The NYC Property Purchase Process

06/25/20 • 39 min

Real Estate Investing in New York by Christina Kremidas

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!

Previous Episode

My Personal Real Estate Investing Strategy

Welcome to Episode 3 in my Series REAL ESTATE INVESTING IN NEW YORK!!
This series is also on YouTube, so if you're interested in visuals, you can go here to watch: https://www.youtube.com/watch?v=OqAJyfZTM-E&list=PLizl0_41aCfl_bFhI1KUp8upypyqSZIF1
Topics covered in this Episode:
☆ My personal Real Estate investing strategy
☆ REAL LIFE examples: Primary Residence vs Rental Property financial obligations and lifestyle implications
☆ Overarching concept of how to make money with Rental Properties
This episode discusses numbers, and in the YouTube version of this episode I included graphics which may help you follow the concepts if you are more of a visual person!
Don’t miss Episode 4 where I will explain the differences between a Condo and a Co-op, how approval processes differ, and what each of their strengths and weaknesses are when it comes to investing.
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: http://findbuyersbk.elliman.com/cdanza
If you enjoy this podcast, I would truly appreciate you giving it a 5-Star review so it can reach more people!
Please subscribe!

Next Episode

Sponsor Sales: Pros and Cons and How to Negotiate them Successfully

Welcome to Episode 6 in my Series REAL ESTATE INVESTING IN NEW YORK!!
In this Episode, we are covering everything you need to know about purchasing a Sponsor Apartment.
Topics covered in this Episode:
☆ What is a Sponsor Sale / Sponsor Unit / Sponsor Apartment
☆ Pros and Cons of Sponsor Sales
☆ Sponsor Unit Purchase Process
☆ How to negotiate on Sponsor Units
☆ Why you should get an inspection
☆ Two walk-throughs!
☆ What is a punch-list walk through
Don’t miss the next episode which will discuss the typical condo and coop purchase application!
If you ever have Real Estate related questions, feel free to Email me any time: [email protected]
Follow me on instagram: instagram.com/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!