The course won't work in NYC - Posted by NYC is tough

Posted by Pete on August 20, 2001 at 07:10:25:

So from your statement are you investing in Compton, CA? And if so, How do you go about aquiring these houses? Do you go and look at them or do you just buy? Also, How long does it take you to flip these houses? T

The course won’t work in NYC - Posted by NYC is tough

Posted by NYC is tough on August 17, 2001 at 24:19:46:

Unless you have a lot of money and excellent credit, the course won’t work because the houses here are not 50.000 examples, the houses here go for at least 250000(small house). Mortgage brokers are tough. There is no way you’ll buy a house with no down payment or trying to borrow the commission from the broker, and don’t even try to apply some of the ridiculous techniques with people over here.(they will laugh at you) etc…They don’t bull s… over here, they wanna see cash because people here got money and sooner or later somebody will come up with cash to pay the full price. They will not even negotiate the price.
If you got some money to start, yes you can buy a multi family home to rent and make some profit since NYC is a crowd city. And maybe later you can use the equity to purchase a new rental property and so on.
But You’ll never find a home for 50, 100 or 200.000 in NYC. You 'll not get approved for a home loan with little income or no credit, no way!!!
NYC is different, this is not Texas or Florida.

Good luck

Re: The course won’t work in NYC - Posted by GinoAZ

Posted by GinoAZ on August 25, 2001 at 12:51:44:

Been there. Done that. I agree the City is hard but ive done it, well actually its been some years but ive sold many condos in the Soho and Downtown area. However if i ws there now id start looking for the deals in more attainable and flexible places like, Mt. Kisko, Millwood, White Plains, New Rochelle…there areas are still hot. But keep in mind, the RE market right now is pretty much the only thing keeping NY afloat and out of a full on recession. Move north!!

“a New Yorker…in Phoenix”

Re: The course won’t work in NYC - Posted by Kate (VA)

Posted by Kate (VA) on August 20, 2001 at 13:41:55:

The course won’t work anywhere. It’s just a book. YOU have to work what you learn in the course.

Re: The course won’t work in NYC - Posted by shaun

Posted by shaun on August 18, 2001 at 07:06:24:

I agree that the course will not work. I won’t work anywhere. I have been an investor for 30 years. I have seen these guys come and go. It is all a lot of bs. Much of the “zero down” techniques requre that the seller finance the deal. In effect, they become your partner. Most sellers are selling because they want OUT! Just my experience and opinions.

Re: The course won’t work in NYC - Posted by bob

Posted by bob on August 17, 2001 at 07:39:14:

I guess you didn’t hear what Carleton said “you shouldn’t be looking to buy property where YOU would want to live”. I can’t belive that EVERY house in NYC costs $250,000… Maybe every house where YOU would want to live costs $250,000, but not every house.

I’ve seen pictures of houses in Harlem & other areas throughout the city that can’t possibly cost that much. From the look of things, you should be able to buy ENTIRE blocks for that kind of money.

NEVER forget, there are MOTIVATED SELLERS EVERYWHERE (even in upscale areas of the city)…

Good Luck & Good Investing

Re: The course won’t work in NYC - Posted by Pete

Posted by Pete on August 19, 2001 at 18:37:26:

No, not every house costs $250,000 in NYC. But they are deffinately in the minimum range of $175,000 to $250,000. And to the comment about Harlem. Have you ever been to Harlem. With the comment that you made I think not. Harlem is not a place to invest, its not even a place you want to walk down the street. If your thinking “Well Bill Clinton has his offices there”, I’ll bet he never goes there at night and even if he does he has about ten secret service agents to protect him. Investing in Harlem, NY would be like investing in Compton, CA.

Re: The course won’t work in NYC - Posted by Liz

Posted by Liz on August 17, 2001 at 13:56:54:

We purcahsed a 600K conod in San Francisco with $500 bucks down! It works…doi it right. We had the broker take back commissions, deducted parking expences, and got a loan from a mortgage broker who does hard money loans at 9% (locked in for 1 year and then we’ll refi) and took the realtor’s commission for the mortgage fee of 2%! Also, raised the price of the condo by 20K to pay additional fees. The word is CREATIVE ! Know it and practice it. Good luck

Dont speak what you dont know - Posted by K.E.

Posted by K.E. on August 20, 2001 at 02:19:25:

Compton, Ca. has motivated sellers everywhere these are the areas you need to be farming to flip real quick. You may not want to live there but somebody surely does. Thats why its called investing

Maybe not in Hawaii either… - Posted by blue

Posted by blue on August 20, 2001 at 22:06:38:

I was recently talking to a friend attempting to get him to pony up some of his credit line for partnering in some investment properties. He told me this story.

His mom is a broker in Hawaii. She had a listing that was a repo (foreclosed the 280k note). The bank wasn’t getting any hits and she decided to offer her brokers commission as the down payment and assume the mortgage. The bank accepted her offer and gave her title to the property.

The property appraises at close to 1 million dollars and the 7 acres of coffee farm produces enough income to cover the morgage payments. She’s currently looking to rehab two buildings and is able to live in the main house.

She took over someone’s problem.