All Forum Posts by: Michael Davidov

There are brokers who charge anywhere from 3-6% in Queens.  I wouldn't pick someone solely on price.   Sometimes cheaper isn't better.   Look at the agents track record, how close they get to asking price, and how long the property is on the market.   A good agent is worth the money.   

It also depends on the price of the unit.   Often, a 1 million duplex requires no more marketing effort than a 250k coop.  I'd be willing to pay 6% for the coop but would demand paying less for the duplex.  

Tanya Potter Google acris NYC and it will come up. Acris is New York city's website for recorded deeds and mortgages. If you find something of interest that you want to wholesale, please reach out to me. Best, Michael Davidov

Shaun Weeks I am ok with giving them the k-1 for each company but they want the returns for each and every company I have a 5%+ interest in. That seems a bit much. Thoughts?

I'm in the process of doing cash out refi's on 2 rental properties. One is with a portfolio lender, the other is with a Fannie Mae lender. I applied with both using only my W2 income which is sufficient to support the debt to income ratios. In addition to my tax returns, the banks want the tax returns for every company where I receive a K-1 even though I didn't base the loan app on this info. I have other entities with several other partners. I'd prefer not to provide all of these returns. Any thoughts on how to handle this? Thanks, Michael

I've done several deals in queens that are cash flowing now.  One purchased at a short sale, rehabbed and rented for market rents. Another purchased from an estate, rehabbed and rented at market rents.  

I'm no expert, but believe you've got to hunt for deals in non conventional ways and add significant value through rehabbing.  Most required non conventional financing when purchased And a cash out refi later.  At least, that's what's worked so far.  

Hi, I'm looking for recommendations to purchase a property insurance policy for a 2 family in New York City owned in a corporation. Any recommendations would be appreciated. Thanks, Michael