All Forum Posts by: Chris Rosenberg

It seems like you are being given a gift. $300k over market value and you didn't even have to go through the trouble of listing the house and paying a realtor commission. Also, I would not want to be living next door to a property being demolished and redeveloped. That could be a nightmare. I have also heard 1031 exchanges are not the easiest processes to go through. I believe you must identify potential purchases within 45 days and must close on one of those properties within 6 months. For an extra $300k I would sell and upgrade. I would also ask the developer for some help finding a potential investment. They many come across something that doesn't fit their investment criteria but will work for you. 

How much did you increase the value of the home by converting it from a 2 to 3 family?

@Tom Huang

Hey Tom. Congratulations on your first purchase. I was looking in the same areas before I found my house in Morris Park. I have a few contractors that I've used with good results. Roofer, concrete/mason, drywall, hvac, etc. Feel free to call or email me for more info. 

@Nicole (Dunlap) Pendergrass Got it. Thanks. 

@Louis L. If you can rent out a 3 family house in the Bronx for $9k a month and rent a 2 bedroom Manhattan apartment for yourself for $2k a month split with a roommate then I would absolutely do that. For your situation there is no advantage to spending more money and living in a place you don't like. 

@Nicole (Dunlap) Pendergrass Do you mind giving me your insurance agent's contact info?

@Ceasar Rosas

I have been told that the DOB property look up and DOF classification is not always accurate. It shows what the dwelling is classified as for tax purposes only. Example - 932 Van Nest Ave. shows B9-2 family dwelling on the DOB website. Has 2 electric meters. Zoning is for single family. 

@Justin Burgos I'm not an experienced investor. I own a 3 family house in the Bronx. If I didn't live there and I rented it all out it would cash flow, even with the fha loan with a seller assist and low downpayment and pmi. Not great cash flow but it would pay for itself without a problem. I also have good tenants. Will it increase in value by 20% a year? I have no idea, but I feel pretty comfortable saying it wouldn't lose a whole lot of value when the next real estate crash comes along. I found the deal through a broker who didn't list it on the MLS. It was difficult to find a property but I found it after a lot of searching. I could have brought as little as about $30k to the closing table if I chose to. I spent about $20k in necessary repairs and did a lot of the work myself. I will spend more than that making cosmetic upgrades when I'm ready. Hope this helps.

@Tae Young Lee I'm glad it's all working out for you. How do you find the mix of people in that area? How's the shopping and dining? And what are the rents over there?

@Tae Young Lee Congratulations and welcome to the Bronx. How do you like your new neighborhood?

@Giovanni Soto Where is your 3 family in the Bronx located if you don't mind my asking? And what's your asking price?