All Forum Posts by: Dmitriy K.

Hi Lisa,

I am very interested in buying investment properties in Staten Island. Please connect with me if you have anything. Thank you, Dmitriy

@brian knapp it's catch 22 - if there is an immediate opportunity you need to have cash on hand to get in, you never know how long it takes to sell your existing property if you decide to exchange.

Same dilemma as Staten Island, NY...my opinion on this, based on time investor has on their hands and personal goals. For me, if ROE is low, i am selling (which is  very time consuming: showings while coordinating with tenants {Hardest part}, closing, 1031), then another hard part to find and close 'The Deal' within 181 days of 1031 exchange limit. If you don't have a lot of free time, i would recommend to refi/cash out. 

Although the market is up all around NYC (and climbing), what's the ideal situation to have if market goes down?

I rather flip, lock-in the profit and repeat.

Exciting time to purchase your first property. I recommend you to speak with several mortgage brokers and local community banks regarding getting financing. There are some lenders that would do hard money loans (higher rates and high up front fees) that would do non-recourse loans and they would not care about your credit score. As far as down payment, you can deposit to your bank account or give it to your friends/relatives who need cash and they would write you a check ( i believe every person can gift up to $13k a year). Also, work on your credit, you can find credit repair companies that usually charge about $100/month. 

Hi all,

@Julie Hill, from my experience you can find banks that do Stated Income (they will not ask you for your Income Tax Returns), the Interest rate is higher but if you find good deals it still can make sense. Specially, if you are doing a flip or plan BRRR.

@Henri Meli can you share an example of syndication deal. Thank you

Hi Everyone,

It's a pleasure being of such a great community. I am very excited to be here. I am an investor based in Staten Island, NY (as well Real Estate agent, but my biggest client  is me :). My strategy is 50/50: Long-term and Flips. I manage my own properties, I manage my own renovations and manage the sales. I am always looking to connect with wholesalers (NJ & NY), landers (private and portfolio), other investors and real estate agents (I never take commissions when I buy). I am always happy to answer any questions about Staten Island market, property management or rehabs. Good to be here!

Hi Terry, from my experience, you will not be able to save taxes this way. But what i have done in the past is #1 Purchase a property for a lesser value and spent the rest of the funds on repairs (within the same 181 days deadline)  #2 buy more than one property that would equal to the value or more for your 1031 (within the same deadline). Good luck! Good problem to deal with :).

Hi Douglas, i am an investor based in Staten Island, NY with own rental properties. I specialize in bank and short sales purchases in A areas. I invest long term as well as flips mostly in Staten Island. I manage all rehabs myself as well as manage properties. I am always looking to partner up with investors on my projects. Last few projects i generated more than 35% ROI. My email is [email protected]. Thanks, Dmitriy

Unless you think the property is hot and you buying it with enough equity in it to flip (consider 2 closing costs, repair and operating expenses), I would not recommend to borrow the down payment. I would find a partner instead or save up. Good luck!