All Forum Posts by: Nicolas Nuvan

Why not? I'm going to Hawaii in July and I'll be paying a killing to stay in a house for a few days lol. Investment has to make sense. What are your hesitations?

@Chi Wen

Cash on cash returns are always better with less money down. Conventional is more attractive when submitting offers, but I’ve won bidding situations over conventional/cash offers.

Even if you do 20% down FHA, your interest rate will be atleast 1% better

@Rayshan Sosa

I can help, I do residential. SFH, MFH, coops/condos. I live in Astoria, Queens. Will shoot you a message.

What was your all in acquisition costs?

@Derrick Dill

Thanks for sharing this Derrick. Awesome

A condo definitely seems like a good safe, low risk move. 

An alternative would be to move to the East Bay, FHA loan (maybe 10% down) on a 2-3 family in Oakland, Berkley etc. Live in one unit, rent out the other. You could maybe go as far as renting out one of the rooms in your own unit. I haven't ran numbers out there before, but I'm sure that would put you under your current 1.2k.

Sounds like you're answering your own question, keep the place for now! Perhaps you can use your equity to purchase another investment?

I guess it depends on your target demo! College kids, family, airbnb? I think you shouldn't have to put much work into converting the place for college roommates/a family, seems like a pretty straightforward transition. 

What were you thinking about doing?

@Kayla Davis what were your findings on cash on cash returns or the comparison of rents and purchase price?

@Barbara S.

Hi!

It’s a pretty simple process, eminent domain. It’s the government’s right to take private property for a public purpose, like widening the street, or building the Barclays center 😀.

It’s a gamble to decide if the city will actually decide to use the land.

They usually provide a “fair market value” and it’s inevitable with time that the property will get acquired.

But this is quite uncommon, also because it sounds like it would affect multiple buildings on your street that are probably functioning quite well already.

I’m a real estate agent in the city, is it listed yet? I’m curious to see the listing!