All it tells you is how you compare based on a multiple of rent (it completely ignores all the variables I mentioned above), so different investors all buying at similar GRM can have vastly different profits even in similar areas.

My understanding is that NY has vastly different multifamily laws and practices than the rest of the country so your best bet would probably be to speak with a local attorney.

Not only the vast experience and knowledge from those here, but the extensive links to other resources.I'd start by spending a few hours searching through the Forums and exploring the links on BiggerPockets.Ralph

The vast majority of the clients I work with chose our firm over their previous agent simply because they had never gotten a proper explanation of their coverage and policy. 

Also the local library is a gold mine.

Do you post fliers and local restaurants/libraries/colleges/etc? 

The vast, vast majority of my profit as been through equity, both through appreciation and the fact I bought a good deal with instant equity.

The reason you can't get locked down on how to price a note is the carrying cost are different across states and price models are vastly different between performing and non-performing, first, seconds, and CFD.

If it comes up again, it might be genuine.I don't know the Florida market, but I can tell you with certainty that here in Massachusetts, the vast, overwhelming majority of homes are built with wood framing.

That’s where this site can be of vast help to you in your future real estate endeavors .