All Forum Posts by: Anthony Perez

Cypress Hills, Flatbush, East Flatbush, East New York. These areas are still in mid development would take a look around there. You can get a two family in East Flatbush for 600k-800k slightly reasonable.

The problem is, the FHA loan is usually for people with lower incomes trying to get into a home. Trying to justify a 1.5 millon purchase and putting little money down is kind of hard. I would comply with the lenders asking for your W-2 and bank statements. Just don't let them run your credit don't let them ding your credit at all. I repeat do not let them check your credit you should be upfront with that the second you go and sit down with them. They will sometimes run your credit without asking you. Anyway you might be able to find a lender to do it for 10% you're just going to need to shop around like Nick mentioned.

@Ray Reed Thank you I appreciate the response I'll give them a call today.

@Robert O'Keefe I'll make sure to check them out as well.

@Naeem Boucher No Naaem, i purchased this property for monthly cashflow to offset living expenses. 

@Moises Mari Thank you for your response, I was considering the full Refinance at first but moving forward my investments will be into syndication's. The firm I work for purchases mismanaged multifamily property in Florida and Georgia and I'd like to put some money in there rather then having it in the property. The Heloc gives me access to my equity and my properties rental income will pay down the Heloc, alongside with the quarterly distributions being paid out of the syndication.  Also i don't wan't to leverage the property and pay interest on money i wont be putting to work. I'll be sure to PM you I'm looking to buy another property next year.  

Walk away from this! You would be buying a headache! There's a lot more property that makes sense for cash buyers. You could even buy a messed up home and renovate it if you have that much cash on you. Would be one of the best ways to go honestly. Feel free to PM me if there is any interest in that.

Hello, 

I purchase property in Brooklyn all the time. There are many factors to this transaction. Where in Bushwick is the building located? North or South? Is your property near the L train. Also depends on how much the developer bought the other lot or property for. PM me I can show you all of this and I can help you get the max amount of dollars for your air rights. You don't need to hire architects or anything. Its all available online.

Hello BP,

I have a two unit rental in Elizabeth, NJ that's free and clear. Anyone have any good small bank recommendations? I'm using the proceeds to buy more multifamily so figured the HELOC is the best option. It's only for a small sum of $25,000 and the property appraises for $176,000. Thanks for the help!

@Shadman S. would you like to keep the home or make a fee for the contract? I could help you with both PM me.

They are going to rise. New Jersey's taxes are really high. The utilities aren't split up between the units? Your water bill is going to be around 4-5k a year. Also don't forget your insurance payment. Go in with a low offer. 100k type of number. Tread lightly with section 8 a lot of turnover costs. There are good hard working people who pay rent on time. Speak with a broker and have him lease up the units. 

Sell your condo immediately and buy yourself a nice three family brownstone in BedStuy. Put 20% down and lease it up. Bed Stuy will continue to appreciate. You have to know New York in order to invest here and we are one of the real estate capitals of the world. Everything @Llewelyn A. is completely correct. Rental markets in NYC are solid and especially in a gentrifying neighborhood like bedstuy. You also want to walk away from you condo because when the market does turn, condos usually take the biggest hit. Also if you do sell the condo I'm more than sure they will let you buy a million dollar brownstone with 20% down. You'll probably have 500k left over in case a down turn does happen. More than enough to cover your mortgage for a couple of years. 

Hi @Edgar Villanueva

Have you considered selling the building? I could take it off your hands. Considering what you have told us you have a long battle ahead of you. I myself have done evictions in Brooklyn and to be honest it's easier to pay them off. There are children in the home and NYC is a tenant friendly state so you are already at a disadvantage. It's good that you are speaking to an attorney but be ready to spend about 10k in fees. My best suggestion is pay them out. Offer them 5k to leave and call it a day. I'd be happy to walk you through some other options you have, feel free to DM me.