All Forum Posts by: Matthew Greco

Hey @Asad Bajwa, thanks for the response. I will have a look into the tax situation. I assume the maintenance is so low due to the buildings age, and the utilities not being included. Gas and electric are separate. The building also doesn't seem require much up keep. Let's say the best case senerio is I was to buy, sell and have around $60k left after all is said and done. Is this enough to go on the muti family hunt here in NYC? Thanks again for the response, Matt

Thank you both for the response. I was leaning strongly to holding and collecting that passive income. Thanks for the confirmation. 

@Brenda B. His affairs being in order were thanks to mom. She takes amazing care of him. 

I will say this wasn't as easy as it sounds. Amazingly some family members popped up out of the woodwork to try and get their share... Greedy.

Anyway, I think I also learned a lot in the 2 days we spent cleaning it out. Things i don't mind doing and thing I'll be hiring someone else to do next time lol.

Cheers,

Matt

Hello everyone,

My name is Matt, I'm from Queens NY. I'm 32, have a full time job as a UPS driver. I'm currently in the learning and education stage of my real estate journey. Just getting finished with @Brandon Turner 3 books. I have a great broad overview at the moment but still lacking the full education I need. So I turn to the pro forum for some advice/opinions. 

If you guys would please just take a minute and listen to my story. I'll keep it brief as I can.

Recently my uncle was placed into a nursing home. My mother has power of attorney. He has a co-op apartment in the neighborhood on Woodhaven Queens, here in New York City. I'm going to buy the apartment at some sort of discount. Possibly a deep discount.

The building was built in 1950. It's in decent shape, 6 floors, live in super. Not the greatest looking building from the outside, that's for sure. It's a working class neighborhood. A neighborhood that I also grew up in. I'd rate it at a B maybe a. Not much if any; drugs or violence.

I'd list the buildings address, but I'm not sure that that's OK on the forums, so I'll just give a description.

The building is on a dead end street with a school at the end (my elementary school =) Another building across the narrow street with houses lining the rest of the block up to the school. It's 3 blocks from the main AVE with tons of stores, food and 2 subway lines. "Forest Park" is also a short walk. All in all a decent place to live.

The apartment is big for an apartment, I don't have the square footage, but it's got to be close to 1000 SQ FT. Kitchen is in good shape, stove need a replacing. Bathroom needs a gut job, but it's no ta big bathroom.

The apartment is fully paid off. The monthly maintenance fee is $440.

This is where the fun begins, over the weekend, in a period of about 48 hours, my girlfriends cousin needed to move. This apartment was the biggest she saw by a country mile. I rented it out to her for $1400/month. I had it painted and my GF, mother and I spent the weekend cleaning, cleaning and more cleaning. Quit the learning experience. 

So here is my dilemma, do I buy and hold or buy at a discount and sell? My problem is, I don't see many comps. My mother is a real estate agent and we just didn't see a lot of comps. I'd value the apartment at about $115k and maybe $130k after a bathroom upgrade. (These are an educated guess)

Any help/opinions would be amazing

Thank you,

Matt

New book sent 😀

@Scott Trench Hey Scott, was my email received? 

Just got my shipping confirmation!! Will be here tomorrow!

Originally posted by @Matthew Greco:

Hey all,

Will there be an audiobook available at some point?

 Finally got around to the pod, love that the audio book is being included with purchase in the first week! What a nice bonus!

Amazon has set May 3rd as delivery date!

Cheers 

Hey all, Will there be an audiobook available at some point?

Thanks again for all the helpful information everyone. I'm currently reading thru 3 of @Brandon Turner's books.

How do you NYC guys/gals do it? Most of the properties I've looked out on the MLS will never make cash flow at the prices they're listed at. It also seems that other people feel the same, as a lot of the multi family houses I look at have been on the market for months.

And lastly, also any of the pod casts have a guest on that deals with NYC realestate?

Thanks again,

Matt

How does anyone invest profitably in the NYC or Jersey City area?