Welcome to Episode 16 in my Series REAL ESTATE INVESTING IN NEW YORK!!
THIS SERIES IS ALSO ON YOUTUBE:
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My Top 30 NYC Real Estate Tips for buyers and sellers.
1. Credit score affects your mortgage interest rate.
2. Place initial offer close to the price you want to pay for the apartment instead of way below.
3. A property priced below market value is using a pricing strategy that is going to end up in a bidding war.
4. There are ways to save money in a transaction that don’t involve just negotiating down the sale price.
5. To save cash, consider financing a bit more than you originally planned to, offering more $ for the apartment and requesting a closing credit = to the amount of the increase.
6. Have an inspection and be observant: property issues aren't always disclosed.
7. Once you sign a contact for a property and enter into a formal agreement to purchase, expect to immediately second guess it.
8. For more space and a yard at a good value, check out Washington Heights and Brooklyn.
9. Keep in mind Warren Buffet's investing principle which also applies to real estate.
10. Have an idea of your most important property must-haves, but do not sweat your ‘nice to have’s’.
11. Make your offer more competitive by putting more $ down in cash.
12. Be prepared for closing costs!
13. Do not let your pride get in between you and a successful negotiation.
14. Be clear on the differences between a co-op and a condo.
15. There are significant extra closing costs on New Devs that = almost 2% of the purchase price.
1. Don't accept an initial offer.
2. Always respond with a counter offer vs no response.
3. Always stage an empty apartment.
4. If you are selling an apartment that is furnished and the buyer is getting a mortgage, when it comes time for the appraisal do not mention the value of the furnishings.
5. Be sure that you are clear on the 3 pricing strategies and when to use them!
6. Host as many open houses as possible.
7. Always opt for professional photos!
8. Respond promptly to any offers that come in.
9. Do not be in the home during open houses / showings.
10. Be honest with your real estate agent.
11. Keep all upgrades you make to your home prior to listing as generic as possible.
12. If you choose to upgrade one thing in your home before listing, make it the kitchen.
13. Lighting is very important. Replace your bulbs with daylight bulbs.
14. Empty out closets so that buyers can see their depth.
15. It is best to keep emotions out of the transaction and focus on the end goal.
Don’t miss Episode 17, where I’ll be talking about due diligence!!
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