All Forum Posts by: Alyn Shek

@Eva Which area of the Bronx are you looking at? Are you looking into the rougher part of the Bronx? Have you consider Westchester?

Blake, that's great news. Please keep us all posted on the details on the arrangement you have with the home owner.

Good luck.

Hi Eva,

Thanks for your insight and to answer your questions.

1 & 2) I have not decided if I will make this purchase with a down payment, through a private lender, or make an all cash offer.

3) This is strictly an investment property and I will not be living in it.

4) The place is currently rented to a long time tenant that's been living there for the past 3-4 years. The condition of the property is pristine and do not require much work other than painting if the tenant decide to move or if seller deliver the property vacant.

So far I've only factor in the tax, HOA fees, reserve for maintenance, and reserve for vacancy as I don't know which direction I will go in purchasing this property. I'm sure most people on this board will agree not to pay in one lump sum and make use of the money with other investment. I'm leaning towards taking a mortgage and have the tenant pay down my mortgage and use the remaining capital I have to invest into other properties.

I'm delighted to hear that Co-Op had work out for you. I originally wanted to invest in Co-op but the rules and regulations really steer me away from it. Since I have no intentions of living in the space I'm purchasing and most Co-op has the two year rule, I decided against it.

Sure. I'd love to meet other investors and learn from others. I'm trying to build a relationship/network with my business and I'm hopeful that one day, I can get a pool of people to invest and buy properties together as investment.

Thank you Paul for your response. It is greatly appreciated.

I'm not particularly concern with the parking situation but it is a bonus to have and definitely will make it more desirable. Given the fact that most people who reside in NY & NJ near the Metropolitan area, many people do not own a car and rely on public transportation.

Can you shed more lights on HUD homes? What do you mean small multi owner occupied gets first crack? What if I'm not looking to live in the property?

I'm also looking into investing in a rougher part of the neighborhood and turn it into a Section 8 home. Can anyone share their experience, if any?

Dear all, I'm a newbie in real estate investment and am looking to purchase my first investment property. Would anyone suggest/recommend investing in Condominum as their first investment property. I'm currently looking at a condominium asking for $60K with seller financing option. I have not decided on my financing options yet as I'm still exploring my options. Here are the details regarding the property that I would like an honest opinion and assessment from fellow enthusiast and fanatics.

Type : 600 sq ft Studio

Asking Price : $60,000

HOA : $80/month or $960/year

Tax : $150/month or $1,800/year

Rent : $850

Utilities(electric) : Tenant's responsibility

(Gross - Expenses) = $850 - $80 HOA - $150 Tax - $85 10% Vacancy - $85 - Maintenance = $450 before mortgage.

This condo is a small building and owner's managed. It does not have parking available. It's close by public transportation. Given the limited details, can anyone suggest if this would be a sound investment.

Last but not least, thank you to all contributors to BP. I've been a frequent reader of BP for the past 6 months and finally joined the community last night. This site offers wealth of information and I'm a follower of the podcast.