All Forum Posts by: Christopher Persaud

Also, I love the area and the location (only house next to a 100 unit building and 30 unit building) which is why it was a winner to me whether I build on it or not; the value is there.

Hi,

I just put under contract a property in the Bronx, near St. Barnabas Hospital. House is on a 25x100 land and according to architects, I can build up to 8 units, all 1 bedroom. Now I just want to make sure the math is correct, since this is my first new construction multifamily:

Assuming $1200 monthly for 1 bedroom

8 units x $1200 monthly = $9600

$9600 x 12 months = $115200

Assuming a cap rate of 6% = $1.92mil

Would it be safe to say that would be the market value when completed? 

If you are familiar with the area, what are your thoughts/opinions on the area?

As the profit may not be for an investor, the goal would be to find an end buyer in this situation. 

I guess I should find an assignee first. 

Hello,

I recently got a call from someone in the Queens, NY area. He wants to sell his home to a cash buyer at a discount. I am a cash buyer, but the deal isn't for me as the profit is a bit lower than what I typically invest in.

The idea that I have is to place the property under contract, be sure the contract is assignable, find an end buyer (not investor) and assign the contract to them and include my fee in the price, aka wholesale

I have no experience in this, but I feel this would be the best approach given the situation.

Am I on the right track?

Thank you all for your responses. Purchasing the 10% off coupons from eBay seems the way to go for me. What I currently do it get the normal 5% off using the Home Depot commercial card, then use my tax exempt ID. This works fine for me, but 10% is obviously better. Thank you all!

Also, I do my flips in Brooklyn and Queens, NY, anyone know of a good place to buy materials other than the big box stores? 

Hello, 

I am a new agent in NYC. What expenses am I able to write off?

Just curious.

Thanks

Hello,

Does anyone know what gov't programs are available in NYC? I am still doing research on it, so forgive me for the poor terminology, I just figured someone on BP would be able to help me in the research.

The programs pay the landlord for the use of the property. For example, a sober living house.

Thanks.

@Account Closed I had no idea that you were a member on BP, I actually have been to your site before and have seen your videos. Thanks for the great advice!

@Mindy Jensen Thank you and congrats on passing the exam! I am currently taking different practice exams and taking notes. Thanks for the advice!

Great advice, thanks Scott!

Hello,

I was wondering, how long must I hold on to a property in New York before I can sell it?

I am almost finished rehabbing a property in Queens, NY in under two months. Last I heard was that I need to hold on to the title for three months before I can sell, is this true?

Thanks!