All Forum Posts by: Peter Nikic

Selling then buying larger properties with the cash is a great way to grow. Make sure you follow the 1031 guidelines so that you can use ALL of your equity and avoid paying any capital gains on the sale. 

I've done this several times. It takes a long time to see significant differences, but it works. 

This is Queens? It's very likely, the house was just pgysically split up (but not legally - thru permits and bldg dept). Which means you might have a hard time financing it.

If you buy cash, no problem. But that means you will have inherited the illegal subdivide and may need to cure it one day. 

It's difficult to justify the cost of a 2 family house in Brooklyn or Queens with respect to buying as investment and then renting. Your monthly cost of house (mortgage, taxes, water, insurance etc) will most likely not be covered by the rent. Buying all cash will ensure that rents will cover remaining expenses. 

So short term is a tough investment, but long term should be good. This is NYC and real estate always seems to only go up over a long period of time. 

Let me know if you have any other specific questions, I'll be happy to help any way I can.

Good Luck!

I have dishwashers in just a few of my units and can't say I've had problems. There was this one time where it seems a toy clogged the drain line and I had a hard time making tenant responsible for repair. Otherwise, it was mostly a space issue. Many of my kitchens just don't have the extra space for a dishwasher. I was also not convinced that all the extra effort and expense of installing a dishwasher was really worth it for some, smaller apartments.

I use linen white for all my apartments. semi gloss for kitchen and bath, egg shell for rest of the apartment. Ceiling, 'ceiling white' and doors and trim in semi gloss white. The better the paint (like benjamin moore), the better the coverage and results. This significantly reduces my turnover time and expense.

Lien Vong is correct. It also depends on the state, I imagine there are differences. So your attorney or real estate agent in the city/state you're looking to buy should be able to get one together for you. 

I just went thru this in TN, I live in NY.