All Forum Posts by: Michael Ramzy

@Nick West Great work. Keep up the good work! That's a very good example of creativity in real estate!

Thumbs up Biggerpocket! Keep the good work. Really great community to be here. I'm glad I joined. 

Michael Ramzy 

Hi @Pat L. I like the property and seems high end. My only two concerns; one doesn't seem like separate units with separate living and entrance too. 

Two, the property is the highest price house in the area. Usually, you want to find the other way. Also, I don't see other rental properties in the area! Good or not good...I don't know! 

Definetly, the property is remarkable. Actually, you opened my eyes to Niagara Falls area from the USA side. I mean Tonawanda, Buffalo...etc. The properties asking prices are pretty low and the rental is pretty good average. I wonder if you know that area in terms of rent and what's your opinion? Do you know any investors there? Thanks

@Pat Lewis I guess that's the other extreme. Well, this property has already a four current rentals and the fifth was a police office who rented the unit for a while and renovated it quit (as per seller) and then had to move out. 

@Roy N. and @Kenneth LaVoie I agree with you both. I guess inspection will rule out a lot, not all I assume, but at least the most of issue. 

@Pat L. NY is my second best area of interest and specifically Staten Island. I'm looking for a 3+ units rental property (or multifamily) to acquire.

@Kenneth LaVoie do you run the numbers a bit differently with OLDEs to make up for expected expenses?   

@Steve L. @Kenneth LaVoie thanks. 

I'm about to invest in a 100 years old building with 5 rental units. The 5 are a mix of residential and commercial. Asking price is really high; as the topical in a Canadian market; $600,000! My plan is a harsh negotiation to May be $489,000. Rental gross income is $4,000 and NOI is $2,337.

I'm thinking also a 25 yr term might be too long for the property. Any comments? I'm kinda worried if I shouldn't take a 100 years old building vs its a good chance since the numbers are still running a good profit.