Real Estate Investing in New York by Christina Kremidas

Welcome to Episode 16 in my Series REAL ESTATE INVESTING IN NEW YORK!!
THIS SERIES IS ALSO ON YOUTUBE:
Watch: https://www.youtube.com/watch?v=Vez5QUwqnB0&list=PLizl0_41aCfl_bFhI1KUp8upypyqSZIF1&index=16
Contact me:
Email: [email protected]
Instagram @downtownnative: https://www.instagram.com/downtownnat...
My Top 30 NYC Real Estate Tips for buyers and sellers.
BUYER TIPS:
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.
SELLER TIPS:
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!!
Discover the value of your home: https://bit.ly/2Z91OLE
Please subscribe to this podcast and leave a positive review!

Welcome to Episode 5 in my Series REAL ESTATE INVESTING IN NEW YORK!!
This Episode covers every single step of the property purchase process in NYC in GREAT DETAIL!!
If you have any questions, email me at [email protected]
Please also keep in mind that these initial podcast episodes are direct pulls of the audio from my existing YouTube series, and I am doing my best to edit out any distractions or things that are only relevant in video. I know the sound is choppy and I am speaking very fast and this will improve now that the podcast is a fundamental component of this series.
NOTES FOR THIS EPISODE:
STEPS OF THE PROPERTY PURCHASE PROCESS:
Mortgage Pre-Approval
☁ The 3 types of letters you can get from the bank and what they do for you:
★ Pre-Qualification letter
★ Pre-Approval letter
★ Pre-Commitment letter
Link up with a Buyers Agent
☁ What your Buyer’s agent does for you
☁ Qualities you want in your buyer’s agent
Search for properties
☁How to weigh different property characteristics
☁How you know a property is ’the one’
4. Offer and Negotiation
☁ Components of a strong offer
5. Meeting of the Minds
6. Contact Finalization and Due Diligence
☁ How the contract is drafted
☁ What your attorney is doing fo you
☁ Making sure the property is a safe investment through due diligence/review of building documents
☁ Should you have an inspection done?
7. Sales Application
8. Board Interview
9. Closing!
Don’t miss the next video which will explain the purchase process for NEW DEVELOPMENTS SPONSOR SALES!
If you ever have Real Estate related questions, feel free to Email me any time: [email protected]
Follow me on Instagram: @downtownnative
Discover the value of your home: https://bit.ly/2Z91OLE
If you enjoy this podcast, I would truly appreciate you giving it a 5-Star review so it can reach more people!
Please subscribe!

Welcome to Episode 27 of REAL ESTATE INVESTING IN NEW YORK!!
Please remember to Subscribe, Review and Share this podcast, it is SO appreciated!
YOU CAN ALSO WATCH THIS EPISODE ON YOUTUBE
Contact me:
Email: [email protected]
Join me on Instagram
In this Episode, I'm sharing exactly how to present yourself properly to a Seller/Seller's Agent so that you can WIN your #1 choice property at the best price possible.
Topics covered in this episode:
☆ My most important tips for winning in a Seller's market:
- Show that you are qualified: get pre-approved by a REPUTABLE lender
- Demonstrate your intent, that you are serious
- Don't be a stranger, show who you are
- Explain your employment security
- Be as flexible as possible
- Get creative with negotiating
- Work with a qualified and reputable Buyer's Agent
☆ Some things that I personally do to win deals for my Buyers against the competition:
- Build confidence in the seller's agent and the Seller
- Get very creative negotiation
- identify the pain points on both sides of the transaction and negotiate against those
- Communicate open line of communication and solid working relationship with all members of the Buyer's team: mortgage loan officer and attorney
☆ Best practices for planning your move/logistics
Are you purchasing in NYC? I would love to answer your questions!
I always am so happy to have the opportunity to work with you - if you would like for me to represent you as your Agent as you begin the property purchase or sale process, please do not hesitate to reach out to me.
Don't Miss Episode 28, where I will be sharing how to identify and purchase your first NYC rental property! to your questions! Be sure to send me your real estate questions via instagram DM or by email!
Discover the value of your home
Please subscribe to this channel and turn on notifications (click the bell icon) so you can keep up with the videos I post!
Check out my Growth-mindset/inspiration podcast, NEW YORK & BEYOND
Check out my website

Welcome to Episode 20 in my Series REAL ESTATE INVESTING IN NEW YORK!!
Please remember to Subscribe, Like and Share this video, it is SO appreciated!
THIS EPISODE IS ALSO ON YOUTUBE
Contact me:
Email: [email protected]
Join me on Instagram
In this Episode, we are discussing the Lowball Offer and how it can actually sabotage your entire real estate negotiation! I provide you with both the Purchaser’s and Seller’s point of views when it comes to a negotiation that begins with a lowball offer, and alternative negotiation strategies that will allow you to shave MORE money off the asking price and salvage your transaction. Some of this information I learned during my training to become a Certified Negotiation Expert, and most of the info covered here is from my first-hand negotiation experience.
Here’s the summary:
An offer far below the asking price actually insults the seller.
It’s always best to place an initial offer that is not too far below the price that you actually wish to pay for the property.
If you are looking to have $20,000 off the asking price, the best idea is not to begin the negotiation $40,000 under - your initial offer should not be ‘double below’ the amount you’re trying to save.
In a real estate transaction, there is a very long road between an agreement on price and the closing date. The purchase process take months, and the beginning stages of the deal, the negotiation, is very much like dating the person on the opposing side. You want to start out on the right foot and show mutual respect. The Seller is going to choose to engage with a buyer that they are most comfortable working with for an extended period of time.
Negotiation requires both sides feeling good.
Starting out respectfully in a negotiation and acting in a transparent, honest, genuine and ethical fashion will ensure that you can tackle all of the issues that inevitable arise throughout the purchase process. When a seller and a buyer has a difficult relationship, small issues can sabotage an entire deal.
Don’t miss Episode 21, where I’ll be sharing how to leverage the Appraisal to strengthen your offer without increasing your bid.
Discover the value of your home
Please subscribe to this channel and leave a positive review, it is so appreciated!
Check out my other series, NEW YORK & BEYOND
Check out my website

Welcome to Episode 14 in my Series REAL ESTATE INVESTING IN NEW YORK!!
YOU CAN ALSO VIEW THIS EPISODE ON YOUTUBE:
https://www.youtube.com/watch?v=0Tc60UJ0spg&t=3s
In this Episode, I’m explaining how Appraisals have become an issue in this new ‘Covid environment”. Scroll down for the notes!
Don’t miss Episode 15, which will be a bit more personal (by popular demand!). I’ll be talking about how I transitioned careers into real estate, how I started my career and tips for anyone who may be interested in getting into the industry.
If you ever have Real Estate related questions, feel free to Email me anytime: [email protected]
Follow me on instagram: @downtownnative
Discover the value of your home: https://bit.ly/2Z91OLE
Please subscribe to this channel and turn on notifications (click the bell icon) so you can keep up with the episodes I post!
Notes on this Episode:
The Appraisal is only done when you are getting a mortgage to purchase the property.
It is the Bank’s way of confirming that the price you are paying for the property is not more than the market value.
The Bank sends an Appraiser to the property to check the overall condition, size, features and amenities, and compares their findings against recent comparable sales to come up with a property value.
If you are getting a mortgage, there is an amount of money that you plan to put down in cash, and the remainder of the price of the property is covered under financing
For example, if you are buying a property worth $1M, and you plan to put down 20% and finance the remaining 80%, then you will be putting down $200,000 of your own money in cash, and the bank will be going you $800,000. This also means that the Loan to Value Ratio from the bank is 80%.
However, the Bank will only lend you that 80% of the APPRAISED value of the property, NOT the price that you were willing to pay for it
So what happens when the bank is not willing to give you the full amount that you need?
Ultimately, if you want the property, you need to figure out how to come up with the balance owed. Technically, if your contract has a mortgage contingency, since the bank is unable to lend you the full amount you are allowed to walk away from the deal and get your contract deposit back.
You can try to re-negotiate the purchase price with the seller and see if they will accept less, and keep the deal moving.
If the seller refuses, and you do not have the cash to come up with the balance, you need to see if the bank can lend more funds than they previously agreed to.
How has Covid made this even more complicated?
In certain areas, Covid has property values all over the place
Some people wanted to sell hastily, and were willing to take a loss on their apartment, throwing off the rest of the comparables in the building and in the neighborhood.
Banks also became more conservative with their appraisals simply because they are hesitant to take on any extra risk during this time.
When does a low appraisal NOT put financing in jeopardy?
When a buyer is able to put down more than 20% in cash, they are much more appealing to a Seller because a low appraisal is much less of a threat to the deal.
Please rate and share this podcast if you've been finding it helpful! I am immensely grateful!