (including tons of coops in Jackson Heights) before I finally bought a place. After paying that off in eight years, I started looking again but the market was crazy and then crashed so I sat on the sidelines, saving and kept looking for several years before finally pulling the trigger on a six-family building in Sunnyside - I put $300k down, and used a cash out refinance on two other properties for the other $550k. So now I effectively had this building free and clear. Then the real work began. Over two years I invested another $250k to upgrade 4/6 apartments and increased NOI by 64%. That's my story and how I did it.

Nathan Brooks I'm looking for multi-fam in the 6-25 unit range. Let me know if you have anything.

Nothing. Have them pay the pet fee and carry liability insurance. Not a fight worth fighting.

At $75/month per unit, it's just not possible to be a PM who will do anything more than deposit your rents. I'm assuming he is charging a lease up fee as well when you have a unit that turns over otherwise I don't see your PM having much initiative to properly market and attract a strong tenant. This is the same as being absentee landlord. Anyway if you can make a trip to see each of those properties at least once or twice a year then some of this might not even matter because you can spot out issues when you do your walk-throughs and ask your property manager to fix them.

sure shoot me a message @Elijah Jay Dangerfield

@Josh Braun is spot on. Good deals are out there. You live there so you have the boots on the ground advantage. Use the same methods that investors would use to find a good deal, off-market. Driving for dollars, knocking on doors, post-cards, networking with wholesalers, etc. 

You insurance carrier should be able to tell you about the requirements. At least from an insurance perspective. Basic observation of your neighbors homes should clue you in to if it's the norm/local ordinance, etc.