All Forum Posts by: Illan K.

hi all. Does anyone have experience or knowledge about converting two vacant rent stabilized apartments into 1 large apartment. 

I’d like to know if that would allow for market rate rent to be charged. 

Would be great to make some beautiful upgrades to a brownstone if it’s worth it financially. 

thanks. 

hello guys!

It feels great to wake up and see how many people are willing to help. 

It's a corner property on Denison Ave. Current rent roll is about 4,350. 

Thanks!

Good day to all my fellow members, 

I hope every one is doing well and in good spirits. 

I'm in the process of purchasing a 2 story, 8 Unit building:  2 Commercial Stores fronts on ground level, and 6 APT's on top. Currently fully occupied. Zip Code: 44102

I'm from New York, and when I see the asking price under 200K, I instantly get red flags for some reason. Thinking the return is to good to be true. 

Are there any key warning signs I should be looking out for, other than Violations, heater, plumbing, roof. 

I thank you for your time for any input. 

Regards, 

Illan 

@Simon Campbell Thank you for the information on the calculations. It was very helpful and exactly what I was looking for. Great meeting you. Cheers!

Thank for the reply! Great meeting you, always looking to meet investors that need properties. 

Thanks for the input guys. Looking forward to hearing from more members on this topic.

Hi friends,

Does anyone have actual experience selling to one of these "we buy houses" companies.

I know they will pay you under market value, but does anyone know how much less. Would it make sense to give the house a cheap renovation to get more money from them. Or should I get a quota for multiple constructors saying it will only cost X amount to fix the house. That way the "we buy houses" cant tell me it will cost them 20K over the quota's I got.

Any feedback is appreciated.

Take care!

bkik

Hi everyone!

Just joined the forum, gonna jump right into it. I'd like to hear as much criticism as possible.

I'm interested in purchasing a mix-use building. ( Am I shooting for the stars with only 70K saved?). I also make 65K a year.

I'm currently looking at a 800K property (3 family + store on ground level). 78,500 income yearly. With 18,300 tax.

If I could put down 200K, would this be a good deal? It's in a great location, super busy. I'll try to talk it down to 750K.

Any advice is appreciated.