All Forum Posts by: Fraidy Deutsch

Duplex situated in HOT Yonkers area that has an approved short sale is available for the right individual.

Purchase price $290,000 

Est. Repairs 50-$60,000.

ARV $529,000.

This is a diamond in the rough and hard to come by. Act fast. ALL CASH ONLY. 

Serious inquiries only.

Send me the building plans for Yonkers to [email protected].. thank you! Very interested

For those interested in investments in the above mentioned area know that to properties are flying off the MLS and get snatched up instantly. Since I have started investing back in 2016 I have watched prices and the market inflate immensely. You can still find properties that cash flow nicely and make retiring early easier however cap rates are dropping to a mid 7-8% instead of the 12% I am used to,

Since I am actively pursuing deals in the Westchester County area and watching appreciation I get to analyze deals all day for myself and for others. I have some pretty good ones available right now in the multifamily category. If you are interested in seeing some deals please post your email address and i'll email it directly to you.

If you have any broker or investor related questions in that area please PM me I'll be happy to share my knowledge/ contacts with you.

@Emily Horton Congrats on your decision to move to Westchester County. I can't say I am surprised that you chose this area since the Real Estate has blown up over the past 2 years in both Yonkers & Mount Vernon. Investors came in with a full blown force and made the value of properties go up. 

The one major difference is Mount Vernon you have the taxes eat away at most of the profit you get and any multi family higher than a duplex is most of the time not profitable.

Yonkers taxes are extremely reasonable and lots of value add in zip code 10701.

Now, to answer your questions:

-Is there a reason that a bunch of multifamily properties have appeared on the market recently?

Since I am an agent and investor in both areas I speak to investors all day. People sell their properties and trade them for others all day and I have not come across 2 investors yet that are selling for the same reason. "Each to their own" they say. 

There is absolutely NO REASON that anyone can give since its a question thats to broad. And if someone is telling you a reason they're delusional. 

-What is the level of demand for multifamily living in Westchester County?

The Demand is so hot right now and the market is so tight. Speak to any agent in the area and they will tell you the same. Most of the deals are done "off market" and like they say"the good ones are taken, the rest are handicapped".

Hope this helps. If you do plan on house hacking you can easily live rent free and make some money to. i wish you the best of luck!

Anyone? You mean there is noone on this forum that needed an equitu loan on a 5+ unit? Please point me in the right direction for a lender/ bank that would do this. TIA

I have a commercial property 5+ units that I have forced appreciation significantly since I purchased it in 2016. I am now looking to pull my equity (around 250K) and invest it in a new property. The reason I am not looking to refinance is because of the 2% early termination fee (ye, sucks!!)

#1 Do I have to go back to the bank in first lien position to ask for permission to have a second lien LOC on the property?

#2 Does anyone know of any Credit Unions that lend on commercial properties as a second lien?  

Any and all advice would be appreciated.

Thanks

@Michael Kantar absolutely! Would love to connect!

@Sharon Guity the property needs no repairs and is turnkey ready. send me a message with your email so i can send you the information.

Excellent Buy and hold investment. Legal 2 family house occupied as a 4 family with 4 tenants. Solid Brick building that has been well maintained.

Interested buyers only. 

Thank you all your suggestions are much appreciated. To be more precise about this deal, i literally have to put very little money down since the seller is willing to hold the rest of the money after i go for a bank loan. I can't help but wonder if this is "to good to be true"...