All Forum Posts by: Damon Bodine

Hey @Anthony Espinal  yeah thats a good start.   I mean if the house is abandoned it could be a real challenge to pick it up  but not impossible.   In NYC I think its always a worthwhile strategy to pick a few properties and focus on them   as opposed to sending out 1000's of yellow letters.  

Hi @Matt Smith  The Air BNB thing in NYC is an ever growing battle.    Every day there is a new article that seems to swing the pendulum in one direction or another.   However I think at the end of the day AIRbnb will prevail in NYC.  You can't try to suppress a disruptive technology but eventually it will become too big.   Just ask the taxi and limousine commission how well their fight against uber is going....

In regards to whether you would choose Brooklyn or Manhattan ,   Brooklyn Condos tend to have fewer restrictions in regards to subleasing.    A lot of Manhattan condos have existing boards, and require to owners to obtain approval to sublease.  Alternatively some but not all Brooklyn buildings have very loose subleasing policies.    If you opted for traditional rentals as @Chaim F. suggested   Brooklyn offers more favorable cap rates.   

If you plan to pay cash for the purchase more options will present themselves.   There are a number of buildings in both boroughs that won't qualify for financing as there are already too many investor units.    That may be the most tangible option as I can't imagine those buildings giving you too much of a headache with subleasing.   

Hope this help and happy to talk further.  

@Pablo Bonnin welcome to BP.   Lots of people from NYC on here and tons of real estate meetups to attend.     Being an architect you have a serious leg up and could offer a lot of skills to many people locally.   

@Anthony Espinal 

I definitely think you're on the right track with Astoria.  The market is already pretty hot, with a ton of development in the pipeline, and quickly growing rents.   Like most of NYC  access to trains, good layouts, proximity to commercial etc  make a big difference.    

2016 will be the year Queens really blows up so expect a lot of competition as a buyer.  However with a properly executed strategy you can still get great deals there.  

@Anna Hamann   You definitely want to get the seller to deliver the unit vacant if possible.  There is a good chance if its an estate sale   they won't agree though....     and you'll have to take as is  including any existing tenants, violations, back property taxes etc...      

If you take the building with tenants  its likely going to go 1 of 2 ways.     #1  You'll have to file eviction paperwork.  This will take 3-6 months to get it all the way.     #2   You could offer to buy them out which sometimes is the path of least resistance .   

If less than 6 units the units likely are not rent stabilized.   But make absolutely sure and look extensively into the DHCR.   (hire a professional to do this for you)   

Crown Heights is on fire right now.    Literally breaking sales records every month.    The rental market continues to trend up as other neighborhoods like Williamsburg/ Downtown Brooklyn/   become more expensive.      I've seen a real seismic change there over the past 3 years.    There is a ton of new development in the pipeline from larger 60+ unit rental buildings to botique condos etc.     If you want to stay up to speed on new dev  I would suggest like NewYorkYimby.com   or one of the others.    

If you walk up and down Franklin Ave  the writing is on the wall.   Major corporate retailers like Starbucks have planted roots and it seems like there is a new restaurant every month. 

  Hope this helps.  

You should definitely write a letter and get on the neighbors good side.   Of course in some buildings you'll need board approval depending on the scale of renovation work. 

Neighbors are typically appreciative so long as you're not effecting their quality of life.     When I've been working with sellers in the past pre market we've always used the angle that we're trying to increase the market value in the building.   

Hi All,

I am in the process of planning a Brooklyn meetup now .  Likely talking about end of August and likely somewhere close to Williamsburg  (convenient to trains)   I'm scouting venues currently and should have a more concrete idea of time and place by end of week.   I could definitely use some help organizing if anyone wants to shoot me a message.    

@Mishal K.  

Welcome to BP.  That sounds great.   I'd love to hear more about the market in Dubai.  Essentially what kind of cap rates can investors expect from 6+ unit rentals there?   

Hey Andrew,

Welcome to BP!  I love that you're doing a live in flip.   I was thinking about doing the same beginning next year.   

I've worked with a number of clients that have at least 5 or 6 rental properties and still work full time.   Most of them have management companies involved.  I'm sure its possible.