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All Forum Posts by: Ben Toth

Ben Toth has started 32 posts and replied 52 times.

Post: 3-unit Multifamily in Savannah's Historic District

Ben TothPosted
  • Specialist
  • New York
  • Posts 59
  • Votes 18

SAVANNAH, GA 31401

NEWER CONSTRUCTION DOWNTOWN TOWNHOME

  • circa 2004 located in Historic Landmark District
  • 3900 sq. ft.
  • 3 units
  • main residence 2 bedroom 2 1/2 bath
  • garden level 2 bedroom 1 bath
  • carriage house 1 bedroom 1 bath
  • 3 car garage
  • $5,250 monthly rent
  • taxes and insurance annual $16,000
  • asking price $1 million 

Post: Forty-six acres in the Catskills! (Off-Market)

Ben TothPosted
  • Specialist
  • New York
  • Posts 59
  • Votes 18

More pictures here: https://www.dropbox.com/sh/rq9ps3znx0d4zgt/AABkkgp...

  • 4-5 bed/2.5 bath
  • Acres: 46.00
  • Built: 1900; Renovated: 1950;
  • Sq. Ft.: 2,466
  • Oil-fired radiant and radiator heat w/add'l. baseboard
  • Wood stove
  • 3 story barn with toilet and sinks. Main section 43' x 43'
  • Garage/barn: Built 2012 with radiant heat. 1,215 sq ft.
  • 2 outdoor showers
  • Fenced garden w/raised beds
  • Pond
  • Backup generator
  • Backup heat in basement runs on propane, not electric
  • Septic (one for house, one for barn)
  • Drilled well
  • School District: Sullivan West
  • County: Sullivan
  • Town: Callicoon
  • Taxes: Town/Co. $4,475; School $3,696
  • Asking $1.1MM

An appealing country road dotted with farms winds by private Black Bear Rd which leads through the woods and over two streams before opening to the sprawling lawns and fields that surround the pretty white farmhouse set picturesquely beneath the mature maples and towering pines. The gracious drive gives way to a parking area between the house and a romantic, imposing barn, and its more recent cousin, a garage/barn built in 2012.

This immaculately maintained home was first upgraded from its 1900 building, in 1950, and again by the current owner in 2011. An entirely new wraparound-porch adds so much character to the building and the experience, with a hammock in the corner, and ample space for al fresco dining, shaded from the sun. Colorful perennials bloom around it for several months a year.

The ground floor of the house is comprised of all the public rooms. A sitting room / family room is at right upon entering the front hall, while a longer dining room, with French door access to the porch, is at left. It also includes a lovely built-in, glass-fronted pine cupboard. Off this room and also at the end of the main corridor is an open plan chef's kitchen with lounge. Custom cherry cabinetry is mixed with commercial stainless appliances (SubZero fridge) and prep table for an optimal cooking experience. The seating area naturally forms around the cast iron wood stove, and again there is exterior access to the stone patio and built-in outdoor grill. A large pine cupboard will remain with the property.

Four delightful bedrooms and a white tiled bath make up the second floor. One of those rooms is "sunken", with a 2 step entrance, and features horizontal cherry paneling and interesting architectural elements. The bathroom with two pedestal sinks is accessed both from a bedroom and the hall. A clawfoot tub invites luxurious, long soaks, while there is also a sleek walk-in shower.

A third floor space has been transformed into a bright, desirable space, with three sets of windows, interesting ceilings and modern bathroom.

The grounds of this private demesne are lush and rolling, with sprawling fields bordered by woods which have paths for walking or four-wheel vehicle. There are views, a pretty pond fed by pipe from a nearby spring, and tasteful landscaping. The owner's fenced garden with raised beds has produced a bountiful harvest for many years, while his fruit trees (pear, apple, peach) have been maturing.

While the charming farmhouse and spectacular grounds are each worthy of top billing, you won't be faulted for picking the dramatic three story barn as the jewel in the crown. The smaller parts of the structure, originally a milk shed and separate chicken coop, with their appealing stone walls, have workshop tables and lighting and provide storage. Walking through to the ground level of the main barn, the huge space has large sliding barn doors and room for multiple vehicles, also with built-in work tables that run the length of the building.

Upstairs is where the fun really begins. The owner has a large pull-down screen for movie night, with plenty of room for the whole neighborhood. There is a ping pong table, a simple kitchen area and just a huge amount of space for a heck of a party. Slide the large door back and it opens to the hillside. A catwalk wraps around the third story, and includes a toilet and sink. There is an outdoor shower on the back of the building.

A vintage car enthusiast, the owner built a well-lit 1,200+ square foot "barn" in 2012 that is immaculate, well-lit and has radiant floor heat.

The systems at this property have been meticulously maintained, with non-electric (propane) heater in the basement to prevent pipes from freezing in the event of a power outage. Oil tanks are above ground and in a dedicated room under the porch, and there are separate septics for the house and barn. The property comes with a backup generator.

This gracious rural estate combines informal country living with today's comforts, in a truly spectacular setting.

Post: APARTMENT CONVERSION OFF FORSYTH PARK (8 units)

Ben TothPosted
  • Specialist
  • New York
  • Posts 59
  • Votes 18

  • Circa 1896 located in Historic Landmark District
  • 8,900 sq. t. mansion/ apartment conversion
  • 8 units
  • 12 off-street parking places
  • $10,200 monthly rent
  • Taxes and insurance annual $19,000
  • Asking price $2.25 million

Post: Savannah LANDMARK DISTRICT 11-unit apartment conversion

Ben TothPosted
  • Specialist
  • New York
  • Posts 59
  • Votes 18
  • Circa 1857 located in Historic Landmark District
  • 8,676 sq. ft. mansion/ apartment conversion
  • 11 units
  • Plus a free-standing cottage circa 1900 on the property; approximately 575 sq. ft. 1 bedroom 1 bath
  • $14,100 monthly rent
  • Taxes and insurance annual $25,000
  • Asking price $3 million
  • There is a strong demand for property in the Historic Landmark District and that demand seems to grow every year along with a steady appreciation. With some cosmetic updates and new appliances, rents could likely go up immediately.
     

Post: Brand new construction in Brooklyn - off-market fourplex

Ben TothPosted
  • Specialist
  • New York
  • Posts 59
  • Votes 18

4-unit multifamily building that is currently off market.

BRAND NEW CONSTRUCTION. The land was recently bought, developed, and priced.

It has a 15-YEAR TAX ABATEMENT so the monthly charges will be around between $300-500!

Cap rate ~ 5%.

The entire building could be sold for 2-3% under the original price. Developer/architect said he can try to cut 20-50K from each unit.

So basically - if you add each column (see below), developer can likely cut 2-3% from that total price. 

I can show the space any time this week.

Post: Best books for a new investor?

Ben TothPosted
  • Specialist
  • New York
  • Posts 59
  • Votes 18

That sounds good, too, @Lane Kawaoka!

Post: Best books for a new investor?

Ben TothPosted
  • Specialist
  • New York
  • Posts 59
  • Votes 18

Thanks so much for these ideas! Much appreciated.

Post: Best books for a new investor?

Ben TothPosted
  • Specialist
  • New York
  • Posts 59
  • Votes 18

Hi all, I'm a new Bigger Pockets member. I work as a real estate agent in NYC, but just now getting in to investing on my own. Curious if you have "must read" book recommendations, please? I just read and enjoyed Paul Moore's "The Perfect Investment" (re: multifamily buildings), and also finished "Rich Dad, Poor Dad," which I thought was just so so. I would appreciate any suggestions! Thanks!!

Post: 3-family in Brooklyn... on 4 floors

Ben TothPosted
  • Specialist
  • New York
  • Posts 59
  • Votes 18

➢Cumberland between Fulton and Atlantic

➢Trendy Fort Greene

➢3600 sq. foot

➢4 private parking spots in the back

➢3 family - 4 stories

➢Each unit has a living room, kitchen, 2 bedrooms, 1 bathroom

➢One unit has washer dryer

➢Asking $3.1M

Cap: 5%

14,000 additional FAR

➢Can be delivered vacant

➢Renovated 2 years ago

Post: Insane deal on a waterfront Greek Revival Estate

Ben TothPosted
  • Specialist
  • New York
  • Posts 59
  • Votes 18

I'm selling an exquisite 9,300 square foot Greek Revival Estate that sits facing the York Tidal River in York, Maine (a 1.5 minute boat ride to the ocean). The owner had a stroke and needs to move extremely quickly to a new home near the stroke facility, so she asked me to sell the property at 700K below the recent appraisal (ie: selling at $2.3MM, though the house was appraised for a bit over $3MM).

Property has been an elegant family retreat but thanks to the easygoing/mixed zoning, it can easily become a high-end B&B, small boutique hotel, or exclusive venue for any number of personal and corporate functions. Zoning might also permit a luxury rehab facility or assisted living. 

Home Boasts:

  • Enormous rooms
  • 6 Bedrooms
  • 5 full bathrooms and 2 half baths
  • 2000 ft. walking trail through the woods to the water
  • Large great room (40' by 35') perfect for entertaining
  • 40’ veranda off the Great Room
  • 3 car two-story detached garage
  • Separate work studio
  • 5.3 Acres of secluded private property right on the water!
  • 600’ Feet of Beautiful River Frontage
  • Grandfathered Boathouse with boat access from the York River to the ocean
  • Private jetport 10 minutes from estate
  • 1 hour from Boston
  • 30 minutes from Phillips Exeter Academy
  • New roof
  • New electric
  • New Septic system 

Even if one purchased, did a slight cosmetic rehab (the only upgrades needed are cosmetic), and re-sold, I think there could be an incredible profit

Finally, here's a drop-box link (http://bit.ly/2trpsGy) with the Executive Summary that was created by the owner; it provides lots of useful info regarding comparable sales (ie: how this sale extraordinarily favors the buyer) and also detailed thoughts about the INCREDIBLE INCOME-GENERATING POTENTIAL.