All Forum Posts by: Michael P.

I should clarify that I’m looking to rent a property for my personal use.

I’m looking to rent a place in Manhattan and want to know going rate for broker’s commission payable. I rent many apartments and never let my broker charge more than a month because I don’t want the commission to drive the discussions. I’ve noticed in this market flooded with luxury rental/condos that condo rentals are asking for broker’s commission of 15% of first year’s rent. I find that to be absurd especially when the new luxury rentals are offering 2 months free rent for 14 months and some 3 months for 24 months. What is a reasonable commission?

Thanks Eddie. So would you suggest asking him for a 20% break on the $200 = $160 or is that too big a hit?

Hi All and much respected friends.  I have a gut rehab project in Astoria, Queens officially underway and I'm finalizing my plumbing contract.  I am rehabbing a 3 family house.  The plumbing contract involves all new piping for 3 kitchens (sink, dishwasher), 4 bathrooms (tub/stall, sink, toilet, gas line for oven), 1 laundry room (washer, gas dryer, slop sink) and 2 gas water heaters.  The house will not have any gas heating - mini split systems are being installed throughout the house.

The general concept around the plumber's pricing is based on charging me $2000 per "run", which he represents compares favorably to a large plumbing contractor typical pricing in NYC. PLEASE NO CONSPIRACTY THEORIES - i trust this guy like family.   All said and done, he's quoting me $36k.

Anyone have a sense as to how attractive this offer is?

Thanks guys.  As expected, different interpretations for the subjective matter, but appreciate both.  I will check on penalties.

Thanks Bill.  Here are some facts:

1. I can show development expenditures including hiring an architect, obtaining an asbestos survey and soil boring reports. 

2. I can show that I was finalizing a mortgage process with an approved loan for $600k which would have been used to fund the redevelopment. I didn't close it because I got the offer I wanted to sell and get out. It was a 5/1 ARM 30-year adjustable loan.

3.  I did take a pitch from a real estate brokers pitch to sell the house and signed a sale contract with Douglas Elliman.  Elliman got me the sale offer. 

4.  I rented the garages and am collecting $550 per month for two garage spaces. 

5. The house remained vacant throughout this time because it was in need of a gut rehabilitation before allowing it to be marketable.

Not looking for a silver bullet because "intent" is a subjective interpretation, but appreciate the opinion of an experienced professional.  

I should clarify that $175k would be subject to 25% capital gains tax and ordinary state income taxes.

I just entered into contract to sell my investment property that I purchased on June 2, 2015. The profit is in gross terms $240k, but with write offs, commissions and transfer taxes, I think I can reduce the capital gains liability to $175,000. I am not a real estate dealer/broker, I am a finance professional and I have a primary residence. This property is our first investment property and given an attractive offer, we've decided to flip it. I rented only the detached garages over the last 5 months and kept the 2 family unit vacant given development work we were working on. We spent about $20k developing a rebuild project that we are walking away from with the sale. My accountant is of the view that ownership less than 1 year makes it incredibly difficult to avoid the taxes. Only thing I know is that it this property was truly an investment for my wife and I. Any seasoned perspective would be greatly appreciated.

Hi All.  Asbestos survey confirmed asbestos on existing roof materials.  I want to properly remove it and am wondering what the scope entails and what might be a reasonable cost for the removal.  

Also, I need to put a "temporary" roof because the house will undergo a gut renovation and expansion including adding a floor.  You may ask, why not wait till you do the entire gut, but my consultants suggest that an interim step of abatement and a temporary rooftop allows for the permitting process to be smoother with a clean asbestos survey.  

any thoughts?

Originally posted by @Wayne V.:

How large are the windows, what is the facade material, and will they be operable or fixed? 

I'm waiting for my architect design which is due next week.