Real Estate Investing Update by 38 year Professional Broker
Oct 25, 2017
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The days of buying an investment property at 14 or 15 times Income is just about over.
THE REAL DEAL
Unless the building needs total renovation, and new tenants need to be attained to pay current market rents,etc. Off Myrtle Avenue by the train and by Fresh Pond road by the train is the areas being discussed.
However, if you come across for example a building that is Brick and has 12 Units that has been totally renovated from soup to nuts then you have found GOLD. Especially if the apartments have been renovated, new tenants are in place, new top dollar rents are being attained and more.
A 12 Unit Building that has 1 bedroom apartments and studio apartments means less people, less noise, less bicycles, less water bills, etc..
Case in point, a 12 Unit Brick in Pristine Condition, with a rent roll of $185k yearly with increases do in 2018, that is available now for purchase, will sell at 17x's income.
If you do not want to see the real Value here, then you purchase a building that needs a new boiler, new hot water tanks, new roof, and apartments that need total renovations and lastly the job of getting new tenants to pay the going rents of today. (Then you can pay 14 or 15 x's income)
Many owners of 1-8 properties now, need to update themselves, and there ways of thinking to be with the times.
I have 38 years of experience in the business and have authored over 500 articles since 1979.
Confirm further with local Realtors and top Realtors of Commercial Properties like Cushman Wakefield.
Google my name, see the many pages of articles and recommendations for your review.
Call anytime if you wish, Jim Turano/Broker*Diverse Real Estate* 1-347-837-9206