BedStuy 2 Family for sale - RE Broker vs. Sell to Investor (Cash-buyers)

Hi. I am considering selling a property I acquired in BedStuy just over two years ago. I am looking to sell because I will be moving out of NYC area for work, and, don’t think I can manage tenants, etc. from the opposite coast.

Would love input and advice from forum members on following aspects
1. How to sell – investor or via a broker. I realize broker may get me a higher price, but, I am interested in closing swiftly, and, not getting into buyers financing, and protracted timeline, etc.
2. I have excellent rent-paying tenants. I want to treat them fairly. If I go through broker-route, it may be disruptive to their lives (frequent showings, etc).
3. Timing – is fall a good time to sell, or, should I wait till next spring/summer?

Property Details
3600 sq ft (4 floors + basement), 20 ft wide lot, faces south
Current configuration – Two family C of O – set up as two duplexes. – 4BR/2BA, 5BR/2BA.

Also, would love recommendations/contacts for investors/cash-buyers, and, brokers you may recommend.

THANK YOU

zhoushi

in General Discussion 7 years and 10 months ago

12

Please log in, in order to post replies!

12 replies

Newest Oldest

zhoushi | 7 years and 10 months ago

string(1) "1"
object(WP_User)#5069 (8) {
  ["data"]=>
  object(stdClass)#4895 (12) {
    ["ID"]=>
    string(6) "179750"
    ["user_login"]=>
    string(7) "zhoushi"
    ["user_pass"]=>
    string(34) "$P$BSo7z7g.e8KHRAGgjCvN1XIVDduMlr."
    ["user_nicename"]=>
    string(7) "zhoushi"
    ["user_email"]=>
    string(21) "lowriskregs@gmail.com"
    ["user_url"]=>
    string(29) "http:///forums/users/zhoushi/"
    ["user_registered"]=>
    string(19) "2013-07-03 00:08:12"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(2) "LL"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(179750)
  ["caps"]=>
  array(2) {
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(2) {
    [0]=>
    string(10) "subscriber"
    [1]=>
    string(15) "bbp_participant"
  }
  ["allcaps"]=>
  array(4) {
    ["read"]=>
    bool(true)
    ["level_0"]=>
    bool(true)
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

@slopefarm – thank you for suggestion re. utilizing corcoran (and, re-affirming earlier poster’s advice), as well as independent attorney. Re. latter, I have one I used for my closing, plan to use him. Appreciate your time!

slopefarm | 7 years and 10 months ago

string(1) "1"
object(WP_User)#5067 (8) {
  ["data"]=>
  object(stdClass)#5066 (12) {
    ["ID"]=>
    string(3) "655"
    ["user_login"]=>
    string(9) "slopefarm"
    ["user_pass"]=>
    string(34) "$P$BK7dzbqXJe9TV6iU0glcNZiXdOt9CR1"
    ["user_nicename"]=>
    string(9) "slopefarm"
    ["user_email"]=>
    string(18) "jrubin@law.nyc.gov"
    ["user_url"]=>
    string(24) "/forums/users/slopefarm/"
    ["user_registered"]=>
    string(19) "2017-08-10 14:11:42"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(9) "slopefarm"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(655)
  ["caps"]=>
  array(2) {
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(2) {
    [0]=>
    string(10) "subscriber"
    [1]=>
    string(15) "bbp_participant"
  }
  ["allcaps"]=>
  array(4) {
    ["read"]=>
    bool(true)
    ["level_0"]=>
    bool(true)
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

Don’t let the investor spook you about the difficulty in moving your property on the market. You closed with a mortgage, title insurance, etc. two years ago, right? Just get a good lawyer to navigate any bumps along the way to closing (and yes, Corcoran is a great suggestion for a broker under your circumstances, but get an independently-referred attorney, not one referred by a broker).

zhoushi | 7 years and 10 months ago

string(1) "1"
object(WP_User)#4895 (8) {
  ["data"]=>
  object(stdClass)#4902 (12) {
    ["ID"]=>
    string(6) "179750"
    ["user_login"]=>
    string(7) "zhoushi"
    ["user_pass"]=>
    string(34) "$P$BSo7z7g.e8KHRAGgjCvN1XIVDduMlr."
    ["user_nicename"]=>
    string(7) "zhoushi"
    ["user_email"]=>
    string(21) "lowriskregs@gmail.com"
    ["user_url"]=>
    string(29) "http:///forums/users/zhoushi/"
    ["user_registered"]=>
    string(19) "2013-07-03 00:08:12"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(2) "LL"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(179750)
  ["caps"]=>
  array(2) {
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(2) {
    [0]=>
    string(10) "subscriber"
    [1]=>
    string(15) "bbp_participant"
  }
  ["allcaps"]=>
  array(4) {
    ["read"]=>
    bool(true)
    ["level_0"]=>
    bool(true)
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

@bored at work – thank you for your comments. I am getting a similar vibe from those reaching out to me (vs. the gentleman I praised earlier). Would love some tips re. moving quickly, if you have time.

boredatwork | 7 years and 10 months ago

string(1) "1"
object(WP_User)#5069 (8) {
  ["data"]=>
  object(stdClass)#5068 (12) {
    ["ID"]=>
    string(4) "2719"
    ["user_login"]=>
    string(11) "boredatwork"
    ["user_pass"]=>
    string(34) "$P$BiaWeactc21lMA9OeuKVxu36Aie4Iz/"
    ["user_nicename"]=>
    string(17) "bored-at-work-2-2"
    ["user_email"]=>
    string(18) "nyc372@hotmail.com"
    ["user_url"]=>
    string(55) "http://bstoner.wpengine.com/forums/users/bored-at-work/"
    ["user_registered"]=>
    string(19) "2017-08-17 21:39:27"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(13) "bored at work"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(2719)
  ["caps"]=>
  array(2) {
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(2) {
    [0]=>
    string(10) "subscriber"
    [1]=>
    string(15) "bbp_participant"
  }
  ["allcaps"]=>
  array(4) {
    ["read"]=>
    bool(true)
    ["level_0"]=>
    bool(true)
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

My experience in this area is with bottom feeders who contact me via phone, snail mail, and once via my cell phone (have no idea how they got). My house is not on the market, but these “investors” see that my mortgage is small versus the house value, and think I don’t know the market. Whenever I entertain myself by speaking with these potential “buyers,” the conversation usually goes like this:

Buyer: Are you interested in selling your house
Me: Not really, but I would entertain an offer
Buyer: What are you looking for
Me: You called me, what do you want to pay
Buyer: You need to give me a starting point
Me: $3.2 million (based on comps on the block and per sq ft price)
Buyer: Click

You should do what you want, but you will make more selling via a broker or FSBO. If time is of the essence, there are many ways to move forward quickly.

zhoushi | 7 years and 10 months ago

string(1) "1"
object(WP_User)#4902 (8) {
  ["data"]=>
  object(stdClass)#5067 (12) {
    ["ID"]=>
    string(6) "179750"
    ["user_login"]=>
    string(7) "zhoushi"
    ["user_pass"]=>
    string(34) "$P$BSo7z7g.e8KHRAGgjCvN1XIVDduMlr."
    ["user_nicename"]=>
    string(7) "zhoushi"
    ["user_email"]=>
    string(21) "lowriskregs@gmail.com"
    ["user_url"]=>
    string(29) "http:///forums/users/zhoushi/"
    ["user_registered"]=>
    string(19) "2013-07-03 00:08:12"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(2) "LL"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(179750)
  ["caps"]=>
  array(2) {
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(2) {
    [0]=>
    string(10) "subscriber"
    [1]=>
    string(15) "bbp_participant"
  }
  ["allcaps"]=>
  array(4) {
    ["read"]=>
    bool(true)
    ["level_0"]=>
    bool(true)
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

DorkOfWindsor and Bliz – thank you for your tips/guidance

For fellow forum members – One of the investors who reached out to me concluded that my price point was not for them, however, they were very helpful in explaining the investor market to me, as well as gave me some pointers (=gentleman investor!)

A little bit additional information, for those willing to share ideas/thoughts: My property has a violation in the basement (present when I aquired property, I knew about it, did not care, because was planning to live there). The violation is for illegal construction from 2001 (none of it was present when I purchased property). I was working w an architect + expeditor to get cleared, but, it is a long rigmarole, has gone on for a few months, and few $K down the drain. Now, given my move, I am struggling to make time to close this out. This is one of the reasons I was considering investor route, originally.

bliz | 7 years and 10 months ago

string(1) "1"
object(WP_User)#4895 (8) {
  ["data"]=>
  object(stdClass)#5070 (12) {
    ["ID"]=>
    string(6) "180531"
    ["user_login"]=>
    string(4) "bliz"
    ["user_pass"]=>
    string(34) "$P$B1.P/UnMLTXBGxHYZiYjQjE8E3QceS1"
    ["user_nicename"]=>
    string(4) "bliz"
    ["user_email"]=>
    string(23) "petereide@earthlink.net"
    ["user_url"]=>
    string(0) ""
    ["user_registered"]=>
    string(19) "2017-08-10 14:09:43"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(4) "bliz"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(180531)
  ["caps"]=>
  array(1) {
    ["bbp_participant"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(1) {
    [0]=>
    string(15) "bbp_participant"
  }
  ["allcaps"]=>
  array(1) {
    ["bbp_participant"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

After watching my neighbor go through a terrifying experience with a “cash buyer”, I would strongly advise everyone to use a broker, you will get the most money that way hands down. Homes are worth too much money in this market and there are far too many scam artists out there.

dorkofwindsor | 7 years and 10 months ago

string(1) "1"
object(WP_User)#5067 (8) {
  ["data"]=>
  object(stdClass)#5069 (12) {
    ["ID"]=>
    string(6) "176774"
    ["user_login"]=>
    string(13) "dorkofwindsor"
    ["user_pass"]=>
    string(34) "$P$Bov.472kQmY8OGlKN.dDXa5nt5gnOG0"
    ["user_nicename"]=>
    string(13) "dorkofwindsor"
    ["user_email"]=>
    string(23) "dorkofwindsor@yahoo.com"
    ["user_url"]=>
    string(28) "/forums/users/dorkofwindsor/"
    ["user_registered"]=>
    string(19) "2017-08-10 14:25:48"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(13) "dorkofwindsor"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(176774)
  ["caps"]=>
  array(2) {
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(2) {
    [0]=>
    string(10) "subscriber"
    [1]=>
    string(15) "bbp_participant"
  }
  ["allcaps"]=>
  array(4) {
    ["read"]=>
    bool(true)
    ["level_0"]=>
    bool(true)
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

my advice? Hire corcoran, and clear the market. (I’m not affiliated in any way). You can price it competitively but leaving that much money on the table with all cash buyer isn’t something i would personally do. You can close as fast as you want with a good broker, set your buyer qualifications so its not long and drawn out. I’m going to guess that you will be getting plenty of queries now from wholesalers who look for quick flips to other buyers.

Guest User | 7 years and 10 months ago

string(1) "3"
string(6) "197088"

.

Guest User | 7 years and 10 months ago

string(1) "3"
string(6) "197088"

I represent investors, and, will reach out to you. We can close faster than brokers, and, be competitive on pricing

zhoushi | 7 years and 10 months ago

string(1) "1"
object(WP_User)#4838 (8) {
  ["data"]=>
  object(stdClass)#4847 (12) {
    ["ID"]=>
    string(6) "179750"
    ["user_login"]=>
    string(7) "zhoushi"
    ["user_pass"]=>
    string(34) "$P$BSo7z7g.e8KHRAGgjCvN1XIVDduMlr."
    ["user_nicename"]=>
    string(7) "zhoushi"
    ["user_email"]=>
    string(21) "lowriskregs@gmail.com"
    ["user_url"]=>
    string(29) "http:///forums/users/zhoushi/"
    ["user_registered"]=>
    string(19) "2013-07-03 00:08:12"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(2) "LL"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(179750)
  ["caps"]=>
  array(2) {
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(2) {
    [0]=>
    string(10) "subscriber"
    [1]=>
    string(15) "bbp_participant"
  }
  ["allcaps"]=>
  array(4) {
    ["read"]=>
    bool(true)
    ["level_0"]=>
    bool(true)
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

@resident2 – thank you very much, for your thoughtful response. The lack of a quality “super” who can handle ‘customer-service’ and communications as well as they can fix things is a hard combination to find. Unless I get the a decent price, I will plan on holding. Thank you, once again!

resident2 | 7 years and 10 months ago

string(1) "1"
object(WP_User)#5071 (8) {
  ["data"]=>
  object(stdClass)#4902 (12) {
    ["ID"]=>
    string(6) "181002"
    ["user_login"]=>
    string(9) "resident2"
    ["user_pass"]=>
    string(34) "$P$BYKCrEpDU34.3RJghRPk8/Xp1XpCve/"
    ["user_nicename"]=>
    string(9) "resident2"
    ["user_email"]=>
    string(21) "Jamanda1255@Yahoo.com"
    ["user_url"]=>
    string(0) ""
    ["user_registered"]=>
    string(19) "2017-08-10 14:07:33"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(9) "resident2"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(181002)
  ["caps"]=>
  array(1) {
    ["bbp_participant"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(1) {
    [0]=>
    string(15) "bbp_participant"
  }
  ["allcaps"]=>
  array(1) {
    ["bbp_participant"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

Investor (CASH) buyers are at least 30-40% below market and there are many complete con-artists out there in this very competitive Investor Cash market.
You will always be better with an experienced House Broker; how to choose one from the many without enough work?
Choose someone that has been selling houses for at least 10 years, not a condo broker, not a rental broker… and not someone that does not know the neighborhood… I know they all say they know all of Brooklyn, my answer to that is anyone that says they can do it all, knows nothing and is going by what their questionable data spouts out without looking at the individual pluses & minuses of your particular property. An experienced House Broker will respect your current tenants time & space.
Or: it is not impossible to own a two family house from afar. You just need the right person to supervise maintenance & repairs. You can collect the rents online through one of the many rent collection apps IE: Cozy etc. Brooklyn Real estate is a great long term investment.

zhoushi | 7 years and 10 months ago

string(1) "1"
object(WP_User)#4847 (8) {
  ["data"]=>
  object(stdClass)#4848 (12) {
    ["ID"]=>
    string(6) "179750"
    ["user_login"]=>
    string(7) "zhoushi"
    ["user_pass"]=>
    string(34) "$P$BSo7z7g.e8KHRAGgjCvN1XIVDduMlr."
    ["user_nicename"]=>
    string(7) "zhoushi"
    ["user_email"]=>
    string(21) "lowriskregs@gmail.com"
    ["user_url"]=>
    string(29) "http:///forums/users/zhoushi/"
    ["user_registered"]=>
    string(19) "2013-07-03 00:08:12"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(2) "LL"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(179750)
  ["caps"]=>
  array(2) {
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(2) {
    [0]=>
    string(10) "subscriber"
    [1]=>
    string(15) "bbp_participant"
  }
  ["allcaps"]=>
  array(4) {
    ["read"]=>
    bool(true)
    ["level_0"]=>
    bool(true)
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

You can Email me at LowRiskRegs@gmail.com