All Forum Posts by: Wilson Mui

Is buying co-op apartments for rental income (assuming the buildings allow it) feasible as an investment strategy?

I have been having a difficult time finding a multi-family home to buy, but noticed several co-op apartments that look reasonably priced in decent locations. Looking at the average rents in the areas, it is above the monthly maintenance fee and mortgage payment.

A house I am looking at is does not have vinyl siding on it, just wooden sheets. Would those sheets likely need to be replaced since they have been exposed to the weather? Are there any other things to worry about like mold?

I think you should just stick with neutral/light colors like beige, baby blue and off-white. That what an interior decorator once told me. An alternative would be to let your new tenant choose the paint colors.

What is the benefit of getting all cash to the seller? Is it just that the deal is not contingent on the buyer getting a mortgage, so there is more certainty of it getting done?

What is your typical holding period after you buy? Do you usually rent them out after rehab?

Thank you all for the replies.

Do you find that your chances of getting a steep discount are higher when dealing with a seller vs an realtor or no difference?

If I understand correctly, some members advise offering a maximum of 70% of the ARV minus the repair costs for a property. This is usually a very steep discount to the asking price. Since most offers will probably get turned down, does it make sense to ask the seller if first he or she would even consider such a price cut before even looking at the property and getting it inspected?

Hi Folks,

I want to thank everyone who contributes to this board. I have found the information to be very helpful in understanding the business and really appreciate it. I am interested in buying residential REO properties in the NY area for rental income.

Wilson