All Forum Posts by: George Ortiz

Attached brick new construction three family home.

In addition to above-mentioned bedrooms, each unit has an additional office.  

Fully finished basement and separate utilities. 

Property awaiting CO 2-3 months wait.

929-389-8504.  

Hello BP community new investor who is interested in finding a multi family in Easton if you are an investor friendly real estate agent or investors I am interested in speaking with you in terms of your experience and knowledge of this area and any advice in investing in Easton in terms of area, type of multi families, great community banks or credit to get financing etc. greatly appreciate it. Visited this weekend was really impressed love the vibe in the Lehigh Valley. I am from NYC have invested here but want to venture out to get better cashflow. I would like to find a multi family that makes sense in terms of the numbers. Ready to be a part of the goods things going on there.

I will be  door knocking preforeclosures in the mean time in the Bronx NY.  tried it for the first time yesterday no results will keep trying.   will update on how that goes and what I learn from door knocking.  I am trying to make it a win win situation for the homeowner as well. wanted to ask if anyone has tried door knocking preforeclosures.  what is a good offer that helps the owner sell their home and gives them maybe even a piece of the equity so they dont go empty handed from the sale, and at the same time i come away profiting.  Is it possible to partner with a owner in distress in preforeclosure and how does a deal look like that is a win win for everyone.  

Thanks Max will reachout to you!

Hey BP family was really sick last week will reach out and PM you guys! Thanks for all your support and suggestions and leads!

Hello I was off BP for awhile I was focused on getting first deal closed on it in a hard market Bronx NY.  Made alot of mistakes but I am actually doing ok despite challenges have  three family walk up with section 8 tenants.  

I want to reachout to other markets to find buy and holds.  I am looking at Philly around temple University and other places around North Philly.  

I want to buy them rehab and then sell after two or three years if possible or just simply hold them for cashflow.  i am looking for contacts in the contracting business to find a reliable contractors to fix these properties.  Also want to find a good reliable Attorney basically to build a team I can count on where we all make money together.  I am a newbie in a sense only have bought one property but I got that experience under my belt.  

if any investors want to reachout and be willing to partner or simply just meet up for lunch on my dime I am willing to go out there to philly.  I live in NYC not to far.  

Update- decided to back out deal before I even started to deep in negotiations, my attorney found so many violations.  Will continue to look.

and yes my attorney is going to look into seeing if there are any violations as to this property.  

Ceasar thanks alot for your advice.  I just spoke to my attorney he said that the illegal garage could be a deal breaker if I want to later refinance the house to use OPM.  My attorney said if I do the 1031 exchange that I should refi for 30 years and get my cash back to buy other properties.  He told me that I would be cash poor if I just parked the capital gains in that property and did nothing else.  what are your thoughts Ceasar on that?  I thought it would be nice to be mortgage free and having that cashflow.  You think its a good idea to refi and use OPM.  Attorney said it would be a better tax advantage.  Also he said I should look for nieghborhoods where there is construction going on because if its just uniform housing stock like Clason Point that the appreciation would be minimal.  

Hello Jay thanks for your insight and taking time to write. The taxes are 3,000 a year, the insurance is 1,700 per year. good idea on General contractor will look into that. I will be paying cash since I want to do a 1031 exchange and avoid capital gains taxes. I divided the insurance and taxes and utilities on a monthly basis it came out to 1490.85 monthly expenses. So after deducting that number with 5,050.00 rent roll a month the cash flow was 3,559.15. the pro forma cap rate is 7.91 % which is good for the Bronx hard to find 10 % or higher in a market like NYC. NOI is about 42, 709. 80. The rent rolls bring in 60,600 a year. Cash on Cash is 8.06 %, and the purchase cap rate is 8.14 %. The GRM is 8.66. and this house does not meet the 2 percent rule but I heard in NYC its hard to get the 2 percent rule. This house is .95 right below 1 percent. I am new at this so I see the numbers but dont know if they are good thats why I said I wanted feedback on what are good numbers for a high market like NYC. Thanks Jay once again!