All Forum Posts by: Remo F.

Hey thank you for your input Adam I'm thinking the same in having the rental at the bottom

Hi, This question is for New Yorkers familiar with Brooklyn, Manhattan 2 family Brick/Brownstone homes. I'm looking flip 2 family homes and wanted to get your thoughts on which set up would command top dollar to a buyer. Which setup do you think is more appealing to a buyer? 1. Rental on the ground floor (renter will have access to the basement and garden) and duplex on the top 2 floors? Duplex will have access to garden via steps leading down. 2. Rental on the top floor and duplex using the ground and 2nd floor ? (With access to the garden and basement) I hope this makes sense

From what I remember rent control is the least ideal situation for an investor with 6 units and above. It's worse than rent stabilized buildings as tenants in rent controlled buildings can challenge a rent increase which I believe the max rent increase is 7.5% EVERY 2 years. It could take decades for the building to become a cash cow. I may be wrong but I've looked into purchasing these kind of buildings myself and after talking with a couple of landlords in Brooklyn who are in their late 60's 70's I decided to stay clear from this type. Both landlords actually own rent controlled building and advised me to stay well clear of rent controlled buildings. They also mentioned many of the rent controlled apartments were passed down to family members due to the cheap rent and they still had a problem trying to raise rent and evicting tenants in this situation. If you have some patience then you may want to entertain rent stabilized buildings but those too can take a while to get the rent going but not as long as rent controlled That's my 2cents, hope it helps

I think your renovation cost is way too high, it's likely you can get it done $150K If you can bring in $3700 - $4000 a month in rental I would say go for it! Your mortgage should work out to be around $2700 on a conventional loan Closing cost would probably be around $20K

@Daniel C. The only issue I can see may perhaps be that there is a full bathroom. 

Yes you would have to remove the stove and cap the gas line, (Very Easy) a day before the appraiser arrives. You can even leave the fridge in there

If it's simply a toilet in the basement then you're good. 

Having a tub or shower may be the issue.

You can also check the CofO on the website below. If there is one available it should be on there.

http://www1.nyc.gov/site/buildings/index.page

key in your details then you click on "View Certificates of Occupancy"

I asked for the landlords drivers license when I first moved to this country as I wanted to make sure I had something to fall back on in case they weren't actually the landlord and simply had keys to open the apartment and scam me. Reason being was due to the amount of scams like this happening in London. I'm now a landlord and I've never been asked for a drivers license, however I understand the reasons for asking, it gives the prospect a more sense of security and peace of mind on their part before handing over the security deposit. You will have theirs and they will see yours. I highly doubt both parties will try scamming each other. I say go for it

I have a Commerical loan which was taken out to purchase a mixed use property. I've had it for 1 year. A portfolio manager from the lender reached out asking me to provide a financial statement for the previous year. Is this normal, has anyone experienced this before? My mortgage is paid every month without fail. Just curious as I was under the impression details such as financial statement is required only if I was to apply for another mortgage or to refinance.

I'm looking for investor friendly agents who deal with short sales and foreclosed properties. If you're responsive to text and emails and can show properties, please get in touch.

Matthew Sullivan if you have any properties for flips please get in touch. I'm currently looking and would be interested in anything you have in both Suffolk and Nassau

I used a broker who got my insurance for all of my properties in Brooklyn, I've ended up with a company called Travelers home insurance for most of my homes. Inbox me and I will pass on my brokers details. I've had good experience with them so far. Google them