All Forum Posts by: Genevieve Cen

Hi Iverem Rose, 

I got the impression that the market in Brooklyn is very competitive, whereas SI and Queens seems like there are more room for development and higher price (Also, SI and Queens property prices are lower anyways) 

I am very interested in joining the NY REIA, can you introduce me to a few groups/link? I greatly appreciate your help.

Would you mind to share your experience investing RE in southern Brooklyn? I am very interested. Thank you.

Best,

Genevieve Cen 

Come join us at our open house for 378 Central Avenue in Brooklyn!

Sunday Jan. 8 1-3 pm. 

Annual Rent Roll of 15k, Cap rate is 6.69%, Great investment opportunity. Come and see more of this potential investment for you!

Hi all!

I have a recent listing at 378 Central Avenue Brooklyn NY 

Based on assumptive calculations, this investment can bring a 6.6% cap rate with a 150k annual rent roll. this is not a rent stabilized or rent controlled property.Please refer to the attached brochure for more information. 

The asking price is 2.279M. 

The prospect for investing in Bushwick is great as more middle class are moving into this neighborhood.

We are holding an open house this Saturday 12/17/16 1-3 pm. 

Please contact me for more questions or forward this message to any friends or family whom may be interested in this investment opportunity. Hope to see you soon! Thank you.

Regards,

Genevieve Cen

@Dave Van Horn

Thanks Dave! How do you find reliable contractors or BPO agents and such? How was your experience in New York? I tried to called a few banks and credit union to see if I can buy mortgage loan from them directly, but it has been fruitless. I am changing my strategy to contact homeowners instead (seller financed). I am waiting to see how that goes. So I guess my biggest concern now is where and how to buy mortgage notes. Thanks for sharing! 

@Pari Thiagasundaram

Thanks! I will check him out! Look forward to learning from you guys.

I am a new investor in New York City, I have been hearing some good things about investing in performing/nonperforming notes in the south or midwest. Considering the difficult competition in New York, should I start out in a state I don't live in or never even been there? 

Does investing in notes in outstate require you to travel to that state?

Has anyone done this? How was your experience? What are the pros and cons of investing in real estate outside your home state?

As an alternative, what are some good neighborhood in New York State to focus my note investment in?

Thank you. 

@Tim Thiemann

Hello Tim, thanks for the clarifications and advices! It makes more sense this way.

Just curious, how's the wholesaling market in Missouri like? I actually lived there for a year!

Genevieve 

@Santiago Steele 

Yes I will be a member this December! I didn't even know they provide such service, I will use that service to confirm that then. Thanks!

Write your postHi all!

I am a licensed agent in New York state starting out to wholesale in NYC boroughs (difficult, I know).

I want to know the limitation of my role as an agent: what not to do or what to do as an agent.

Most importantly, do I need to split my commission with my brokerage on my private investments earnings from wholesaling?

I looked up the Real Estate License Law (June 2016), it states the following:

§442-a. Compensation of salespersons; restrictions

No real estate salesperson in any place in which this article is applicable shall receive or demand compensation of any kind from any person, other than a duly licensed real estate broker with whom he associated, for any service rendered or work done by such salesperson in the appraising, buying, selling, exchanging, leasing, renting or negotiating of a loan upon any real estate.

Thanks in advance!

Hi all!

I am a licensed agent in New York state starting out to wholesale in NYC boroughs (difficult, I know). 

I want to know the limitation of my role as an agent: what not to do or what to do as an agent. 

Most importantly, do I need to split my commission with my brokerage on my private investments earnings from wholesaling? 

I looked up the Real Estate License Law (June 2016), it states the following:

§442-a. Compensation of salespersons; restrictions

No real estate salesperson in any place in which this article is applicable shall receive or demand compensation of any kind from any person, other than a duly licensed real estate broker with whom he associated, for any service rendered or work done by such salesperson in the appraising, buying, selling, exchanging, leasing, renting or negotiating of a loan upon any real estate. 

Thanks in advance!