All Forum Posts by: Damon Bodine

Yeah @Yvonne Shui Good luck!   

@Yvonne Shui. sounds good.   Just to a couple more points here.   

#1. Its common for sellers agent in this market to pressure buyers by saying there is another cash buyer on the horizon.   I often take it and tell my clients  to take with a grain of salt.   Less than 10% of the on the market  townhouse transactions in Bedstuy actually sell all cash.   Most are financed.   Would still recommend making the offer you're comfortable with if you love the house and fundamentally its a good deal.   

#2 Your liability on Nostrand Ave will also be noise.  Very busy Avenue especially during rush hour.   You'll miss a bit of curb appeal since the blocks kind of shift between strictly residential, strictly mixed use and then blocks like the one you mentioned that is a mix of both.    With that said the price of property there is often significantly lower because of this.  Would just also underwrite you're rental projections lower because of this.    

   

Hey @Yvonne Shui congrats on your decision to move to Bedstuy!     Some quick thoughts.   

#1. I love Bedstuy and have been working in the neighborhood for years.   It sounds like you'll be close to Bedford which has had an amazing transformation of great commercial openings over the last few years.  I've always thought the area between Bedford Ave and Marcy Av had a great opportunity for long term appreciation.   
#2. Lafayette Ave is on a bus line.   Although this can be a positive I would underwrite rental income a little lower depending on the size of the unit.  Once you start getting above $4000. issues like noise become a bigger concern to potential tenants.  For example  A lot of our landlords plan to list  apartments 5-10% below current market value when vacancies come up because of the economic situation.  
#3.   Would make sure all work on the house is done to code.  Would ask your agent if the sellers architect used D-14 privileges to self certify construction.  Most developers do but would be mindful of who the architect is who the developer is and who what kind of track record they have.  
#4   Width of the building is a huge indicator of resale value in Bedstuy.   For example the difference between a 16 foot wide house and 20 foot wide house is significant.  
#5.  Also if you're a  first time homebuyer there are some great loan programs in Bedstuy depending on down payment.   Eagle Community Loan at first republic is a gamechanger for the low rate.   
Many more tips but don't want to overwhelm with too many ideas at once.  

Good luck on your journey!

Hey @Greg Yunov for us a lot of this data comes from our brokerage.    So we're able to prepare reports for clients.    If one was to try to source it on their own   rentometer is reasonably good for rental data.  Commercial leasing data and new development  i would walk neighborhoods and take notes.   When I got started i used to knock on every door and try to become the 'mayor' of the neighborhoods I was interested in.   

No 100% pure way to predict it but For me New Construction, Annual Rental Growth,  New Commercial Openings are all big drivers.   

Hi Everyone,

Happy day. Hoping everyone is doing well and staying safe.  Since we can't physically go out and meet and thought we could try to do this meetup. virtually.

Network= Net Worth is a meetup focused on helping build your network and your knowledge.  Our meetup traditionally draws a mix of investors, wholesalers, real estate agents, loan officers, and developers of all experience levels.    

Location: Online
Time: WEDNESDAY, APRIL 8TH, 2020 6:00PM - 7:00PM
Cost: FREE
RSVP LINK - Please Use This Link To RSVP

Please help us build this up and please feel free to tell anyone you know.

Any questions please email [email protected] or text (347) 581-2058.   If the RSVP link does not work for you just email me and we'll send you the zoom link.   

Brooklyn, New York City, Manhattan, Queens, Staten Island, Bronx

I spoke with @Tracy Dickerson at  one of our recent meetups.  He was very helpful in discussing  areas in Rockland.  

nice one!

@Darshil Parikh.  Call every single person in your phone.   This may not be a time to solicit business but its a time to stay connected with people.   You know they're most likely home.  

Cold Call (check with your state to see if this legally permitted during a state of emergency.  For example in NYS it is not)
Mail -start building connection. 
Educational Videos. - never a bad time to start.  
Volunteer in the community.   Whatever you can do to help.  Show your community that real estate agents aren't just sales people they're human being.  

Its going to be a long road moving forward but I think any agent has to be very careful where they spend marketing money.  I guarantee the lead selling sharks are coming and they're coming in full force this time around.   Just don't think its sound business strategy to have a business based on buying leads   no matter who the vendor is.   

I wouldn't .   Its A LOT of money and the lead quality is not what it used to be.   If an agent is going to survive the next 2 years they need to become a listing agent first.