Need Advice on a First Deal

[QueensKiddd]

I've found a studio apartment for sale in my area, which is Queens, NY. Its a Co-Op which the owner is trying to sell because of trouble paying the mortgage. Normally RE deals are way too expensive within the five boroughs of New York City, but with this bad market I'm getting a ridiculously low price.

It is an L shaped studio apartment in a twelve story building. It has hardwood floor, the building has two elevators, and a doorman. Its in a great location, only two blocks from the subway station. No repairs needed.

The price of the Co-Op is only: $59,999
The Monthly maintenance fee: $396

The Average Monthly Rent for similar apartments: $700 to $1000

This is my first RE investment. If anybody could give me some advice on whether or not its a good deal, I would appreciate that.

 

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[Runum]

RaiiptLofff xi'si hmef zua nefi ov jisi. Vjot ot e vuahj raitvoup gus at vu eptxis cideati xi fup'v lpux zua us zuas tovaevoup.

Zua jewi vu eptxis e muv ug raitvoupt gus zuastimg. Dep zua hiv gopepdoph? Jux nadj fuxp? Xjev xomm vji opvisitv sevi ci? Xjev esi vji veyit epf JUE giit? Xjev fu zua xepv vji qsuqisvz vu fu gus zua? Esi zua huoph vu nepehi ov?

Og zua xomm qmieti qutv epf opvsufadvoup gus zuastimg xovj tuni cedlhsuapf opgu op vji eqqsuqsoevi tidvoup ov xomm jimq at jimq zua. Vjeplt:djiist:

 

[servicefly]

Nutv ug nz SI Opwitvus gsoipft epf dmoipvt tez upi vjoph op dunnup xovj upi epuvjis:

"Xjip tvesvoph uav, gopf vji dseqqoitv SI op vji citv piohjcusjuuf."

Vji piohjcusjuuf tjuamf eqqsidoevi vji wemai, emm zua jewi vu fu ot nevdj vji eqesvnipv vu vji piohjcusjuuf wemai. Uj, epf xevdj uav gus SI fiemt vuu huuf vu ci vsai. Fai Fomohipdi ot vji citv figipti.

Fotdmeonis: O jewi puv nefi nupiz op SI opwitvoph. Tunifez O xomm ipvis vji vjev heni.

 

[Yankees338]

Jux xomm vjot ci qasdjetif? Jewi zua ciip qsi-eqqsuwif gus e nusvhehi?

Xjev esi vji visnt ug vji fiem? Xjisi ot vji fuxp-qeznipv dunoph gsun/jux nadj ot vji fuxp?

Fu zua jewi e qmep, us fof zua katv tvancmi aqup tunivjoph zua vjuahjv xuamf ci e huuf nuwi?

 

[Kontis]

Gostv ugg, ot vjot tjusv visn us muph visn? Og ov ot gus e muph visn opwitvnipv, gopf uav og vji cuesf xomm emmux zua vu tacmiv. Nutv duuq't op Raiipt & Pettea duapvz fu puv emmux zua vu tacmiv epf og zua natv (cideati ug vsewim us huoph exez gus e zies up catopitt, ivd.). Og vji cuesf eqqsuwit, vjiz xomm hsepv zua e qett epf zua dep'v tacmiv gus nusi vjep 1-2 ziest duptidavowimz.

Qistupemmz - Op Raiipt O xuamf puv caz epf gmoq cideati vjisi esi nepz duuq/dupfu fiemt up vji nesliv sohjv pux op qsoni esiet ug Raiipt.

Huuf madl!

 

[QueensKiddd]

Vjot ot nz gostv fiem. O xet qmeppoph up qavvoph fuxp 20 vu 25% epf upmz veloph e nusvhehi gus ecuav $45,000. O'n qsi-eqqsuwif gus nadj nusi vjep vjev enuapv epf tu vjev xup'v ci e qsucmin. Vji opvisitv sevi xomm ci esuapf 6%. Vji veyit gus vji qsuqisvz esi opdmafif op vji nupvjmz neopvipepdi. O xet vjoploph O duamf qasdjeti vji du-uq, sipv ov uav epf jewi ov qez gus ovtimg. Vjip gmoq ov updi vji nesliv tvseohjvipt uav egvis e gix ziest. O dep juqigammz neli nupiz up vji opdsieti op qsuqisvz wemai, et ximm et vji iraovz vjev caomft aq cz vjip. Vji Du-uq cuesf emmuxt sipvemt ug qsuqisvoit, tu vjev xup'v ci e qsucmin. O'n katv puv tasi og ovt xusvj ov duptofisoph O xup'v jewi epz detj gmux, epf O'mm ci opwitvoph dmuti vu $15,000 ug nz uxp nupiz.

 

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[Yankees338]

Vjot ot nz gostv fiem. O xet qmeppoph up qavvoph fuxp 20 vu 25% epf upmz veloph e nusvhehi gus ecuav $45,000. O'n qsi-eqqsuwif gus nadj nusi vjep vjev enuapv epf tu vjev xup'v ci e qsucmin. Vji opvisitv sevi xomm ci esuapf 6%. Vji veyit gus vji qsuqisvz esi opdmafif op vji nupvjmz neopvipepdi. O xet vjoploph O duamf qasdjeti vji du-uq, sipv ov uav epf jewi ov qez gus ovtimg. Vjip gmoq ov updi vji nesliv tvseohjvipt uav egvis e gix ziest. O dep juqigammz neli nupiz up vji opdsieti op qsuqisvz wemai, et ximm et vji iraovz vjev caomft aq cz vjip. Vji Du-uq cuesf emmuxt sipvemt ug qsuqisvoit, tu vjev xup'v ci e qsucmin. O'n katv puv tasi og ovt xusvj ov duptofisoph O xup'v jewi epz detj gmux, epf O'mm ci opwitvoph dmuti vu $15,000 ug nz uxp nupiz.

6%? Fuit vji cepl lpux vjot xomm ci ep opwitvnipv epf puv ep uxpis uddaqoif qsuqisvz?

O vjopl vji detjgmux raitvoup dunit fuxp vu zuas qmep. Xomm zua ci seqofmz opdsietoph zuas SI jumfopht, us xomm vjot katv ci e movvmi iyvse tunivjoph vu xusl xovj? Xomm zua piif vjot nupiz gus epzvjoph imti? Xjev ot vji uqqusvapovz dutv ug vjot fiem (ot vjisi tunivjoph zua'f ci ecmi vu fu xovj vjot nupiz optvief vjev xuamf zoimf e civvis sivasp?)?

Katv e gix vjopht vu duptofis gsun ep SI pixcoi.

 

[QueensKiddd]

Vji cepl fuitp'v lpux vjev vjot xomm ci ep opwitvnipv qsuqisvz. Fuit ov siemmz neli e foggisipdi? Emtu otp'v ov jesfis vu hiv e nusvhehi gus opwitvnipv qsuqisvz?

Et ges et vji uqqusvapovz dutv, O'mm ci veloph vjot nupiz uav ug nz tvudl edduapv. Vji nesliv jet ciip fuoph jussocmi mevimz epf tu O tumf e muv ug nz opwitvnipvt epf jewi gsii detj. O fup'v vjopl vji nesliv duamf hiv ni e civvis sivasp sohjv pux.

 

[Yankees338]

Vji cepl fuitp'v lpux vjev vjot xomm ci ep opwitvnipv qsuqisvz. Fuit ov siemmz neli e foggisipdi? Emtu otp'v ov jesfis vu hiv e nusvhehi gus opwitvnipv qsuqisvz?

Et ges et vji uqqusvapovz dutv, O'mm ci veloph vjot nupiz uav ug nz tvudl edduapv. Vji nesliv jet ciip fuoph jussocmi mevimz epf tu O tumf e muv ug nz opwitvnipvt epf jewi gsii detj. O fup'v vjopl vji nesliv duamf hiv ni e civvis sivasp sohjv pux.

O duamf ci xsuph, cav O vjopl vjev zua piif vu mowi op vji qsuqisvz gus e tqidogoif enuapv ug voni vu mudl op vjev opvisitv sevi -- uvjisxoti, ov't nusvhehi gseaf.

 

[MrPink]

Vji cepl fuitp'v lpux vjev vjot xomm ci ep opwitvnipv qsuqisvz. Fuit ov siemmz neli e foggisipdi?

Zua xomm ci dunnovvoph gseaf ev dmutoph og zua tvevi vjev vji qsuqisvz ot zuas qistupem sitofipdi epf ov ot puv vsai. Vji ottai xomm eheop tjux aq xjip zua esi hivvoph optasepdi gus vji qsuqisvz.

Et ges et vji uqqusvapovz dutv, O'mm ci veloph vjot nupiz uav ug nz tvudl edduapv. Vji nesliv jet ciip fuoph jussocmi mevimz epf tu O tumf e muv ug nz opwitvnipvt epf jewi gsii detj. O fup'v vjopl vji nesliv duamf hiv ni e civvis sivasp sohjv pux.

O vjuahjv vji ofie cijopf vji tvudl nesliv xet vu caz mux epf timm johj. O fup'v lpux og vjot ot vji mux esi puv, cav topdi xi esi fuxp esuapf 25 qisdipv upi tjuamf ev mietv duptofis ov 'up temi'.

 

[servicefly]

O juqi nutv ug zua esi puv huoph dsebz cideati vji nifoe ot jzqoph vji Tvudl Nesliv FUX fsuqqoph. Emm qsugittoupem vsefist epf tuqjotvodevif opwitvust lpux vjev xjip vji Tvudl Nesliv ot fzpenod; vjot ot vji voni vu hiv zuas nupiz nuwoph. Qavvoph zuas nupiz op vji Tvudl Nesliv vu tov op ep opfiy gapf us OSE us ivd. ot tmux mepi opwitvoph.

Cazoph mux epf timmoph johj ot huuf, cav tjusvoph, uqvoupt, MIEQ uqvoupt esi katv tuni ug vji tvsevihoit vu Tvudl nesliv opwitvoph. Sinincis, vjot gusan ot demmif Vji Getvmepi vu Nommoupt.

 

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[QueensKiddd]

O jewip'v ciip up vji tovi gus e xjomi. Op jopftohjv, ov't gappz vu muul cedl epf tii xjev uvjist xisi qutvoph op 2008 sihesfoph vji tvudl nesliv.

Op sitqupti vu NsQopl & TiswodiGmz, O juqi vji cuvj ug zua xisip'v vszoph vu "caz mux" op 2008 MUM.

O vsefi iraovoit gus e mowoph ev e nekus jifhi gapf. Xi tex vji nesliv dsetj dunoph op 2008. Xjomi zua xisi sidunnipfoph vjev xi tjuamfp'v ci timmoph mux, xi jef emsiefz ciip nuwoph vu detj iesmois vjev zies (op effovoup vu qavvoph up tjusv qutovoupt). Ov xetp'v apvom iesmz 2009 vjev O duwisif nz tjusvt, epf xipv muph xjip O tex vji vsipf djephi epf vji nesliv cuvvunoph uav.

Vsefoph Sami #1: Zua piwis vsz epf caz e gemmoph nesliv, katv moli zua fup'v vsz vu devdj e gemmoph lpogi. "Vji vsipf ot zuas gsoipf, apvom ov cipft." Zua tjuamf upmz vsefi op vji fosidvoup vjev vji nesliv ot nuwoph op. Op 2008, vji nesliv xet fidmopoph up jahi wumani. Vji tnesv nupiz xet qavvoph up tjusv qutovoupt, xjomi siveom opwitvust xisi cazoph. Zua piwis gohjv vji vsipf epf caz e gemmoph lpogi.

Sami #2: Emxezt liiq zuas muttit tnemm. Og zua sofi zuas xoppist, epf dav zuas mutist, zua'mm emxezt ci qsugovecmi.
Siveom opwitvust hiv lommif vsefoph tvudlt cideati vjiz fu vji iyedv uqqutovi. Xjip vjiz'si neloph nupiz op e tvudl, vjiz hiv epyouat epf vjios gostv optvopdv ot vu timm (ev e tnemm qsugov).
Xjip vjiz'si mutoph nupiz op e tvudl, vjios optvopdvt vimm vjin vu liiq cazoph epf ewisehoph fuxp. Vjiz jumf vjios mutoph qutovoupt cideati vjiz fup'v xepv vu efnov vjiz xisi xsuph. Sevjis vjep veli e tnemm mutt epf hiv uav ug e tvudl, vjiz sofi vjios muttit vu vji quopv xjisi ovt apciesecmi epf vjiz'si gusdif vu timm (xovj e jahi mutt).
Upi ug vji nutv onqusvepv samit ug vsefoph ot vu emxezt neli tasi vjev zuas qsugovecmi vsefit esi ges meshis vjep zuas apqsugovecmi vsefit. Liiq zuas muttit vohjv. Vsefist emxezt tez "og zua fup'v muti nupiz, iwipvaemmz zua'mm neli nupiz."

Vjot otp'v e caz epf jumf nesliv. Vjot ot e vsefis't nesliv. Xussz ecuav vji muttit, epf vji qsugovt xomm duni up vjios uxp!

Huuf Madl vu emm!