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RATE my scheme to make millions in NYC real estate
Poast new message in this thread
Date: June 24th, 2012 11:09 PM Author: Medicated appetizing factory reset button plaza (would require some capital)
1) Buy up a few warehouses in some forgotten, desolate corner of the Bronx or Queens that happens to have a subway stop and not much residential property in the immediate vicinity (so crime is less of an issue)
2) Convert the ground floors to commercial spaces and the upper floors to "loft condos." Do the minimum amount of renovation for that "raw" look (which saves costs).
3) Offer free rent for a year on the bottom floors to the following businesses:
a) A farm-to-table restaurant that uses locally sourced ingredients
b) an organic food store
c) a high-end coffee bar
d) a pub with a huge beer list
e) an art gallery and
f) a vintage clothing boutique
Maybe also a few apartments at very low rents to recent visual arts MFA grads.
Within a year, you have hipsters. Within three years, you have yuppies. Property values will increase like 500%. |
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Date: June 24th, 2012 11:18 PM Author: amber histrionic circlehead jewess "hello, pub that doesn't exist yet, I'd like to offer you a year of free rent, what's that, I can't hear you since you don't exist"
"hello, MOMA, I'd like to offer you an exciting opportunity, no huh?"
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Date: June 24th, 2012 11:19 PM Author: Medicated appetizing factory reset button plaza You just offer a successful pub owner the chance to open another bar, duh (http://www.autoadmit.com/thread.php?thread_id=1978786&forum_id=2#20952206) |
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Date: June 24th, 2012 11:20 PM Author: amber histrionic circlehead jewess I'm sure lots of great chefs will be chomping at the bits to open an expensive restaurant that caters to a single apartment building currently populated by hipster section 8 receptients (http://www.autoadmit.com/thread.php?thread_id=1978786&forum_id=2#20952214) |
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Date: June 24th, 2012 11:20 PM Author: Medicated appetizing factory reset button plaza you lack vision (http://www.autoadmit.com/thread.php?thread_id=1978786&forum_id=2#20952217) |
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Date: June 24th, 2012 11:22 PM Author: amber histrionic circlehead jewess the only way this works is if you're literally a block or two from a currently expanding hip neighborhood
and you have major, major, ungodly major zoning issues |
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Date: June 24th, 2012 11:23 PM Author: Elite Exhilarant Forum (beta faggot who doesn't realize that risk is mitigated by below market rent) (http://www.autoadmit.com/thread.php?thread_id=1978786&forum_id=2#20952233) |
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Date: June 24th, 2012 11:23 PM Author: amber histrionic circlehead jewess yeah, only being on the hook for a full years worth of losses on everything else sure is a sweet deal, which is why you have to offer free rent to begin with (http://www.autoadmit.com/thread.php?thread_id=1978786&forum_id=2#20952242) |
Date: June 24th, 2012 11:10 PM Author: 180 space here's $100K (it's my life's savings) (http://www.autoadmit.com/thread.php?thread_id=1978786&forum_id=2#20952123) |
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Date: June 24th, 2012 11:17 PM Author: arousing boltzmann toilet seat that raw look is going to save you a lot of money and the free rent is tax deductible or you may even get a tax credit from the borough. fuckin do it now (http://www.autoadmit.com/thread.php?thread_id=1978786&forum_id=2#20952197) |
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Date: June 24th, 2012 11:20 PM Author: pearly fragrant set hominid would require a ton of capital (http://www.autoadmit.com/thread.php?thread_id=1978786&forum_id=2#20952218) |
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Date: June 24th, 2012 11:21 PM Author: Elite Exhilarant Forum i mean yea, but guys at HBS do just have tons of capital all the time, so its nbd (http://www.autoadmit.com/thread.php?thread_id=1978786&forum_id=2#20952224) |
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Date: June 24th, 2012 11:21 PM Author: Emerald impertinent coffee pot fatal flaw: the red tape (city permits, unions, etc.)
would cost much more than you might think to grease the palms |
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Date: June 24th, 2012 11:22 PM Author: Elite Exhilarant Forum yep
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Date: June 24th, 2012 11:56 PM Author: Disturbing pea-brained parlor rigpig Titcr. Sad that it took this long in the thread for the cp. Getting a change in zone and the necessary variances will take years and lots of money. (http://www.autoadmit.com/thread.php?thread_id=1978786&forum_id=2#20952541) |
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Date: June 25th, 2012 12:20 AM Author: Insane Library New Version Society destroying shitlibbery at its finest. Lol @ the land of opportunity. Libs are subhuman (http://www.autoadmit.com/thread.php?thread_id=1978786&forum_id=2#20952729) |
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Date: June 24th, 2012 11:22 PM Author: House-broken spot pocket flask i don't know if you could afford to pay the union carpenters and give away retail space
the other problem is that the affordable areas are filled with heat crazed minorities right now
you might go look at the Pathmark in Harlem |
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Date: June 24th, 2012 11:22 PM Author: Glittery white public bath You're looking for properties that don't exist. (http://www.autoadmit.com/thread.php?thread_id=1978786&forum_id=2#20952230) |
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Date: June 24th, 2012 11:23 PM Author: Medicated appetizing factory reset button plaza fair. Maybe I need to take my idea to Philly. (http://www.autoadmit.com/thread.php?thread_id=1978786&forum_id=2#20952236) |
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Date: June 24th, 2012 11:25 PM Author: Emerald impertinent coffee pot more likely to happen there
but they do still have a glut of high end condo space built during the boom |
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Date: June 24th, 2012 11:48 PM Author: Vigorous sticky theatre associate so hipsters are fine with living in ghettos? (http://www.autoadmit.com/thread.php?thread_id=1978786&forum_id=2#20952466) |
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Date: June 24th, 2012 11:49 PM Author: Medicated appetizing factory reset button plaza uh, duh (http://www.autoadmit.com/thread.php?thread_id=1978786&forum_id=2#20952469) |
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Date: June 24th, 2012 11:52 PM Author: Vigorous sticky theatre associate pretty good idea bro. (http://www.autoadmit.com/thread.php?thread_id=1978786&forum_id=2#20952504) |
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Date: June 24th, 2012 11:54 PM Author: Medicated appetizing factory reset button plaza yeah main problem I see is that it's probably way too capital intensive up front. I wouldn't be surprised if RE developers already do the kind of shit I'm talking about in pieces, e.g. build "raw" loft condos and then try to convince some up-and-coming restauranteur to do the ground floor space. My idea is just to do it all as a package deal, like gentrification in a box. (http://www.autoadmit.com/thread.php?thread_id=1978786&forum_id=2#20952521) |
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Date: June 24th, 2012 11:58 PM Author: Pink embarrassed to the bone hunting ground I think you would be better off just following the gays to their next fixer upper shithole and buying at the ground level (http://www.autoadmit.com/thread.php?thread_id=1978786&forum_id=2#20952562) |
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Date: June 25th, 2012 12:00 AM Author: Medicated appetizing factory reset button plaza Problem with this approach is that the market moves too fast in NYC, because everyone wants in on the next hot neighborhood. You can make a little profit by following the artists if you're observant, but people here catch on quick. (http://www.autoadmit.com/thread.php?thread_id=1978786&forum_id=2#20952583) |
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Date: June 25th, 2012 12:02 AM Author: Pink embarrassed to the bone hunting ground just become a gay and keep your ear to the grindstone, bro (http://www.autoadmit.com/thread.php?thread_id=1978786&forum_id=2#20952604) |
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Date: June 25th, 2012 12:10 AM Author: Medicated appetizing factory reset button plaza Nah this shit is too widely known. Everybody knows that Bushwick is today what Williamsburg is five years ago, and a lot of people think that Ridgewood (which borders on Bushwick) is the next Bushwick. Fort Greene is what Cobble Hill/Carroll Gardens was a few years ago, Clinton Hill and Prospect Heights are what Fort Greene was, and the next level after that is Bed Stuy and Crown Heights, assuming the spread of gentrification continues. Everyone fucking knows this shit, and property in none of those areas is cheap, except to the extent that it's discounted for crime and risk.
LIC is hot because it's the first stop in Queens from Manhattan. The rest of Astoria is going to go the way of LIC, then Sunnyside, then Woodside, etc. NYC property market is pretty efficient. |
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Date: June 25th, 2012 12:03 AM Author: Vigorous sticky theatre associate you don't have to do all the remodeling till you nail down some contracts with the shops and renters. just build a couple model units. if you can't get those, scrap the idea and sell the warehouses. no reason they should depreciate. (http://www.autoadmit.com/thread.php?thread_id=1978786&forum_id=2#20952610) |
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Date: June 24th, 2012 11:57 PM Author: indecent deranged gay wizard (guy who's been watching girls) (http://www.autoadmit.com/thread.php?thread_id=1978786&forum_id=2#20952556) |
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Date: June 24th, 2012 11:58 PM Author: Medicated appetizing factory reset button plaza EDIT: why, does something like this happen on girls? (http://www.autoadmit.com/thread.php?thread_id=1978786&forum_id=2#20952558) |
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Date: June 24th, 2012 11:58 PM Author: indecent deranged gay wizard bro, this plan while risky is actually highly credited (http://www.autoadmit.com/thread.php?thread_id=1978786&forum_id=2#20952561) |
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Date: June 24th, 2012 11:59 PM Author: Medicated appetizing factory reset button plaza ty ty
now I just need a catchy name by which to rebrand the area
or maybe I can keep the name but push some long-forgotten historic aspect of it |
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Date: June 25th, 2012 12:06 AM Author: Disturbing pea-brained parlor rigpig BroNo. It's short for Bronx north. BroSo if it's in the south. (http://www.autoadmit.com/thread.php?thread_id=1978786&forum_id=2#20952632) |
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Date: June 25th, 2012 12:11 AM Author: Medicated appetizing factory reset button plaza Believe it or not there already is a little enclave in the Bronx that never quite took off that they tried to rebrand as SoBro. There's an artist loft building and like one bar/restaurant. It kind of sucks. But I think even there property values went up significantly, so the owners probably did alright. (http://www.autoadmit.com/thread.php?thread_id=1978786&forum_id=2#20952675) |
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Date: June 25th, 2012 12:02 AM Author: Unhinged Regret Station (actual retard) (http://www.autoadmit.com/thread.php?thread_id=1978786&forum_id=2#20952600) |
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Date: June 25th, 2012 11:32 AM Author: twisted obsidian home puppy Neighborhood-indifferent hipsters already have begun this work in any remotely attractive location. You would have to go somewhere worse than Bushwick, Gowanus, Astoria, LIC, etc. Do you have any idea how bad this place would be? Bushwick is fucking disgusting and the train access is not that great, but the hipsters are SWARMING it. You would get garbage as tenants and then have to evict them when the free rent ended. There are some people who are too much of fuckwits even to run a coffeeshop correctly, and you would be partners with them. (http://www.autoadmit.com/thread.php?thread_id=1978786&forum_id=2#20954069) |
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Date: June 25th, 2012 12:17 PM Author: sienna laser beams
The good thing about the idea is that you are thinking creatively. The harder part as always is execution. You should have a list of possible locations and you should already be talking to some business owner to see if they'd be interested (it'll take a while 9-16 months to find good ones).
Also you should market this shit hard if you do it. You should be in the street talking to hipsters and letting them know this is where they should be |
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Date: June 25th, 2012 12:18 PM Author: sienna laser beams I need to find more entrepreneurial bros like you to hang out. My bitch ass friend TTT friends would never agree to do this kind of shit together. (http://www.autoadmit.com/thread.php?thread_id=1978786&forum_id=2#20954239) |
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Date: December 25th, 2023 8:42 PM Author: Primrose trip piazza headpube so many real estate investment geniuses on xoxo, so few posters who have posted proof of their Trumpian success stories
odd case |
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Date: December 25th, 2023 10:15 PM Author: Primrose trip piazza headpube (http://www.autoadmit.com/thread.php?thread_id=1978786&forum_id=2#47212796) |
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Date: December 31st, 2023 7:48 PM Author: Primrose trip piazza headpube (http://www.autoadmit.com/thread.php?thread_id=1978786&forum_id=2#47234680) |
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Date: December 25th, 2023 9:01 PM Author: Odious friendly grandma this is basically how the jews made williamsburg a thing. they had connectiosn with the city to fast track every project however. if you dont have those same (((connections))) your either (1) going to take forever or (2) you will start and then the jews will come in and steal your idea and put you out of business. (http://www.autoadmit.com/thread.php?thread_id=1978786&forum_id=2#47212624) |
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Date: December 25th, 2023 9:02 PM Author: canary boyish office Lol good job getting those areas rezoned (http://www.autoadmit.com/thread.php?thread_id=1978786&forum_id=2#47212626) |
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Date: December 31st, 2023 10:25 PM Author: sooty irradiated internal respiration That's how people invest in re. Buying an apt is the opposite of that. I'm checking maintenance(includes tax) fees for some of the places that I'm looking to buy, so one went from 1200-> 1500 from 2013, the other went 725->1070. And that's even worse in florida.. basically if I buy and hold a studio for 10 yrs, maintenance might then be 3000 and only an idiot would buy it from me then. (http://www.autoadmit.com/thread.php?thread_id=1978786&forum_id=2#47235088) |