All Forum Posts by: Ben Lockspeiser

@Yonah Weiss the ARV would be around $2.75m I'm estimating based on similar buildings in the area. My other concern is that it's a rent-stabilized building with only 3 units delivered vacant.

Hi All,  I have an opportunity on an off-market 6 family in Astoria, NY.  Here are the numbers:

6 Units Rent Stabilized Building, Semi-Detached Solid Brick

3 Car Garages And Wide Driveway.

Total Income : $132,600 Total Expenses: $28,120 Net Income: $104,480.

The building can be delivered with 3 units vacant.

5 X 2 bedrooms

1x1 bedroom

Delivered with 3 units vacant that could turn higher rents with renovating. 

Asking $2.5m for the building. 

I'm partnered with an electrician and carpenter on the project

I have about $300k cash for the deal, so I started looking at hard money lenders. Any ideas for creative financing for a buy and hold?

Thanks!

Sounds like a pretty bad landlord, sorry you're dealing with that. I think if you put up cameras outside of your place where she can access them and she doesn't want them there, she will most probably take them down. You are allowed to put cameras inside of your apartment though, even if they are facing outwards, as long as they are not obviously looking into another person's apartment. If you do want to put them up just be sure they are facing downwards and not towards neighbor's windows.  Sounds like a pretty big hassle for having a month to month though. Good luck.

Hi William, 

Would you be helping and/or nearby where the rental is? If it's a condo I don't think you'd need a property management company since you'd be paying HOA fees that would take care of everything except collecting rent from the tenant for your mother. You can probably set up an online payment system that goes to you and you can transfer it to your mother's account like Venmo. I have a few friends that pay for rent that way on NYC

As far as areas go for a rental, your money will go further in MN or VA as Austin is really been blowing up the past few years but there may also be more available because of that. Those are all very different locations too so it depends on where you want to own. Personally, I would look at which area had the least taxes and then start looking at condos there.

Hey BP community I'm with 7 other friends/investors that want to go in on property in the New York City, westchester, lower Hudson valley area. We will all be putting in an equal amount and looking to buy a multi family, ideally 5-10 unit building or open to commercial. Investors are 2 active doing management and 6 passive. We were debating an LLC vs. Corp, I've been leaning towards an LLC because it's simpler. We are also going to have a lawyer draw up a contract for buy in/out work done by investors businesses, etc. Our long term goal is to buy and hold multiple properties Any tips suggestions or steps forward we should take? The people involved are all handy either an electrician, carpenter, etc.

Hi All,

I have spoken with a few friends that are looking to purchase some buy and hold properties in the NYC/Westchester/Lower Hudson Valley area.  We are deciding on all putting in a fair share of $50k each to start.  The thought is to start a corporation and everyone have a equal share of everything.  What have you done when it comes to managing with multiple partners (5-6) or at that point are they considered investors and have one person manage all the day to day?

If you're looking in the Albany area, you can also market towards the capital.  A lot of government folks are only there 4-6 months a year and go in on rentals with others so they have an actual apt. instead of a hotel for weeks at a time.  They'll rent a full year.

Hey Sam, I'm been working with Peter McKee for a few multi-family homes.  He knows the area well and has been there for 2+ decades

http://www.kw.com/kw/agent/x320900