All Forum Posts by: Damon Bodine

@Krishna Shiwdin

hey Krishna!  Congratulations that is a huge opportunity and i'm sure you're going to do great by your parents.   I had a good experience at NYREI   getting my salespersons license and have went back for additional education.    Hope that helps.  

 Congrats!  Wishing you the best of luck as an agent.   Hope to work on something with you in the future.   

@Sandra Diaz

  Cypress Hills can be a really good investment.   I work with a number of investors who are frequently buying in the area.   The neighborhood is certainly trending up price wise and feels like an area that will certainly significant growth as Bushwick/Bedstuy continue to be priced so astronomically.  If the East New York rezoning  goes through I think it will have a very trans-formative effect on the area in a good way.  

That price point feels a little low compared to other renovated 2 families I've seen.  I would certainly advise you  spending the extra on higher end engineers inspection to save yourself future headaches.    

@Ricardo Henriquez

   are they looking to buy or rent this duplex?   

@Elias Marte

   No worries at all.  Stay in touch.   

@Durrell Lebrun

Its certainly not impossible to get started here.   There are so many deals in NYC its crazy.  I would certainly love to talk with you more but consider a few things.   #1 To be a good wholesaler in NYC you really need to understand the financials and what constitutes a good deal.    #2  Almost all of the good deals in NYC are off market.   #3  there is no substitute in this market for good old fashioned door knocking.   Finding the investors is actually  the easy part here, finding the right deal on the other hand is much much harder.    

@Hoa Huynh

No worries more than happy to help.   I'll be frank with you.   I've done deals as a buyers agent where its taken upwards of 6 months to vacate a tenant to answer the other part of your original question.   I have a particular property i'm representing the buyers on now where we've been in contract for 4 months waiting for the building to be vacant.     Not always the case though   sometimes it can be very seamless.      

Hey @Elias Marte

Some thoughts here.     

#1   You could ask the applicants to provide additional security since they do not meet the income requirements.   

#2   You should look very closely at the credit.   I think a history of late payments (even if resolved) disqualifies most of my applicants.    Make sure wherever you're running the credits provides specific details about credit accounts, education loans, defaults, housing court history etc.    Under no circumstances accept a tenant provided credit report.  

#3  You should ask them for specific landlord and employment references if you have not already.    Typically what I will do is go to the employer and speak with them directly.   A phone number reference doesn't do much.   (I've had many applicants give me fake references, account statements, work history, landlord history etc)   

#4   I understand the apartment has been vacant for a while and you guys feel under the gun to get it filled   but do keep in mind a vacant apartment is still much better than one where the tenant is not paying rent..   

#5   Make sure all guarantor agreements are notarized.   

Hope this helps and happy to discuss more if you would like.   

Hey @Hoa Huynh

    You should make this is a contingency on your offer that the property needs to be delivered vacant.   Its very common practice in NYC offers and I can almost guarantee all other offers being received will have this contingency in place.     As far as how long it will take that really depends.  The listing agent hopefully is being forthcoming on a month to month lease.     I would suggest making an offer that has a  % down on contract signing, another % down after the expiration of contingencies etc.