All Forum Posts by: Jinyu Shao

Wow thanks everyone for the feedback! I'll try my best to reply to everyone.

@Gregory B.  Could you elaborate on the rezoning? I could not figure out why the the prices in my neighborhood have not been appreciating much, do you think is a possible reason?

@Thomas S. That's true. It's unlikely I'll move back into the co-op. I'm fortunate enough to have a tenant who pays on time and have not caused any trouble, fingers crossed of course. 

@George Hermann Thanks George. My co-op allows sublet, but with a hefty subletting fee of 30%. 

@Basit Siddiqi Everyone I ask tells me the prices of my co-op will go up and the reason they use is always because historically real estate in NYC always does. But I think you have a point with the increasing supply of housing in and around Manhattan. 

If you don't mind me asking, where do you invest out of state? That's my plan after selling the co-op. I'm still looking at different potential cities. Seems like everywhere else, except SF, have better returns than NYC. 

@Amy Beth The co-op has already been rented since March. I currently have a place to stay in NYC. I'm selling so I can invest else where and increase my cashflow. 

@Diana Tian I don't plan to own the property because I no longer need to live in the area. I'm planning to reinvest the downpayment. 

@Ericka G. Thanks for the feedback. It will be difficult for me to skip capital gaines taxes since I have not lived there for 2 years. I would have to move back and pay the maintenance and mortgage myself if I want to take advantage of that. As I'm not sure how much the property will appreciate, I'm not sure if it's worth it.

Hi all, 

I need some help deciding if now is a good time to sell my co-op in Manhattan. I bought it in 2015 because I worked in Midtown and thought I could save on rent. I no longer work or live there so currently it's being rented out. I lived there for a little over a year before I rented it out. A real estate broker once told me this changes the property type to an investment property. I'm not sure what this implies... Anyways, I net about $100 each month after maintenance and sublet fee. I realize its really low ROI and knew that I need to sell at some point.

My initial plan was to wait until the co-op have appreciated a little to sell so I can at least break even after the flip tax, broker's fees and other fees associated with the sale of the place. I have been tracking the price of properties in the same building on Streeteasy for 6 plus months and the prices have not changed much. I don't know if I should continue waiting, hoping for appreciation or just sell it at a cost so I can take back my down payment and invest elsewhere. 

The place is located near grand central around tudor city area if that helps. I have been confused by the low prices of the apartments in these buildings because the location is so convenient to everything and it's right by the water. 

Another question I have is what will my taxes look like after I've sold the property? Will I be able to get any type of refund for selling it at a cost? 

Apologies for the long post. Hope to get some helpful feedback.

Best,

Jinyu

@Joe Bruck Thanks for sharing your experience! And I'm sorry that happened to you. I definitely plan to hire someone myself to do the appraisal before I purchase the property out of state. But it does look like you have good COC return! I also looked into Baltimore before but couldn't find anything.

@Ali Boone Thanks for the input! You made a good point. My primary goal for my next investment property is cash flow so the numbers are definitely crucial. It's reassuring to know there are other out of state investors out there. I actually looked into Baltimore before but didn't find anything. Looks like I should look into Baltimore again! 

@Account Closed Count me in as well! I've been looking for one in Queens for the past few weeks. It would be so much more convenient than trekking all the way the Manhattan. 

@Joseph Salegna Congratulations on your new properties! I have also looked into turnkey investment properties since I also don't plan to manage the properties myself. My understanding is that you pay for the convenience and I'm afraid I won't get the return rate I want. 

@Scott Steffek Thanks for the input! If I do end up finding a property out of state, I definitely plan to pay a visit in person first. 

@Naum Raz Thanks for the advice! I've also looked at NJ but the price of the properties are higher than how much I can afford. It's been tough for me take out any mortgage partly due to my existing mortgages but more due to the fact that I just recently decided to work for myself. 

Has anyone had any success finding financing options while self-employeed? Maybe that's a topic for another thread? 

Hello everyone, 

I've just recently got into real estate investing. I have been mostly doing research on different areas to invest in and educating myself.

I currently own two properties in NYC and became a landlord by accident. When I decided to begin my journey as a real estate investor, I quickly realized it would be too difficult to invest in NYC. So I started looking into places like upstate NY, Baltimore, and Philly. Recently I learned from a podcast that some states are more landlord friendly than others, states like Texas, Indiana, and Colorado. Since I plan to hire a property management company so I don't think the distance will be an issue. 

I would love to get some advice on how I can proceed from here. Should I go visit those states to check out the neighborhoods? Should I do some more research on those areas? If yes, what should I focus my research on and how long should I do that before I visit the area? Or should I continue looking into the areas close to where I am?

Thanks in advance!

PS: I'm currently looking to join an RE investment group in the NYC area to expand my knowledge. Would love to hear what are some good ones to join! :)

Greetings!

I'm new to real estate investing and new to this forum as well. I've been browsing on it for a few days and this feels like a great community of experts and investors. :)

I'm looking to purchase a rental property to invest for cashflow, all cash, around $70k, for $1000-$2000 cash flow/month, in a safe neighborhood. I would like to find an area that's close to NYC, where I live now. I've been looking at a few cities in upstate NY, but most of the major cities are 4 hours away or more. 

My questions are:

Are there cities I can invest in close to NYC (2 hours away max) that meets the numbers and my criteria?

If not, which cities farther up should I invest in?

Where else in the US can invest in? Is it a good idea to remote manage an investment property just starting out?

Thanks in advance!