All Forum Posts by: Sepehr Hamidzade

 Hi Judah, my apologies for replying to you a little late. Unfortunately, I just saw this. What is the best way to reach out to you? 

@Stuart Udis - Yes, I am looking for someone to guarantee the loan and provide half of the equity. The numbers below are based on a flip my neighbor is currently working on. This property is near the Nassau Ave subway station and around the corner from where I currently reside in Greenpoint:

• - Purchased the property for $1.84 million in July of 2024.
• - Carrying costs: $660,000 (includes closing costs, renovations, interest rates, insurance, staging for sale, etc.)
• - Expected sale price: $3.5 million. Note that I believe this is an accurate comp for the area. An unfinished property similar in square footage was just listed for $3.2 million on my street. My neighbor is also a real estate broker.
• -Total anticipated profit before taxes: $1 million.

I don’t know if they rolled the construction costs into the loan. Assuming they did and provided a 20% down payment, they were both in at $250,000 each and expect to make $500,000. 

In terms of experience, this was their third flip. They are now looking to buy a property a street over and are also looking to perform ground ups.

Additional details:
My neighbor is managing the work and purchases many of the long-lead items. While he’s not licensed, a general contractor who has worked with him in the past is comfortable with my neighbor executing the work under his license (for a fee, of course). 

They expect to complete construction by the end of March.

He and his partner (who guaranteed the loan) plan to hold the house for a full year to avoid paying short-term capital gains taxes.

Let me know if you need me to clarify anything further.

Hello all,

Are there any upcoming/planned real estate meetups in new york city?

Hey all,

I’m looking for a real estate investor to team up with on some deals in Greenpoint, Brooklyn. I’m targeting residential purchases in the $2-3M range—dilapidated homes we can gut renovate and flip back onto the market within a year. I'm looking for a partner that has the financial firepower to qualify for a deal like this (think ~$350k annual income for loan purposes). I’d split all costs and profits down the middle, and I’ll handle all of the leg work and manage the contractor side of the reno at no extra charge.

I currently work in construction as a manger, am a licensed engineer (structural by training) and real estate investor. Now, I’m ready to go full-time into real estate by starting with flips and scale up with the right partner who’s serious about growing this venture together. If you’re interested in discussing further, please drop me a line and we can hash out the details.

Best,

Sepehr