All Forum Posts by: Jonathan Beaumont

We are in the process of purchasing a one bedroom co-op with a private beach property in new Rochelle ny. The cooperative has about 7 million in debt that is due 2024. The board said they will refinance when the due date comes. Is this too risky of an investment? 

@James Wise

No it was not. I am waiting on the appeal and hopefully the appraisal comes in higher. 

@Mark S.

Hi Mark,

The purchase price is $92,500 and it appraised for $82,000. The rent is $825, and including expenses such as vacancy, reserves, and the management fee I would net around $300 a month. Mid south is willing to issue a $500 credit towards the closing cost.

@Kevin Hill

Hi Kevin, 

Mid south home buyers have comps that are higher than what the appraisal. They sent their comps to the lender. The lender is going to appeal the appraisal. I should hear back sometime today. 

The seller is a turnkey provider mid south home buyers. They are not going down on the price. I may call this sale off. Thanks for the advice I really appreciate it. 

I am in the middle of purchasing a single family investment property in Memphis and the appraisal came back 10k lower. Do I have the option to negotiate with the seller?

Hello, 

What’s the typical duration of a real estate contract for New York State? I am working with an agent to sell my property and the agent wants me to sign a contract to work exclusively with them for 6 months. 

I currently have an out-of-state investment property in Benton Arkansas and I am looking for an accountant that specializes in real estate taxes for investment properties. Are there any sites that I can check for accountants that specialize in real estate taxes?

I just wanted to add that I am renovating my one-bedroom to sublet for about a year. I have been living in the unit for 10 years. After some consideration, I do not believe it is wise for me to do any major renovations to the unit if I am only going to rent. I believe fixing the walls and professionally painting the place will be enough. What are your thoughts?

Thank you everyone this has been very helpful and I appreciate it.