All Forum Posts by: Zalman Ives

Quote from @Zalman Ives:

Quote from @Tom Miller:

Quote from @Zalman Ives:

Quote from @Tom Miller:

Like the title read the city wants tobuy my property it’s ran down. The city wants to tear the property and surrounding properties down 

Zillow said it’s worth 38000

The city offer me 13000.

I could use some advice

Hard to give advice with limited information, but as a general rule, the longer you wait and the further down the line their project is the more valuable your property will be to them.

Zillow (and all automatic online) estimates are very unreliable, so don't base on that. Ask a local professional.

I hear u .Either I settle or go to court on the 17 of January. Eminent domain I think it’s called 

Eminent domain is a different story. I retract my statement.

What u recommend. Am I in a bad position. They ain’t done appraisal or nothing this would be our first time going to court 

Quote from @Zalman Ives:

Quote from @Tom Miller:

Like the title read the city wants tobuy my property it’s ran down. The city wants to tear the property and surrounding properties down 

Zillow said it’s worth 38000

The city offer me 13000.

I could use some advice

Hard to give advice with limited information, but as a general rule, the longer you wait and the further down the line their project is the more valuable your property will be to them.

Zillow (and all automatic online) estimates are very unreliable, so don't base on that. Ask a local professional.

I hear u .Either I settle or go to court on the 17 of January. Eminent domain I think it’s called 

Like the title read the city wants tobuy my property it’s ran down. The city wants to tear the property and surrounding properties down 

Zillow said it’s worth 38000

The city offer me 13000.

I could use some advice

Hello BP Community! 

We are looking into the possibility of starting out OOS investing in Indianapolis. Any insights/people with experience in this market who can chime in? We have done lots of research about the city, but I know there are things that can come up from people with experience, especially since we are OOS (and out of country too actually!). Any areas of the city that are recommended to start looking in? We are specifically interested in multifamily properties (2-5 units). 

Thank you in advance! 

Hey BP Community,

I am wanting to get into flipping and I have the construction experience but am lacking the cash or money to fund a deal. I have been trying to save up money but it is not near a down payment for a traditional loan. Are there any options out there that won't tear away the margin on flips? Or any other type of special financing that I have not heard of. Would love to hear from the community on their thoughts or experiences. 

Hi Zalman,

Thanks for your reply, some quick responses:

1. The top unit and rest of the townhouse is completely unliveable without renovation, the only liveable spaces are the two studio apartments that the tenants live in. So I am hoping the council would allow us to move into one of those studios. But since each studio is just one room and we have kids do you know if they would allow us to evict both tenants to allow enough space for the whole family?

2. I have no idea, this is a question for an attorney to look into I think.

3. That's useful to know, thanks. 

4. It's definitely priced to sell, but I agree, this would be more stress and more time.

Please do let me know if you have any referrals for lenders and attorneys, thank you!

Quote from @Zalman Ives:

Even if he could get into a $1 million home with no money down, his PITI would be $90,000 a year. Do you really think it's wise to give him this advice?

I agree with the majority: the wisest move is to live in an affordable market where your dollar will go 3x as far.

Good evening everyone this is going to be a little long so I hope I am not a bother! I've decided to take the first few steps in my real estate journey but have already run into a bit of a dilemma. I have some solutions in mind but also want to see what the pros may have to say!! I'm super interested in purchasing my first house hack before July of 2025. I just recently got hired for DSNY (New York city department of sanitation) my base pay is 43,000 with alot of overtime opportunities so I do not see myself making any less than 60,000 for my first year. I am 22 Y/O with no bills aside from my car note/car insurance and my EZ pass tolls. I most definetely do not have the funds to hop into real estate just yet which is why I set the goal of July. I've been educating myself daily on the forums. Listening to podcasts and reading quite a few books. Now where my dilemma comes in. Working for DSNY we have residency limitations. We can only reside within the five boroughs, Suffolk county,Nassau county, westchester county, Orange County, Putnam county, Rockland county and pretty much any other county that is directly outside the five boroughs within NY. I've done some research on majority of these places and maybe I'm wrong, but the median price points of homes here just seem way to high and unrealistic. I started looking a bit into Rochester which has a way lower price point for multi families and single families but obviously I would be unable to house hack as it is 5 hours away from NYC which I will not be commuting lol. What do you guys think I should do. Am I overlooking more affordable markets that are close by that I CAN house hack in? Should I re evaluate what strategy I should use and maybe look further out in places such as Rochester and BRRR properties out there

I recently purchased a 1500 SF two-story rowhouse in New York with a building class designation of Two Family Dwellings - Brick (B1). My partners and I subdivided the property into two distinct rental units:

• Unit 1: 2 BR / 1 BA
• Unit 2: 1 BR / 1 BA

Given this setup, the property is now being used as a multifamily dwelling. Should an appraiser compare it to other two-family properties in the area?

Our initial appraisal compared the property to single-family homes within a 3-mile radius, which seems inaccurate given the current use. Any insights?

I am looking at buying a townhouse in NYC that is currently designated as an SRO with two rent stabilised tenants living on one of the floors and the other floor unit is vacant. The townhouse we are looking at has a Certificate of No Harassment in place, open violations and a vacate order. The tenants are currently in court with a title dispute so the house would have to be paid for cash only.

I would like to convert it to a primary residence and turn the garden level into a separate two bedroom apartment for use as an in law suite. I found this fact sheet which seems to indicate it would be possible to evict the rent stabilised tenants so long as they haven't been living there for more than 15 years or are older than 62 or disabled: https://hcr.ny.gov/system/files/documents/2020/10/fact-sheet... 

From the fact sheet it's not clear to me if I would be able to evict both tenants or just one of them because it says you can take possession of only one dwelling unit and I am not sure if each of the studio rooms counts as a separate dwelling unit?

Does anyone have any practical experience with similar situations and if so what was the outcome and how long did it take to resolve everything? How long does the legal process take, and can we move in and live in the unoccupied floors while the situation is being resolved? The house currently can't get financing but do you know if the tenant situation was resolved if I would then be able to finance the property so I could do the renovations? If there is no other way to evict the tenants and instead I offered to renovate the garden level into a two bedroom apartment would they have to accept that offer? 

Thanks for your advice.