All Forum Posts by: Michael Charles

Hi everyone. I found a property that was listed on mls that has potential. It’s in a very nice area and needs cosmetic updates and some repairs. Did some research on recent sales in area and comps and it looks like it could be a great deal. I called the agent and the property is no longer listed ( I originally spoke with agent about a month back). Agent said the home owners have not been very responsive and are letting the home go into foreclosure. 

My idea originally was to partner up with a contractor and have them do the work, and we split profit when we sell the house.

Also the fact they are letting it foreclose could mean there are many other problems inside. Haven’t done an inspection yet this is very early stages as I’ve just driven by the property and researched the area and comps. 

Is this a property that is better off being “wholesaled” or should I try and partner up with contractor/financial partners and try and put a deal together.

Also this depends on the home owners obviously seems like they don’t want to sell but maybe it would be in their best interest to get out before it destroys their credit. 

Thanks for any help.

Thanks for the response. It's actually closer to 600k but the taxes are pretty high. Also we are only doing 3.5% down hence the high payment. The way we were looking at it was, the typical home buyer on LI young family looking to buy a home in a good neighborhood with no rental just a single family house is let's say 500k, figure the average buyer puts down 20%, you're looking at about $3,300 per month payment (including taxes). 

We thought with the rental on the property we found the rent could help get us down $2,000 a month, but you are correct I wasn't really accounting for Capex utilites etc.

Hi everyone. Great forum here. So long story short, I've been looking for a long time to buy something and having analysis paralysis as I've heard many investors say. Well, I finally found a home in a great neighborhood that has a rental unit. It is definitely on the high end of my budget. 

Here are the numbers:

Doing an FHA loan, the mortgage is around 4,700 all in (including real estate taxes, and home owners insurance)

The rental is generating  around 1,500 per month. I will be renovating the unit and putting it on the market for 2,000 ( the unit is way under market, was a very long time tenant)

How does this seem for a first time investment? I am living in the other unit. It is in a great area, and I have been getting out bid on almost every property I have come across, and not a lot is even on the market in my area. 

I make $100-120k at my job depending on bonus. I'm paying rent now $2,000 per month, essentially throwing that money out the window. The way I look at it, is after the rental income, I will be paying $2,700 which is more than my rent but not by a lot, and at least I will be building equity. 

Is this a good deal? Thanks !

Hi everyone. Great forum here. So long story short, I've been looking for a long time to buy something and having analysis paralysis as I've heard many investors say. Well, I finally found a home in a great neighborhood that has a rental unit. It is definitely on the high end of my budget. 

Here are the numbers:

Doing an FHA loan, the mortgage is around 4,700 all in (including real estate taxes, and home owners insurance)

The rental is generating  around 1,500 per month. I will be renovating the unit and putting it on the market for 2,000 ( the unit is way under market, was a very long time tenant)

How does this seem for a first time investment? I am living in the other unit. It is in a great area, and I have been getting out bid on almost every property I have come across, and not a lot is even on the market in my area. 

I make $100-120k at my job depending on bonus. I'm paying rent now $2,000 per month, essentially throwing that money out the window. The way I look at it, is after the rental income, I will be paying $2,700 which is more than my rent but not by a lot, and at least I will be building equity. 

Is this a good deal? Thanks !

Thanks Cesar. Would definitely be using a mortgage so should I cross out Bronx? Ideally would love to be under $500k and have the rental income, wouldn't mind something that needs some TLC/repairs as well, as long as it is in a decent neighborhood. 

My budget is up to 450k. There are nice neighborhoods on Long Island I can afford in that range for a starter home. But I could get a two family in Bronx in that range I have seen some properties for sale online. Would that range get me into an OK part of Bronx? Or is it better off to move to LI and save up more ?

Hi everyone. I am debating between buying a single family property where I really want to live on long island (convenience, close to friends/family, location I like) vs buying a multifamily in an area in a NYC borough (Bronx) for the same price, but an area that I would not want to live (travel to work is worse etc). I always have wanted to buy a rental property and the multi family seems like the best way to break into real estate. But if we were to buy where I want to end up on long island, and save up for another multi family down the road, would that hinder my goal to buy a multi family? My question is, is it better off sacrificing early on and house hacking in a multi family in an area that isn't my first choice, or should I buy the single family home I love, and save up for a multi family as my next purchase.  Nothing against the City/Bronx, but I grew up on the island and want to live here and it is easier to commute for work. But for my price range, the only multi families I can swing would be in the Bronx, maybe some areas of Queens and BK. NYC real estate is tough. Thanks !

Thanks! 

Hi guys, been reading up a lot about syndication deals. One common point that comes up is that you need to have a very good track record on prior syndication deals to get investors to join. How would somebody as a beginner get involved in this type of real estate investing? What investors would ever want to do a syndication with me if it is my first deal? Thanks !

So I have seen some pretty good threads about "how do you scale your business so quickly"  see link https://www.biggerpockets.com/forums/311/topics/12...

and some other threads as well and they have been greatly informative. My question is for anyone that has scaled quickly in NYC. How they did it and any advice. I know real estate is not a get rich quick scheme, but I am interested to here stories about how people have succeeded in higher price point markets starting from scratch. I live in Queens now, and have been starting to look again into possibly house hacking into a multi family to start out. I thought about out of state investing in cheaper areas but I would like to stay in the 5 boroughs. It just seems hard to fathom scaling fairly quickly in such expensive markets. I have heard stories of people doing this and I would love to hear some feedback. Thanks!