All Forum Posts by: Brandon Cohen

@Mark K. you can certainly ask for what you’d like especially if you haven’t signed the contract yet.  Market is slow in general but if it’s only a few weeks on the market I wouldn’t worry too much.  If you see the developer has a good track record that should help ease concern.  In this market in new development, I’ve been able to negotiate lots of concessions (sponsor paying closing costs, credits, customizations) but developers are being stubborn about going off of Schedule A pricing.  Good luck!

Hi All, a partner and myself are starting out our buy and hold venture and I had a question hoping someone here has dealt with and/or ideas are welcome:  

We're heading out next week to look at single and multi families to buy and rent.  I'll be putting down the downpayment, but I want us to be 50/50 partners as this is only the first purchase and I anticipate more purchases down the line where finances will be 50/50.  Reason for this is because he's light on savings as he just purchased a primary residence and renovated (which I sold to him).  

Trying to figure out a payment structure where he sees the fruits of our labor while also paying myself back.  

FYI this is around $150k purchase point if it matters.  Any insight is appreciated. 

@Victor Steffen regarding brokerage: Compass opened in Austin recently. You may be familiar with them being in Westchester.

@Julie Verardi I think the price is a bit overpriced...inflated solely because it's a condo and location.  I feel like when it comes time to rent or sell you'll struggle just as the current seller is now.  I sent you a direct message on something else.

I work in the NYC market.  A condo west village buy is almost always a good idea...but the 5th floor walkup is a tough one.  When it comes time to sell just know that you'll be facing the same battle that the seller is facing now.  A WV condo for under $1m is rare, but it's also on the market for 5 months.  

Hi @Jennifer Burgand I had been looking into this as well...ultimately had to change course because I need to buy a new place in Manhattan soon.  Prices are all over the map in Rincon, I had been offering on two places once they hit the market and the sellers were eager and preferred to hold on....only to sell for a few dollars more months later.  

I too am in love with Rincon.  I've never been to San Juan but to me it seems that Rincon is full of folks from the east coast, so isn't necessarily in as much dire straights as other areas of PR happen to be.  I had been in touch with someone from Banco Popular if you need a contact.  

@Paul Ferrara the bigger agencies have their own in house system where they pull listings from the REBNY listing service. I always verify with StreetEasy as well

@Tony C. this will happen with most major banks.  However, capital one is making a big push in the nyc market so maybe they would take it on.  That, or you'll have to go to a mortgage broker.  I can send you the info of two guys I've used.  PM or email me.  

@John Quiles @Victor Chico thank you both for your insight...this is new to me and certainly not the way it operates in NYC.  Not that I'm necessarily concerned about marital issues, more of a way to simplify the process.  It may be that it's a necessity to have all on the loan. 

Hi All, I've been looking at purchasing a vacation rental in Rincon, PR...a beautiful small surf community I've vacationed at for years.  I would be going in on this with a friend, and was just informed that in PR if you're married the spouse has to be on the loan.  We're both married, and prefer to not have our wives on the purchase (too many chefs in the kitchen).  Does anyone know of this and if there's any way around it?  

That, and if anyone has any insight (positive or negative) on the PR market, it would be greatly appreciated.  Of course, the real estate agents say the market in Rincon specifically is not as affected as other areas.  

Brandon