Jon Mahler, Real Estate Pro in San Francisco, CA

Multifamily in the Bronx, 2br in Harlem, pre-construction project, advice?

Asked by Jon Mahler, San Francisco, CA Wed Oct 10, 2007

With ~200k coming in a 1031, looking to leverage ~500k on a loan, can anyone offer advice for a nyc newbie who's considering any entrance into nyc real estate?
I might like Harlem, my partner might like a multi-family. Can we get in on a project going up now, or should I look for an established apt. that I can rent right away?

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You ought to look at New Orleans...with $200K you can buy an $800 K fully rented apartment complex, with pool and amenities, do a condo conversion in 2 months, and resell each of the 14 units for $100k each....All the while leveraging the equity to buy another.

Any money you spend to upgrade gets an automatic 50% depreciation the 1st year because of the location in Louisiana. this property is in the suburbs, high and dry....and there are many more like this....bottom line you can leverage twice the amount of money here, get it back sooner, and flip it faster with less tax implications than any project in the Big Apple.

Email me for more info.
Web Reference: http://www.iansellsnola.com
0 votes Thank Flag Link Wed Oct 10, 2007
Mr. Mahler,

My broker has great literature on the NYC realty market - what to think about when starting your search, costs, types of buildings, amenities, etc... I would be happy to forward you the info. I believe you need to be as informed as you can when buying real estate, so if I were you, I would:

1.) determine what my goals are,
2.) determine what I can afford,
3.) pick a neighborhood,
4.) pick a good Realtor - listens, answers your telephone calls and emails, professional, doesn't demean you,
5.) get market information - past and projections for the future re: neighborhood, building, public transportation, etc.,
6.) get you financials, referenences, deposits in order, and
7.) pounce on the apartment(s) - we still have bidding wars for some apartments.

Just my 2 cents.

Feel free to contact me. I would be happy to recommend a great agent, also.
0 votes Thank Flag Link Wed Oct 10, 2007
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