All Forum Posts by: Michael Charles

In respond to the thread post though, I personally am wholesaling in east new york and brownsville you are a little late to the party with bushwick it's become a lot more competitive. East new york is somewhere you can pick up a short sale though or get something into contract under the 200k price point. I would do these deals all day long.

also the L train will be out of commission for at least a year possibly around 2018 so hopefully that's not the only train line near his investment. 

@Michael Charles

Good luck with your purchase! Keep in mind that an FHA loan would need to pass certain criteria to purchase a home. I saw that you mentioned 200 - 300k for a multi in Brooklyn. More than likely it would need a gut renovation, has violations, tenant issues, etc.. For renovations you can get FHA 203k loans, but for the other things you may need to pay all cash. Also note that with FHA's and multi-families, in this market, there is tough competition. The discounts that you may have once found are not easy to come by in NYC. I have had an influx of buyers who have come in to the market and think they can offer the same prices as cash buyers and that their offer would get accepted. Think about it, if you were a seller and were willing to take a 20-30% discount on a property, would you choose an all cash buyer with no contingencies, or an FHA/VA buyer with all types of contingencies, that takes an average of 2 months to close? I've seen a lot of these same buyers waste a lot of time and miss out on some potentially good properties because they were stuck on that 20-30% discount.

Check out the Bronx, I live in Throggs neck, a great area. There are other areas the are just as good. 

@Michael Charles I live in Cypress Hills. My wife and I purchased a two family in 2014 and it is going great.  There is very low crime north of Atlantic, which is around a mile from the Cypress Hills projects.  I posted about the crimes levels a while back (https://www.biggerpockets.com/forums/311/topics/13...).  My experience and the statistics show that Cypress Hills has less crime than Bushwick, Crown Heights, Bed Stuy and even Williamsburg.

There was one house on the block that was full of squatters when I moved in, but has since been fully renovated put it on the market.

I'm very happy with our investment.  It's a block from the J train, neighbors are friendly, housing prices are going up, they rezoned Fulton, Atlantic and Pitkin Ave.  The first large scale developments are just starting along Atlantic.

@Tiffany Campbell Most of the hipsters get off before Broadway Junction, but a lot of the artists get off in Cypress Hills and East New York.

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.

HiMichael Charles I woul also recommend cypress hills but as far as 200 or 300 for property is going to be a challenge unless you a get a one bedroom or studio but multis could reach high numbers 5,6,7s on up.