All Forum Posts by: Joshua Nowell

@Jon Albar

“…it will be beneficial for us New Jersians.”

It’s cute how you guys always want to copy us New Yorkers.

Hi, I’m looking for any wholesalers in NYC. I’m trying to purchase in Bronx but am open to any NYC props to be honest. And I’m looking for it now.

Have you thought of renting by room to improve income?

@Enrique P. Hello. I am from New York and still looking through the Bronx for my first prop investment so I don’t think I’ll be much help. But since no one has responded I figure this will be better than nothing. Haha

In my experience searching, it seems the news was overblown. A lot of people seem to be holding and since the shortage I’ve noticed prices go way up and people demanding a lot more for something not particularly worth the value. I’ve actually taken to driving for dollars recently to change my approach. But I recommend you check out the big sites like Zillow, Redfin, realtor or any of those pre foreclosure auction sites to get a better idea of what I mean for this area. Props are still on the market but as everyone always says just run your numbers so you can match your goals.

Good Luck! I wish you the best this year Enrique and hope you find what your looking for!

@Ryan Howell has a point. What about also raising it by a small percentage in each months lease or Atleast small increments over time until it reaches market rate. I think the idea of increasing the cat lady’s rent would be a great idea especially since pets increase the need for additional maintenance; that’s a pretty good excuse to do so.

Hey Micheal. I’m actually working on my first investment property as well. Been researching lenders for some time now and have found many with better rates. As @Marty Johnston said between 11-14% on the high end. They are also some great people. One that comes to mind is express capital’s John Sotiropoulos who offers closer to 9.5% with other terms as well. But @Michael Glist has a point with the willingness factor, I think it will help to know more about your position and deal as well. Still if you want I can share with you the other lenders I’ve spoken to. Feel free to message me at anytime. And kudos man on reaching your goals!

@Joshua D.

I’m going to have to start reading more books like that. I’ve come to realize that step by step “how to” books leave little to the imagination. And one of my favorite things about entrepreneurship is learning how to find your way. Maybe that’s why I can barely finish the latest “how-to” book I’ve been reading.

@Scott Passman Thanks for the input! I didnt think about the "kind" of tenant id be attracting so its good to have a better idea of what im dealing with. That actually makes me a bit worried seeing as it would mean less room for error. Either way thank you and I hope your having a Happy New Year!

Hello, I am a new investor looking to get started in the NYC. Because im investing in new york rentals ive been looking all over for potential deals and this one caught my eye. Its being offered at about Market Value but which made me wonder why it wasnt purchased already. Shortly after I found out its a Single Room Occupancy(SRO) with communal kitchens(2 floors and 1 kitchens on each floor). Ive never heard of these kinds of properties but wouldnt mind getting into them if I could make the price point work. I just wanted some advice from you guys. Is there anything about SROs in NY that I should be weary of? Is it something that a new investor shouldnt really look into? Or is it just like your regular garden variety rental? 

My Assumption: 

1. I feel like the fact there are shared kitchens and bathrooms mean extra tension between tenants. So I would need to heavily regulate the rules and stay vigilant meaning more legwork and headache. But I did intend on living in one of the bedrooms so that wouldnt be as bad. 

2. I imagine I would also not be able to rely on market rent for each room since thats a metric I dont see on BPinsights or rentometer so that may get tricky. 

3. Not sure if tenant turnover is any different from regular investment.

Otherwise I could not find any issues with this kind of investment. 

Please help. Id love to know what everyone thinks on the subject

I’m getting close to my first deal. Feeling really good about things. Visited a few homes and made a couple offers already. But I’m running into an issue with a few of these agents in general. They keep telling me I need to present my financing and down payment first in my offer letter. But, like I tell them, my intention was to be the deal finder and partner with someone with capital so that really isn’t possible.

Even still, I’m not sure how likely a potential partner would be to take the deal seriously unless there was a contract ready to go and move on. Can anyone tell me how you set up an offer. Do you always give a Proof of funds or down payment in the Offer? Any advice on what you’d do in my shoes?

I’d appreciate any words, hell even criticisms. I’m just trying to learn. Thank you for the help.