All Forum Posts by: Nick Hakim

Congrats on the new acquisition! I am very familiar with Palenville and I think you will do well there. As mentioned by the others definitely pick a theme and stick to it. Also, I highly recommend having professional photo's taken of the interior and exterior once your reno is done  - it will really drive traffic to the listing.

Please send details to [email protected]

Steven - 

this sounds like an interesting opportunity. Is it raw land? Developed? Please send additional details to [email protected] 

Looking forward to hearing from you.

Nick

Please send some additional info to [email protected]. Thanks!

Good Morning - 

please send details to [email protected]

Thank you

Nick

Does anyone in NYC have experience with offering a private placement memorandum? I would love to sit down with someone who has used this model in the past. Lunch on me!

The five boroughs are going to be extremely difficult with that budget and timeline. Deals like that are few and far between. You'll also need to budget a good amount of cash for renovations. 

I would highly recommend looking in NJ in areas just outside of the city and along transit lines like Rutherford, Montclair, Garfield, etc. These areas and BK are equidistant from Manhattan, but the price points in NJ are less than half.

Hey Utpal - While wholesaling in NY is possible, it’s certainly more difficult than most other markets in the US (IMO) for a number of reasons. 1. With such a large buyer pool in the five boroughs, many owners won’t even consider selling their property off market. They would much rather run a full marketing process through a broker to ensure that their property garners the highest sales price possible. 2. The number of competitors seeking deals is much more than any other market. At any given point there are thousands of real estate brokers making calls directly to owners, many of which have specific territories that they stick to, which allows them to get extremely intimate with all of the owners in their respective territory, thus making it very likely that the owner is going to use that broker if and when they decide to sell. 3. Given that the price points in the five boroughs are much higher than most locations, sellers want to have confidence in your ability to purchase the property before providing a purchase and sale contract. Without a good track record, verifiable POF, or letters from banks referencing your credit-worthiness, it would be difficult to convince the seller that you’re capable of purchasing their property. Simply put, most sellers don’t want to waste their time or money. 4. In my experience, most sellers are not willing to provide an assignment clause in a contract, especially when the number of zero’s on the purchase price is on the large side. They don’t like the idea of potentially leaving money on the table. Even a markup of 1% by the contract vendee could mean a loss of $150,000 to the contract vendor. Please note that despite my points above wholesaling in NYC is DEFINITELY possible and I have witnessed many people do it. Just recently I heard of a trade that netted the wholesaler a fee of $4,000,000. With profits of that size a wholesaler won’t survive many trades in NY. As soon as you’re labeled a habitual contract flipper in the market, you’ll find it very difficult to have a P&S contract offered to you. My recommendation would be to try your hand at wholesaling in Queens, Brooklyn, the Bronx or Staten Island where prices are lower and sales are much more frequent. Best of luck in your endeavors. Nick

Use me as boots on the ground to manage and oversee a multifamily property, flip project, or acquisition that may be outside of your realm or geographical parameters. 

Experienced with: financial analysis, demographic analysis, project and construction management, due diligence and transactional work, property management, etc.

@Etan Frankel although the government has a hard deadline of April 20th, 2018 to establish designated opportunity zones nation-wide, the investments wont happen for a short period afterwards while the IRS works on designating qualifications for the certification of an Opportunity Zone Fund.

As soon as the certifications have been designated and the flood gates for applications are opened, i am sure you will begin to see many Opportunity Fund's pop up that would be eager to participate in the investment. In preparation for that moment I would recommend evaluating/analyzing the investment to better understand what is required.

I believe that Opportunity Funds will present a rather large incentive to those wishing to "cash out" on their investments by selling their assets and exchanging their proceeds into a qualified opportunity fund. Why wouldn't you want to defer, reduce or entirely eliminate any unrealized capital gains tax?

for anyone unfamiliar with Opportunity Zones and their part in the new tax plan, read this.