All Forum Posts by: James Taylor

Hello everyone.

Wishing you all a great Sunday.

I am reaching out to see if anybody could recommend a good RE attorney in the area of Little Silver NJ area ( South Jersey) that has already provided services to you.

I am looking for someone responsive and experienced in that area of NJ to take care of all the typical things associated to the purchase of a SFH ( contract, survey, title search, closing, etc ) with a conventional Mortgage. Nothing sophisticated.

Thank you

James Taylor

Hi, I am looking for a good structural engineer for a job in Harlem, New York

Any good recommendation ?

Thank you very much

Hi

Are you offering this deal, or are you sharing  your experience with it? 

Very good tip Thank you

hi,

We haven't purchased anything in the US yet. We literally are just finishing putting together the US team and creating all the right business foundations ( LLC, Deal Analyzer systems, Business Management, CRM, and registrations legally operate in NY and NJ) our original business plan was focusing on SFHs. But we will not pass on a Multi that comes out to be a very good deal, and as long as it is a 3 or 4.

Even though we defined our business plan to target SFHs . Orange and Rocklan are becoming interesting, since actually there is a historical low inventory, ( i.e. New City, Nanuet ), so all kinds of rentals are becoming the option for new residents. 

Therefore, I am reconsidering now our objectives.  it seams to me that 3R-2b  MFs can turn to be good investment in short time. 

Hat about you, Are you looking for anything in particular?

Hi Brian, I wish you the best of lucks. We are also based in NYC ( Uper East side ) But we are focusing more on Rockland and Orange Counties . As well as Bergen county NJ. NYC is too competitive for us at this point. As someone already said, perseverance is the key in this business.

Ok, Let me try to put in this small space the most relevant numbers

I over estimated some numbers, and I know that my gain would be based not much on savings, but on cost avoidance.  

So here we Go :

After Repair Value	$525,000
Current "As Is" Value	$305,000
Estimated Repair Costs	$143,624
Purchase Price	$300,000
Estimated Hold Time (months)	6

Total Financing Costs

$31,941

Total Monthly Holding Costs

$1,873

Total Buying Transaction Cost

$2,750

Total Selling Transaction Cost

$27,650

ESTIMATED NET PROFIT

$7,799     ( ROI 1.51%)

PURCHASE & DEAL ANALYSIS
After Repair Value	$525,000
Purchase Price	$300,000
Estimated Repair Costs	$143,624
Total Financing Costs	$31,941
Total Holding Costs	$11,236
Total Buying Transaction Costs	$2,750
Total Selling Transaction Costs	$27,650

Hi Brett,   Thank you very much for your advice. 

I just finished re-running a third round of analysis, because I was missing a portion of the financing costs. I did it using a couple of different Repair estimators, complementing the comps with Zillow and RedFin, and I also added more repair costs for drive way, in addition to incrementing the contingency because through Google maps I noticed the driveway was in very bad conditions and I also discovered that there is a in- ground pool in the back yard, not mentioned in the MLS, which is a bit suspicious. So I added the costs for demo/covering it.

The profit went down substantially..  It is still positive $12,450 .  But I am afraid now there is no much room for mistakes for a newbie.......  ;(    And the exit strategies from a Short list don't feel that good to me.

I am afraid, I will have to pass to this one.  

thank you again, and have a great day       

Hello Every one.

I was offered a Short Sale already listed in the MLS in an area that I am interested in, but Not sure if I should do this since it would be my first deal ever. The List Price is $305,000. The Comps Average is $540,000 with 4 properties sold in the last 3 weeks. I plan to offer $250,000. And I have analyzed the deal for Flipping very conservative with Running costs for 6 months and Repair costs of $140,00 ( including 5% contingency). I estimate my ARV will be at least at $530,000 . Leaving $140,000 of profit.
Am I missing something ?   It  Looks to sweet to be truth..
Can you please give me good tips on things that I should be careful about in the Short Sale process in NY?

Thank you

Hi,,,  Welcome to BP and NYC. 

My name is James,  I Live in the upper East side of Manhattan.

I strongly recommend you to attend to some of the local REIAs in Manhattan. You can find them in Meetup. With patience and good judgment, you could find good opportunities to invest in.  

There are a couple of these meetings coming up next week. If I am not mistaken, one is next Monday at the PS 450 , ( 450 Park Av. South), and another one on Wednesday at the Hotel
Pennsylvania ( In front of Penn Station)  Let me know if you plan to go to any of these.  It would be great to meet you.

Good Luck

Best

James