All Forum Posts by: Sergio Martinez

Yes, that's a good point! Thanks.

Hello RE Investors in the New York area. As you already probably heard that there is a record high of 13K vacant apartments in Manhattan right now and this number is likely to increase. Work from home is inevitable so does buying a 2 family house in Queens/Brooklyn as a rental make sense even if numbers look right? I'm looking at a 800K house with a potential of 24K a year in cash flow (9% Cash on Cash)? This is in a C working class neighborhood with many people that work in restaurants, construction and other manual labor type of jobs.

Hello BP peeps!

Sorry for the delay, thank you all for the helpful advice. I did have my doubts for such a venture and now it’s clear…It’s a no-go on all fronts!! Thank you! Either way I’m stuck with them for at least a year before things are normal here in NYC. A typical eviction can take 12 months in normal times now in today's world who knows ... But hey, this is what I signed up for when buying in this market. I’m just going to stay positive and work out a payment plan with them and see where goes. I wish you all to remain safe and healthy and keep moving forward in RE!!

Hello BP friends,

I hope you’re all stay safe during these times.

I was looking forward for these messy tenants to move out this past March right before the pandemic hit. They lost their jobs, couldn’t move to their next place and well you know the rest of the story. …Here we are in mid-May and they told me they just got their jobs back. It’s been a struggle for them all along, they currently owe me over $6K in back rent which will be deferred for who knows how long. They definitely want to stay for another year which I might consider especially because I know they’ll never pay me what is owed plus have enough savings/ deposit money for their next place.

My plan was to renovate the kitchen and bath after they left to get more rent. My question is do you think it’s a good idea to allow them to do the rehab being the husband is handy to make up for the back rent so that they can catch up? I would provide materials of course. Sorry I hope this is not too confusing.

Thank you.

Thank you all for your input, yes the property in NYc. Have a great Memorial Day weekend!!

Thanks Bjorn.

Thank you.

Hello All,

I will be purchasing an investment property in which only one of the 3 apartments is need of a total gut renovation; walls, electric, pluming etc. (built in 1930). The estimates I received for the job will cost close to 40K all-in, after wards I can rent the place for 2K a month. Although the renovation cost for the apartment is high I will recoup the money spent in two years' time and from there is all cash flow at 24K a year. I really feel the ROI is totally there however members of my family who btw are not experienced in RE don't feel it is. Can I get some feedback please?

Hello All,

I will be purchasing an investment property in which only one of the 3 apartments is need of a total gut renovation; walls, electric, pluming etc. (built in 1930). The estimates I received for the job will cost close to 40K all-in, after wards I can rent the place for 2K a month. Although the renovation cost for the apartment is high I will recoup the money spent in two years' time and from there is all cash flow at 24K a year. I really feel the ROI is totally there however members of my family who btw are not experienced in RE don't feel it is not. Can I get some feedback please?

Hello my fellow NYC Landlords,

Is anyone familiar with the "One Shot Deal Short Term Emergency Assistance". and do recomend it working with a tenant who is offering it? Thanks in advance.