All Forum Posts by: Zalman Ives

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.

I have a 14k sq foot home in east TN that has been on Airbnb in the past (at $1700 a night) that I am looking to partner with someone on. We have the property purchased at about $800k under appraisal. I have financing lined up and will provide the personal guarantee on the property as far as the loan. I am looking for $250k for 25% ownership and open to more ownership. 

We are adding a wedding venue area to the property and it is a beautiful property with a full outdoor pool bar and 5 acres of land. This will be a short term hold around 12-24 months and we can pull funds through a refinance with some seasoning. I can send you pics and the appraisal if you will PM me

Good Morning BP Community,

I think I found my first REI property! Lets GOOO! This is simultaneously exciting and nerve-racking. I need your help BP community. This potential buy needs a little work done so I need someone to come out and just do a general assessment of the property. Is it best to have a contractor come out and assess the property or an inspector?

Hi!
I am a realtor that specializes in investment properties. 

One crucial metric in investing that I often utilize is the capitalization rate, or cap rate. It helps me explain to investors the potential return on investment for properties they may see potential in. My general rule of thumb is to invest in properties that have a minimum cap rate of 8%- 12%. Although I’ve seen investors  make deals on properties with a 6% cap rate.

I’m curious to know, what's your take on cap rates? How do you determine if a cap rate is attractive for an investment property?

Thanks!

Hi Pro Forum!

I'm a rookie investor from NYC who just signed up for Pro membership.

I'm looking for someone who can be a study buddy and meet-up info in NYC.

A little bit about me:

- CPA (not specialized in tax ;p), no professional advice but can help with basic accounting and finance knowledge sharing.

- Have been listening to Real Estate Rookie (almost a year) podcast and On the Market (a couple of weeks).

- Finished reading "Real Estate Rookie" book by Ashley.

- Looking for out-of-state investments, currently looking into Philly.

If anything clicks you, feel free to contact me.

Thank you!

Lots of realestate agents in here telling you to buy. Same ones I'm sure were saying buy in 2007. If it pencils out as a long term rental then go for it. If you need it to be STR to cash flow that can be dangerous. Hard to say what the market does or if rates will event come down without a crash. I do know the market is way overpriced and certain areas are heavily saturated driving down nightly rates. I'd say invest in higher end homes and mid range seems to be saturated, at least where I am it is.

Hey guys

I bought my first property in the area, made it a Short term rental and so far everything is good - the property is cash flowing and booked - thank God.

I'd like to repeat the process and purchase another one. I found a lovely 3 bedroom 2 bath in a good location and a good condition for 600k, I see a vision just like my other property and I can see it cash flowing as well after a few renovations.
The one thought that holding me back? I looked at the same market a few months ago and saw a property for the same price , however it was 5 bedrooms! didn't purchase that one because I wanted to make sure everything would be ok with my first investment.

Is this still a good deal? Should I wait? maybe interest rates will go down even more? maybe Ill find a better property that can appreciate better - a 4 or 5 bedroom in Fort Lauderdale area?