All Forum Posts by: Nicolas Nuvan

@Jonathan Shnoravorian

Inspection can only check so much. I’ve had clients buy a full gut and have a leak post closing. Find a brutally honest inspector and that may be helpful for risk management.

You’d only be able to inspect what you can see. And a lot of the house you usually cant see behind the walls prior to purchase. They go by telltale signs a lot of the time and give warnings.

@Gerard Aliberti Prices have also increased here. Bidding wars on all properties worth buying.

Ok there's a few logistical questions things here.

- You still have an outstanding mortgage that is under your name, so are you expecting them to use their proceeds to pay half of the remaining balance? Or will you be covering that yourself

- It's fairly simple to divide the proceeds so you each report them separately, but I am not a CPA and can't advise on the logistics. You're not married to this person, correct?

- As far as selling the home, I can help with running the comps and letting you know what you'd walk away with after taxes, attorney fees, real estate agent etc. I am a solo agent with low overhead, so I'm open to helping out in a way that is more of a benefit than others, feel free to call at my number below to talk the entire deal over.

Hey Dominic, I haven’t found this to be the case with my clients down here in NYC. Different than Westchester of course. I have 4 of them that are cash flowing at least 500/month here that have closed in the last 2 months. With 20% down you could do the same.
I guess the difference is that maybe your Westchester sales market had inflated and the rentals haven’t caught up yet? Hard to say without live examples.
It can be exhausting running numbers all day, comparing real time rental comps to your purchase price and expenses, then getting outbid lol.
I’m open to connect if youre looking for a different process.

 With sky high purchase prices, the rental market has been rebounding as well. I haven’t had any trouble filling rental units for my clients. There’s always going to be warehoused rentals. A colleague of mine is having bidding wars on rental listings of his. The COVID cheap rental market is gone by now, they’re listing lower than normal value and getting bidding up higher than rental list price. Yes, bloggers are reporting data, but the market a year ago was most inflated. It’s due for a correction and a demographic change.

Thats right.... after 100's of articles claiming the death of NYC, Cuomo finally decides to slowly reopen the city. People are putting in offers $130k over ask in my area in Park Slope Brooklyn, and losing!

People moved out, and decided to move back in when they got bored out of town. I think the anticipation for a fun summer is the bet they are making. I realized this when I listed my 2 bed 1 bath luxury listing for 1.35, and we had a bidding war and went under contract over ask.

My most recent client lost a highest and best situation for a multi family home listed at $775k in Queens, but we were able to get an accepted offer after offer #1 fell through. What a time!

Aloha! Hows the market in Hawaii? It's booming in NYC currently, now that things are opening back up.

MLS (real estate agent) should be able to help with specific searches related to your needs. You're looking to purchase an apartment to eventually rent for short term stays?

I agree! My clients that just purchased a 2 family in Queens are going the voucher route for their tenants. There's also many good qualified voucher tenants out on the market vs. cash paying.

I'm personally a fan of starting out smaller, 2-4 units and house hacking. I'm not sure how your capital is, but you could do FHA 3.5% and live in one of units. It really depends on your situation, $, and goals.