All Forum Posts by: Eric A.

@Hentz Menard hit me up if you have anything off-market. I've probably seen every property in Brooklyn that's listed on MLS/StreetEasy, etc. Thanks.

I think I agree guys. Do you have any good ideas on what specific areas of the boogie down will blow up first? Maybe Mott Haven? I want to get in on the ground floor.

Hey all. Eric from NYC here. I've been thinking about buying an out of state property for buy and hold. I don't know Texas very well, but I've read that the Dallas, Houston, and Austin rental markets are on fire right now, and still have reasonable purchase prices that mere mortals can afford (compared to where I live). Are there reputable and successful turnkey companies, brokers, and/or property managers that anyone can recommend me in any of these markets? Fred Heller I'd love to pick your brain when you have a moment. I'd like to start speaking to some folks and running the numbers because at the rate I'm going here in NYC I'll never find a solid deal. Thanks!

I'm wondering if anyone on the forum has experience performing a high-end fix-n-flip on a townhouse in Brooklyn. Hot neighborhoods like BedStuy and Bushwick are chock full of them, and I'm considering doing one myself on an off-market property I've stumbled upon. I'd love to hear pointers about how to estimate renovations, key features high end buyers look for, and what kind of returns folks are getting.

Hi KL, I believe some folks are already organizing one here:

https://www.biggerpockets.com/forums/521/topics/263506-brooklyn-queens-bigger-pockets---networking-meetup-2-8-16

You should work with Damon to get something regular going.  Thanks!

Thanks @James Northrup , does anybody else have specific locations in East NY they would be targeting?

@Chris Mason actually I am already pre approved for a 203k. But I still am not sure how that helps me. I'm capped at borrowing 800k from the bank, and I'm not sure how the bank would feel about me taking a second mortgage from the seller for the additional 200,000 or so that I'd need for the renovation. Care to expand on your line of thinking?

Thanks for the feedback, guys. So are we saying Cypress Hills primarily is where the smart money is, or are there other areas/intersections in ENY that are primed for a leap? I need to do an FHA to start out, which means my family and I have to live in the house. That's why I'm so focused on finding a safe/decent nabe. I also need to commute to midtown everyday. What landmarks/intersections/train stations do people like best in ENY?

Chaim F. I've heard a couple of people say that about East NY, but I can't for the life of me figure out why it would be. As far as I can tell, it's far away from the city, and it's not next to a particularly nice part of Brooklyn. What is it about ENY that makes you say it's the next big thing?

I've found a 2-family property in Bushwick, Brooklyn where the seller is willing to carry some financing (he has a $400k mortgage to pay off). He is asking $850k for the house, and it probably needs $150k in renovation to make it nice. I already have a commitment letter for up to 800k financing with FHA. My question is, is there any creative way that I can combine my FHA loan plus the seller financing to make this deal work? Total cost is probably a bit over $1mm. I'm not asking if people think it's a good deal, just wondering how, if at all I could structure the financing to make it work. Thanks.