All Forum Posts by: Brandon Cohen

@Anthony Caleca it's a big goal but others are doing it so if you approach it the right way there's no reason you can't either!  Knowing the right people are always helpful and it sounds like some major necessities (construction & money) are already covered in some way.  

The land and property in NYC are expensive and highly sought after.  Do your homework on exactly what you want to buy and what you want to build.  Look at your competitors and seek out a mentor within your internship.  Find a real estate agent who is aligned with your goals!  Good luck and happy to answer any questions if you want to message offline.

Prices are certainly high in NYC there's no doubly about it.  I find these articles put fear into the "normal" buyer and investor because the numbers are skewed by the massive transactions that take place here in Manhattan.  

@Yechiel Abekassis correct, the management company, or a real estate agent should have the answer for you 

@Yechiel Abekassis in NYC the flip tax is a decision made by each individual building.  If it uses the same name, I would have to think it would vary by building.  

@Barry Cooper congrats to you on a great profit and getting into BedStuy at the right time!  All I can add here (which I'm sure you know already) is that the Brooklyn market is super competitive, so a cash offer will get you a better chance of landing the property.

@Albert Bui I was speaking in general terms of the market, which in the last 18 months has been an amazing opportunity for the right sellers...as I agree with you that each person scenario may differ.  I don't doubt that the market can still grow, however lots of sellers are capitalizing on it now while mortgage rates are super low and inventory is even lower.

Aside from the normal charges when selling (commissions/attorney/escrow/title fees as you mentioned) there are some others, major ones being transfer taxes which are: 

New York City Real Property Transfer Tax = 1% of purchase price if $500,000 or less and 1.425% if more than $500,000.

New York State Transfer Tax = .4% of the purchase price

 Some buildings also have what's called a "flip tax" which is a pre-determined percentage of the purchase price that's paid at closing...each building is different in this case.

@Vik C. I wouldn't suggest selling your NYC property unless you bought in the downturn and can capitalize big in this crazy market.  That, and you want to rent and/or downsize so you can use your cash from the sale...moving laterally in this market is very difficult, as I'm sure you've realized. 

@Nat C. I think I have a similar opinion to most of the agents who have commented.  I've personally never heard of a bonus commission for a listing agent and wouldn't pay it.  I have had some of my big time buyers offer me one but I turn them down honestly because I think it's a bit slimy and I'd rather have repeat clients than have one solid commission.  

In regards to buyers agents, I think the good ones are worth their weight in gold.  Buyers often think that they're getting a better deal if they go directly to the listing agent, however a good, honest agent who focuses on the big picture is representing the client and not themselves.   In NYC, it's a treat if I'm representing a seller or buyer and the opposing agent is experienced and pleasant.  That said, there are certainly a boatload of horrible agents who can cost their clients time and money. Good luck.

@Vik C. agreed with everyone here.  I would never suggest an investor make a purchase in a co-op, many are flexible and act as condos but they can change their tune when they want.  Too big of a risk.  The real great deals that can be had that my buyers go for are a wreck of a condo that can be fixed and flipped, however those typically work at big price points.  Good luck!