All Forum Posts by: Joe Vastola

@Ratna E. It will likely depend on the bank doing the refinance but you should expect there will be some fee associated with it.

I am looking into the possibility of buying a Co-op in New York City in the near future. Most websites list maintenance fees and minimum down payment but N/A for taxes. Should I assume that for a Co-op that tax is included in the monthly maintenance fee? 

Hello BP! I have been reading a ton of real estate books and recently finished all of the podcast episodes on bigger pockets. I am looking to land my first investment property for a buy and hold and think the best way to find a deal will be through direct mail. As a newbie, I was wondering if you could offer tips on things to do or avoid to give myself the best chance using this method. Thanks!

Great listen! Ambition and persistence will get you far

Ollolai is a small Italian town that has just announced they are selling 200 fixer upper homes for literally 1 dollar. Am I crazy to think this is legitimate or even worth my time exploring?

http://www.housebeautiful.com/lifestyle/a15928230/ollolai-italy-one-dollar-houses/

On a bigger level, do you think it's worth exploring properties in other countries or do the headaches and risk far outweigh the benefits. I've never really considered it, but curious to hear about other people's experiences. Thanks BP!

@Angel Samayoa I would read as many books and listen to as many webinars as possible to get a sense of what you like. That being said, starting out I would recommend buying and holding as a safer way to jump in. If you are new to real estate, flipping houses are possible but you encounter a lot of risks (Bad contractors, overpaying for a house, underestimating for rehab costs, not being able to sell right away). All of those risks could cut into potential profit and even lead to a loss. You can be successful at either, just make sure to do your homework.

@Jalen Henningsen 40k is definitely enough to get into a property in Brooklyn, Queens or the Bronx but it might not be a great area. You also need to consider that the taxes, potential hoa fees and mortgage payments will be much higher here which could greatly cut into your cash flow. I recently looked into buying a condo in manhattan and just the monthly HOA fees were close to 1650. I live in Brooklyn now but because of the high prices and my lack of experience I am likely going to invest in a different cheaper market to break in. Also, something else to consider if you plan on house hacking. You will almost certainly need to have a job in the area before a lender will allow you to put 3.5% down.

@Jalen Henningsen 40k is definitely enough to get into a property in Brooklyn, Queens or the Bronx but it might not be a great area. You also need to consider that the taxes, potential hoa fees and mortgage payments will be much higher here which could greatly cut into your cash flow. I recently looked into buying a condo in manhattan and just the monthly HOA fees were close to 1650. I live in Brooklyn now but because of the high prices and my lack of experience I am likely going to invest in a different cheaper market to break in. Also, something else to consider if you plan on house hacking. You will almost certainly need to have a job in the area before a lender will allow you to put 3.5% down.

Well done @Denny R., congrats!

@David Michael the returns don't seem as strong in the NY/NJ area as other cities around the country. Right now starting out I am looking more into buy and hold.