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  1. #8026
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    Jan 2010
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    Quote Originally Posted by Mazderati View Post
    So who is buying? Who is selling?
    staying put
    why sell when you have an in town resort property worth 2-3 times what you paid

    and yeah I thought I was the only one jerking off and thiking about building apartments
    so much high end apts getting built these days, building shitty basic apts is the way to go huge underserved market for avg rent prices
    have all the shit ready to go numbers done just need some investors whose in?

  2. #8027
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    Dec 2009
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    Quote Originally Posted by fastfred View Post
    so much high end apts getting built these days, building shitty basic apts is the way to go huge underserved market for avg rent prices
    Around here the only thing separating shitty basic apartments from 'luxury' apartments is manufactured granite and a stainless frige.

  3. #8028
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    Aug 2007
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    At the beach
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    12,372
    Quote Originally Posted by Self Jupiter View Post
    Round here you can do a 3-fam on those terms. Just texted a loan officer to confirm.
    Nope, see the below FNMA Matrix. To qualify for units with less down you have to fall into "low income" guidelines which means you won't qualify for shit anyways. But if you can make the numbers work on a "Home Possible" program, go for it.

    Click image for larger version. 

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    Quote Originally Posted by leroy jenkins View Post
    I think you'd have an easier time understanding people if you remembered that 80% of them are fucking morons.
    That is why I like dogs, more than most people.

  4. #8029
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    Oct 2003
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    Big in Japan
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    Quote Originally Posted by skaredshtles View Post
    Just what I always wanted... 4x the home ownership headaches.

    Oh, it's much more than four times. Now, you have tenants. They're never a problem, never.

    Let's do some livin'
    After, we die

  5. #8030
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    Oct 2003
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    Big in Japan
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    ...

    Let's do some livin'
    After, we die

  6. #8031
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    Mar 2008
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    the ham
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    6,843
    Quote Originally Posted by Mazderati View Post
    Looking at a mixed-use basket case in an A+ location locally and B or B- location nationally. Commercial down, residential up. Existing commercial wants to stay and when fully rented the note would be covered but the building is old and neglected and there is a good chance any money made gets recycled into constant repair. Had an architect walk through and the advice was a) do nothing and let it ride or b) tear down and start over. Considering (a) in the short-term and (b) in the long-term but it's a long time to be locked in and opportunity cost plus risk etc etc.
    Quote Originally Posted by AdironRider View Post
    If truly the best location in town I'd say let it ride, it'll rent (triple net of course) as long as it is structurally sound.

    It sounds like the initial asking price is too expensive though ultimately.
    The asking/offer should be in line with the net income/prevailing cap rate in that location, minus deficiencies. If you don't know the cap rate in that area, you could look at the gross rent multiplier of the comps to see where it is in the market. (I personally don't like GRM because operating costs vary so much)

    If there aren't any really comparable comps, what's the land worth? If it burned down a week after closing would you be financially ruined or would it be a blessing in disguise?

  7. #8032
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    Sep 2001
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    If the answer's that it would be a blessing, I know a guy.

  8. #8033
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    Aug 2016
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    If it’s in the northeast, hardpass

  9. #8034
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    Dec 2009
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    Quote Originally Posted by Ted Striker View Post
    The asking/offer should be in line with the net income/prevailing cap rate in that location, minus deficiencies. If you don't know the cap rate in that area, you could look at the gross rent multiplier of the comps to see where it is in the market. (I personally don't like GRM because operating costs vary so much)

    If there aren't any really comparable comps, what's the land worth? If it burned down a week after closing would you be financially ruined or would it be a blessing in disguise?
    Cap rate in the neighborhood of 7.5 to 9% excluding ongoing repairs which would likely be significant. Think 30 year old HVAC, boiler, and roof. The value is in the land but the owner somewhat reasonably wants to get paid for the building on it and the money it generates. Insurance would be for replacement value with ordinance riders so catastrophic loss would be covered. Upstate NY.

  10. #8035
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    Sep 2001
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    Where Upstate?

  11. #8036
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    Dec 2010
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    To NYC people Rockland County is upstate.

  12. #8037
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    Sep 2001
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    oh we've been going around on the definition of "upstate" for a little while now.

  13. #8038
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    Sep 2001
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    upstate NY
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    Real Estate Crash thread

    Most of the people buying rental properties upstate NY these days are from out of state.

  14. #8039
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    Dec 2009
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    Quote Originally Posted by iceman View Post
    Where Upstate?
    Finger Lakes

  15. #8040
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    Oct 2003
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    Solidly upstate.

    Let's do some livin'
    After, we die

  16. #8041
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    Quote Originally Posted by dunfree View Post
    If it’s in the northeast, hardpass
    Pretty much, outside of major cities.

    Let's do some livin'
    After, we die

  17. #8042
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    Sep 2001
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    Quote Originally Posted by Benny Profane View Post
    Solidly upstate.
    I don't know man. But I'm a purist.

  18. #8043
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    Feb 2009
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    Quote Originally Posted by iceman View Post
    oh we've been going around on the definition of "upstate" for a little while now.
    12th generation New Yorker. Related to the guy who did the beads for Manhattan deal so I'm told. To any Newyorker living south of I-90, upstate is north of where they are.
    A few people feel the rain. Most people just get wet.

  19. #8044
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    Quote Originally Posted by iceman View Post
    I don't know man. But I'm a purist.
    And your purity test is...where?

    Let's do some livin'
    After, we die

  20. #8045
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    Sep 2001
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    we can't go through this whole thing again, we just did it in some other thread. maybe it was even this one

  21. #8046
    Join Date
    Aug 2004
    Location
    New Haven Line heading north
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    2,714
    Quote Originally Posted by wooley12 View Post
    12th generation New Yorker. Related to the guy who did the beads for Manhattan deal so I'm told. To any Newyorker living south of I-90, upstate is north of where they are.
    I always thought once you get “upstate”, anything north of the thruway and east of 81 is just “up north.”

    “Where are you going snowmobiling?”
    “Up North”

  22. #8047
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    Aug 2006
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    Can we all agree buying commercial real estate, utilizing even the most liberal of upstate boundaries, is a bad idea?
    Live Free or Die

  23. #8048
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    Oct 2007
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    Quote Originally Posted by AdironRider View Post
    Can we all agree buying commercial real estate, utilizing even the most liberal of upstate boundaries, is a bad idea?
    Commercial real estate everywhere? I have a few friends who do quite well owning commercial RE but not in upstate NY, more like CO and UT.

  24. #8049
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    Aug 2006
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    Quote Originally Posted by Name Redacted View Post
    Commercial real estate everywhere? I have a few friends who do quite well owning commercial RE but not in upstate NY, more like CO and UT.
    I was saying commercial real estate anywhere that would be considered upstate NY.
    Live Free or Die

  25. #8050
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    Jan 2010
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    I can picture that shitty apartment buildling in upstate new york
    the hallway smells like an old shoe
    the carpet is worn, the appliances are decades old
    the aluminum windows leak air
    the insulation is shit
    the paint is faded and the shingles have moss growing on it
    a couple trailers are in the lot next door
    and the landlord gets his section 8 check monthly and has to beg the rest of the rent out of the tenants
    in syracuse there are these "companies" that buy up all the inner city lead filled asbestos houses for 20 - 40k they put them on the section 8, do abslutely nothing to the homes and rent them out while the tenants continue to trash them
    my friends bought a house in a so so upstate new york town, for 45k, nice house built in 1948, huge lot, in a city, people spend more on cars than they did on a house

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