All Forum Posts by: Remo F.

Brooklyn R. I know this was 9 months ago, but I'll try to answer your question. Caribbeans were not accused of gentrification as gentrification is a process of renovation and revival of deteriorated urban neighborhoods by means of influx of more affluent residents, which results in increased property values and the displacing of lower-income families and small businesses. First the Italians, Irish and Jewish people were the next wave after the Dutch to settle in Flatbush not Caribbeans. After came Caribbeans. Whites moved their families to the suburbs such as Long Island and Staten Island. They left in hopes that they could provide better lives for their children, taking their businesses with them. Known as "White flight" They were not priced out which is one of the main factors that causes gentrification. The ones that were left behind were approached by many investors pushing and scaring them to leave spreading fear that black people will depreciate the value of their homes, It worked! At this time, West Indians moved in, including some from Crown Heights, because of the cheaper real estate. They opened small mom-and-pop stores and businesses on Flatbush Avenue. That began the economic revitalization of Flatbush. You can hear more about this from many folks who grew up in parts of Brooklyn in the 50s 60s describing their departure to the suburbs and the desperate measures investors/landlords were using to scare folks out of their homes so they could buy up cheap real estate. https://itunes.apple.com/us/podcast/there-goes-the-neighborhood/id1089555645?mt=2&i=365356413

Note: Prices are increasing rapidly in ENY

Hi @Daniel C.

Your best bet is to ask neighbors and other people on your street as well as supers that look after buildings that hang around the area, they tend to know everyone on the block and who might sell who's looking to relocate, that's the best way to get a deal before the property goes on the market.

I've got properties in both bedstuy and crown heights and I'm looking, I invested in a 2 family in ENY and that's also working out well. 

I would certainly keep an eye on ENY the Cypress hill areas as you're getting Bedstuy/Bushwick 2012/2013 home prices and 2012/2013 rents which is pretty good, before you know it those areas will end up being as desirable as bushwick, bedstuy within 5 years. If you drive around the subway stations around 6/7pm you will find that the neighborhood demographic is changing as you will see the people commuting back from work which is one of the reasons rents are going up as well as new buildings, mixed use buildings and many gut renovations which is reshaping the neighborhood every year. It's not the same area as it was in 2013 and you can find properties that cash flow

Can somone point out where I can find the REI Meet ups in Brooklyn? I would love to attend. Thanks in advance

Hello,

I'm a part time investor, buying, renovating and holding properties. I'm looking to acquire more property within Brooklyn, Bronx and Queens area with at least 3 units.

And other locations within close proximity to the city with good transportation. 

There are still deals out there which I've found by myself, so I know it's not impossible. I'm looking to meet like minded people to share information and help each other meet investment goals.

I have several sources of finance for different situations to help close deals from 10-30 days depending on the value and condition of the property.

Look forward to hearing from you all.

Thank you all

Originally posted by @Anthony Perez:

@Michael Charles BUY! In about a year or two the neighborhood will turn. Millions are being poured into Cypress Hills right now. Bushwick became expensive its the new market along with east new york and Brownsville. Also try to buy a property with R6 zoning maybe one day they'll just buy your property for the land and not the house on it. BTW no one thought bushwick would ever gentrify and look at it now.

 He's right!

Originally posted by @Jackie Schnell:

I grew up in the 75 from 63-81 we still have our house and yes it needs gutting. I don't want to walk away like my sisters do (have?).  how do I save it when I can't afford the back taxes etc c 40/50 g plus 200 renovations?  

Advice?

 Hi Jackie, your best bet would be to contact a mortgage broker and have them check out your finances, you can get the house appraised and pull some money out for renovations and to pay of back taxes. Your monthly mortgage payments would go up. I'm sure there is something that can be done in order to pay off the back taxes. 

A good mortgage broker would be able to give you some sound advice on how to move fwd. 

There are plenty of contacts on here who can point you in the right direction. If you need any contacts send me a message and I will pass you on some people to touch base with

If you find anything within that price range then you should buy it tomorrow! Average price is norm 600k + renovated sometimes you need to renovate. The 200-300k deals in general need gut renovating and are all cash deals.

I would recommend cypress hill. I actually posted a longer message on here but for some reason it would post through