All Forum Posts by: Kobi Nagar

off market 2fm, corner property in the Bronx.

122 W 190th St, Bronx, NY 10468

selling as is with tenants, asking 475k ARV 950k

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $55,000
Cash invested: $100,000
Sale price: $820,000

Fix & Flip in prime marine park in Brooklyn, one family 3bd duplex just off the park. got this deal as REO, since houses in this area are selling as is, we did just minor renovation. (purchase price was 550k)

How did you find this deal and how did you negotiate it?

our first REO deal

How did you finance this deal?

Hard money.

Lessons learned? Challenges?

its very hard to get an REO in a decent price in nyc. since the property was occupied, we got this in a discount. we succeed to make a deal with the tenants and got it fixed % sold.

Investment Info:

Small multi-family (2-4 units) fix & flip investment in Brooklyn.

Purchase price: $1,050,000
Cash invested: $400,000
Sale price: $2,050,000

Brick, 3-family home, Located in beautiful Fort Greene Brooklyn N.Y.

How did you find this deal and how did you negotiate it?

working with the right broker

How did you finance this deal?

Hard money

How did you add value to the deal?

property was occupied we helped tenant move and then renovated the property

Lessons learned? Challenges?

It's interesting to note that, in this market, a two-family home (2FM) might be valued more than a three-family home (3FM)

Yes, we're still active in the NYC real estate market, currently working on three flipping projects. We've already received a full offer for one of the properties before i'ts completion. Despite the limited inventory and high mortgage rates at the moment, we believe that with strategic pricing and quality work, success is achievable. Good luck.

We are buying in Brooklyn. let me know when you have something.
thanks kobi

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $180,000
Cash invested: $100,000
Sale price: $499,000

Gut renovation of one family in Jamaica NY, We negotiate the price down since the previous owner had challenges with the tenants. sale was long due to the current market we had to reduce the price by around 10%. but still made money :)

What made you interested in investing in this type of deal?

Fix & Flip

How did you find this deal and how did you negotiate it?

We got this deal from one of our brokers

Lessons learned? Challenges?

we didn't wait and reduce the price to make the sale. We had two deals that didn't close since the borrower was disqualified due to interest rate increase.

Here are some things to consider:

Most of Cityfheps are coming directly from the shelter and with my experience it’s hard to vet them since they want to be out and you do not consider income and credit. in general they are not used to keep an apartment (recycling, cleaning etc…) since they do not have any responsibility at the shelter and some of them stay there for years.

The city will mail you the payment and usually it’s twice a month. (HRA pay a portion)

The big problems with fheps is that after a year they need to reinstate the program and their portion might be changed. Also after the transfer the case is closed and for anything you need the tenant  cooperation.

Section 8 will do inspection and will give you violation on anything in the building not just their apartment. They have a direct deposit and do it once a month.

The key is always to try and get the best tenant you can. hope that helps and good luck 

it is held under LLC, i got no docs investment loan. a product that one of my broker has in house. 30 year fixed with 10 year I.O.

for your question Carini, The property was apprised just over 1million, we got 75% ltv  and basically pull out all our money and ready to invest again :)

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $499,000
Cash invested: $120,000

Mixed uses property that includes one store, 3 residential apartments and 2 car garage.

What made you interested in investing in this type of deal?

This deal was an estate and was in pre foreclosure. we are specialize in finding and executing deals like that.

How did you find this deal and how did you negotiate it?

We found this deal throw a real-estate Broker

How did you finance this deal?

We used hard money.

What was the outcome?

We just refinance with the BRRR method. we currently have 30 years fixed loan with 10 years io.

Hi Jeremy,

we are investment company specialized in adding value to properties in NYC market and located in Brooklyn.

we are always looking for motivated people to work with.

Fell free to contact me anytime.

kobi