All Forum Posts by: Daniel C.

@Adam K. yes, he does have finance contingency.  The Seller gave 45 days for the process and to complete closing. The appraisal came back late - leaving him with little time.  Restarting the process with a different lender may work but the Seller is being rigid with the timeline - but worth a shot.  Borrowing an extra $120K is not feasible and would make this bad financial investment. 

Thanks @John Hickey.  I'll tell him to try reaching out to ronmiller as well. 

A colleague has an accepted offer on a 3 unit property he's purchasing which is located in BedStuy Brooklyn - around Ocean Hill area. The purchase price is $1.2M. The current company only appraised the property at $1.08M. Which is a $120K less than the expected $1.2M appraisal. Between 20% down and closing costs, he is not able to come up with the difference.

The Seller has not given him much time. Is there any appraisal company / lender that can assist or offer suggestions on this. Thanks.

@John Hickey, I'll PM you as well. Thank you.

Hello BP,

I am looking for recommendations on Contractors - solid and dependable contractors that do great work. I work long hours in the city (NYC) and am not always available to inspect / oversee repairs and renovations that need to be made as the property is in BedStuy - Brooklyn. I need people I can rely on to quickly attend to issues; and trust that they'll do a great job without trying to inflate the job or price. Any recommendations for the following (and others I may not have mentioned) would be greatly appreciated. Thanks.

Electricians
Plumbers
Handyman
Maintenance / Cleaners
Jack of all Trades in reno
Real Estate Attorney
Roofer (for the future)

BTW, @John Hickey I loved your "Long term BRRR in Bed Stuy Brooklyn" post. Really nice work, and very informative post!

@Lelith Walker, @John Hickey

Thank you all for the recommendations and feedback on the insurance companies. Much appreciated. I will definitely reach out. Thanks again.

Hello BP,

I am getting ready to close on an investment property in Brooklyn (Bushwick) soon.  I am looking for recommendations on insurance companies offering great rates and service with reasonable premiums.  Also, let me know if you've had history and good experiences with the particular company.  Thank you.

Thanks Tracy. But it sounds like it is out of my price range.  My max budget is $1.3M for a 3 family.  New or renovated.  Bed Stuy is too expensive, so I'm looking in Bushwick, Cypress Hills, East New York (near Cypress Hills), Ocean Hill, and Brownsville border close to CH. It's been tough.  Brooklyn is getting insane!  If anyone has any leads, please PM me.  I'll be out there again tomorrow on the hunt.  Thanks.

@Llewelyn A. - Yes, 4+ units are out of my reach at this time. The low LTV and higher rates are a serious deterrent for me. I've recently started asking if any tenanted apartments are rent stabilized or Section 8. Some people would prefer Sec8 tenants for the much lower vacancy rates and almost "guaranteed" prompt monthly deposits; but I would like to avoid because of certain guidelines coupled with the overly tenant-friendly (almost seems like FWB - but with the Landlord getting $crewed) NYC laws.

Truth be told - I think I just got really lucky on 1st property. At the time, I hadn't done much research, number crunching, etc.. It did it because it felt right and was overly eager to just buy an investment property. Now, I am try to analyze every detail - location, comps, nearby rents, NOIs, cash flow, property age, ppsf, tenant "vibe", etc... I often come back to BP to see what else I may be missing from my assessments like the legal / eviction costs you mentioned in another post that are necessities for NYC.

Thank you for the book recommendation. I'll definitely pick it up.

@Adam K. - I agree as well.  3-4 units are the better way to go on these areas.