I am looking to purchase a six family house in Astora, LIC, Jackson Heights, Woodside or Sunnyside. Where is the best place to start looking?

Asked by Arash Vakil, New York, NY Sat Jul 31, 2010

Budget of about $1MM, have about $300K cash. I would like to start the discovery process now.

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Luis Martinez, Agent, Holliswood, NY
Thu Feb 24, 2011
Right Here in Trulia!

After that, MLSLI.com

If that doesn't work or you prefer a broker helps you with the search, there are several eager and capable brokers and agents here.

Good Luck and whatever you do...Compatibles-Compatibles-Compatibles!
0 votes
Allen Bauman, Agent, New York, NY
Sat Jul 31, 2010
Hi Arash

I could start by saying that you should work exclusively with an experienced buyer broker but I'm not going to do that just yet. Let's look at this from a practical point of view. First, a 6 family dwelling is considered commercial property. If you haven't done so already you should start with a mortgage lender. Commercial loans have different criteria than residential and you should be aware of the differences before you start looking. Also commercial loans are more difficult to get these days. Work with an experienced commercial lender and not with a residential lender who tells you he/she has access to the commercial market. The financial side of this transaction will probably be more important than the real estate agent you work with.
Having said that I will also say that somewhere through the process you will probably connect with an agent who knows the area well and has done some commercial sales. At that point in time you may want to have an exclusive relationship to simplify the process.
In the end you will more than likely be working with an agent from the neighborhoods you mentioned. They know the area better. Those communities are very close knit and personal relationships with agents and owners is an important part of the process. That is why I suggest that you work with several agents in established, different offices in the area at first. The type of property you are looking for is not always listed in the MLS or a commercial database. Each office has relationships with these owners and they very often give their friends non-exclusive rights to sell the property and may only tell people in one or two offices. Shop around. Kick some tires. You may find that you come across a good deal that no one else has.
If you would like to talk more about the process I would be happy to offer advice. Good Luck!

Allen Bauman
Century21 Yve R.E.
Licensed R.E.Agent
NYS Certified Residential Appraiser
0 votes
Fajardo Dela…, Agent, Flushing, NY
Sat Jul 31, 2010

Start by finding a buyers agent that will put experience, motivation and upbeat attitude to work for you. But these things can not be done alone. With your help and working together I am confident that you both would make a great team. If you have any questions or thoughts, we will be delighted to hear from you.

Fajardo Delacruz
Licensed Real Estate Agent
Century Homes Realty Group LLC
Direct Line: 347-932-0609
0 votes
Anna M Brocco, Agent, Williston Park, NY
Sat Jul 31, 2010
If you haven't done so yet, do visit with any qualified loan officer, see exactly what your budget can handle and ask for a mortgage pre-qualification/approval letter, as you will need one when making offers--interview a few different agents and choose the one you like best--consider narrowing down your areas of search and go from there.
0 votes
Nirmala Cara…, Agent, Bronx, NY
Sat Jul 31, 2010
Dear Arash

Since you already have the cash and once you are preapproved any of those areas would be a great place to begin looking. Each of them offer a very lucrative rental market and a potential for you to have a great return on your investment.

I would strongly recommend that to hire an agent to assist you with your search.

Best of luck.

Nirmala Caraballo
Licensed Real Estate Agent
Cruse Realty
Tel.: 646-479-7873
Email: nhcaraballo@yahoo.com
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