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All Forum Posts by: Daniel Bryant

Daniel Bryant has started 20 posts and replied 65 times.

Post: From 25k-2.4 million !

Daniel BryantPosted
  • Queens, NY
  • Posts 65
  • Votes 16

You wanna laugh?

Look at properties in Israel...

2-3 bedroom apartments were going for 10k-40k some 25 years ago. They are now starting at 250k. Tel Aviv/Jerusalem apartments are anywhere from 600-800k. And these are just apartments!!

I remember my friends were telling me to invest there some 10 years ago and I was thinking they were on some serious drugs 

when devising a contract to sell a commercial property. Can you make a rule that would DEMAND that the property be sold ONLY in conjunction with the business which takes place on its premises?

The business shows positive income and has been in existence for over 2 decades

Post: Main street = tough sell??

Daniel BryantPosted
  • Queens, NY
  • Posts 65
  • Votes 16
Originally posted by @Alex Khodnev:

Hey guys!!

As i'm located overseas, everything I do is just after consultation with my local man. I have no other choice just because I'm not familiar with preferences of home owners/buyers.

There was few properties for fix'n'flip my man just sayed about: "It's a main street with a lot of traffic, would take a while to sell".

What do you guys think about? What are the local preferences about living on main street/side street? 

Please tell me your opinion about, I'm kinda feel loosing nice deals.

Thanks to you all,

Alex Khodnev

Hey Alex, Shalom!

Which area are you looking at (zip code). Also would be wise to compare prices w sold houses in said area. 

On a side note, I keep hearing great things about a booming economy in Israel's RE. 

Good luck!

I wish I lived in Indiana. I'm in NYC and with my limited budget of 100k I can't touch NOTHING here. The cheapest properties here are starting at 300k and those are taxed at a premium. And talk about renter friendly state, if u ever need to evict a tenant in NY prepare to take a 3-6 month rent loss at a minimum!

I see those houses in Indiana for under 100k in B class neighborhoods and up and each time I'm ready to go and check one out it's already in "pending" status. There's absolutely no way for me to buy anything from here unless I'm relocating. 

Best of luck!

Im looking at this property which is located somewhere out there in farmland in a B- class area. The property consists of 3 constructions: a 2 family house (occupied), a large garage (occupied) and a deserted office space. All seem to be in excellent shape. My objective here is to purchase the lot, keep renting out the house and garage and move in valuable inventory to the office space. This way, Im saving money in storage, and actually collecting a bit of cash flow in the process. The asking price is 45k. Again, I am not concerned with living there, just keep on renting it out and primarily use it as a storage facility. The cash flow is around 750 a month (NOI will probably be around 430)

There has been some reported crime not too long ago in that area, as the map zoning is red and Im a little concerned. 

Do you think its a good plan? and if so, what would be the BEST way to protect my valuables in that office space?

Thanks in advance for any suggestions/ideas! 

Post: What's best: occupied or not?

Daniel BryantPosted
  • Queens, NY
  • Posts 65
  • Votes 16
Originally posted by @Steven Knudsen:

If you are not going to move in right away, it is often great to buy an occupied property.  It's what I call a Rich Uncle.  I say this because at closing you will receive the deposit(s) from each unit and prorated rent from each unit to the end of the month.  That could be thousands of dollars and be a nice boost to your finances. And if the property is cash flowing at closing you don't need to be in a panic to refurbish the entire property immediately.  If it is a single family home it might be a little tricky if the current tenants are not ideal and the contract continues for many months.  But if it is just month to month you can work that in most situations to your advantage, making as many improvements as possible with the tenants there, then adjusting the rent to match the new condition of the property.  This is often enough for many tenants to move on to another rental. Finish up the improvements and re-rent it to the ideal tenants you are seeking.

If the desire is to owner occupy you will need to have one of the units vacant in a short period.  In this case it is easiest if there is an empty unit at closing for you to occupy immediately or within the limitations of the owner occupy time limits.

 Thanks Steven. I come across quite a few listings with tenants already in and it DOES seem like quite the perk. I often ask myself, why would anyone want to sell when the duplex has, say, a 3-4 unit house FULLY rented? Almost sound a like a no brainer for the buyer when at an attractive price

Post: Advice for RE investment needed

Daniel BryantPosted
  • Queens, NY
  • Posts 65
  • Votes 16

Joel, you were basically talking to my greatest fears- moving into an area that will end up being deserted with NO cash flow.

Let me just be clear about that, I am currently NOT looking for an appreciating property, although that would be nice to have I am no expert and do not know the markets as a savvy realtor. I am namely looking for cash flow only. To start I would love to have a property that will substitute my rent expenses here in queens (1000+/month) and will pay for itself by occupying a tenant on the 2nd unit.

If I achieve that I am already ahead of the game. Simple.

My fear is that I would buy a dud and have no one renting. I was looking in Augusta in belair area. I already went and visited and it looked very nice, houses are beautiful and affordable and the area is decent (areavibes scored it 65). I have a good friend that owns there and I met with a very cool realtor. We both saw 10 properties and I almost ended up buying one, but it was a SFR, which wasnt gonna be good for me. Augusta, I was told, is going to see a boost with cyber command in Ft Gordon and Belair area is close to that military base.

But again, I am new to this, so all this may just be talks of the town, a big fat balloon with hot air in it.

What are your thoughts?

Thanks again for all the comments!

Post: What's best: occupied or not?

Daniel BryantPosted
  • Queens, NY
  • Posts 65
  • Votes 16

Looking to purchase my first duplex/multifamily house and was wondering.. What does everyone here think is better to buy:

An occupied house with existing tenants. That may be a sign that it's a good area (?) but may also be headache tenants? 

An empty house

Post: Advice for RE investment needed

Daniel BryantPosted
  • Queens, NY
  • Posts 65
  • Votes 16
Originally posted by @Paul Amegatcher:
 

Hey Paul, I may take you on that offer. I intend to manage the property myself as I intend to house hack the property Im looking to purchase. But can definitely use assistance/guidance.

Thank you!

Post: Advice for RE investment needed

Daniel BryantPosted
  • Queens, NY
  • Posts 65
  • Votes 16

Im in agreement about Augusta. Cyber command is gonna bring in 5-6,000 families into Augusta. That and the medical schools and even the Masters made it an attractive location for me to invest in. I went there last month and loved it. Columbia county is already high for my budget, looks like I missed the boat on that one, so Im now looking into Richmond county, Martinez etc.

Just like I asked Jonathan, would like to know if approaching FHA now for a loan could possibly damage my existing relationship with Chase? What are your thoughts?

Thank you sir