Posted by Alex Gurevich, TX on April 06, 1999 at 09:09:28:
Can’t tell you anything specific about NYC. But ask for Seller’s copy of the most recent Schedule E reporting income and expenses. I don’t know about income, but they probably would not lie about the expenses. It sounds that you need some basic course on investing in mutifamily. Wright Thurston used to have a good course on that subject.
MY FIRST 6FAMILY PROPERTY - Posted by GREEKVESTOR
Posted by GREEKVESTOR on April 03, 1999 at 16:05:11:
Located in a New York City borough, I found recently a 6FAM rental property in decent condition.
I have enough experience in construction. Thus I was able to make a building inspection.
I lack experience in 6FAM properties. I was told it produces $54,000 annually. However, only 5 apartments are registered with the Housing and Community Renewal Department, showing a mere $35,760 annual income.
I was told the expenses are about $17,000 annually.
I need instructions on how to proceed with this purchase. It seems that the report given to me by the seller’s agent is not true about the income.
Anyone with experience in NYC multifamily properties? Your comments will be most appreciated.
Thanks!