Daniel Blatman
Luxury Real Estate Broker
And Luxury Home Expert
Work With Us
Working across all price points, boroughs, and property styles, Daniel Blatman leverages technology and expert industry insight to create a bespoke, transparent, and knowledge-driven transaction for both buyers and sellers, maximizing the return on investment that makes NYC a secure market for building wealth.
DANIEL’S TRANSACTION HISTORY
- What do real estate buyers look for when buying a home?
By asking a buyer “what are you looking for in a home?”, we can guide you directly to what matters to you, the buyer, the most.
Like if I’m representing the seller, the first thing I ask somebody when they come in the door is “what’s important to you in a home?”, “what do you need?”, “What do you want?”, and then I’m gonna show them exactly that.
Yesterday I brought one of my buyers to see this beautiful three-bedroom in the upper West side, and I know all my buyers really care about three things.
Big Kitchen, because they cook a lot, they want a big living room and they want outdoor space because they want to cook and they want to entertain. That’s it. They just want those three things.
We walk into the apartment, we’re guiding them around, and the seller’s agent kept wanting to take them back and show them the washer/dryer. I have no idea why this agent, walked out to them while they’re on the terrace and wants to bring them back into the apartment to show them where the laundry is. My clients are never going to do their own laundry. I don’t know when the last they did it was. They don’t care.
So make all of our lives easy and just ask, what’s important to you in a home.
- There’s no cobblestone in Tribeca. It’s Belgian Block!
Fun fact of the day!
I’m in Tribeca cruising around, and I always thought this is Cobblestone because that’s what everybody calls it. This is the first way that they actually paved streets. Maybe it’s now the second way. Because technically, this is called a Belgian Block street.
All over Tribeca, and everybody gets it wrong!
So, now you know! This is Belgian Block.
- How do you make an offer on an apartment in NYC?
How do you make an offer on an apartment in NYC? One of my favorite things about buying in NY is that it’s a very informal process. Now, this is different than anywhere else in the country. We typically submit with three documents: 1 – Your Pre-approval Letter. 2 – Your REBNY financial statement, this is Real Estate Board of NY. Very simple excel document 3 – An Introduction Letter. Got to look out for fair housing with this one, but I still highly recommend it. We want to use those three documents to show that you are financially qualified, that the co-op board will most likely approve you as a purchaser, and that you do have some financial responsibility. With that, we need to include in the basic email what name you’re going to take title under, what the terms are, is it contingent on financing or is it not contingent on financing, what your debt-to-income ratio is, when you want to close, and some of the other terms of the deal, what is included and what is excluded.
You SHOULD NOT Pay CASH For Your Apartment!
Do I think you should pay cash for your apartment? No, not at all. In fact, so let’s just say you’re going to buy this one, this is a 2 million dollar house. Instead of spending cash on this, why you don’t put down $500,000. Then you give me the extra $1,5 M and we’re going to take that money (not put it in my bank account!), we’re actually going to buy you two other townhouses in Brooklyn (possibly Queens or the Bronx), these are some areas that are growing very quickly. You also have low monthly carrying costs. So we’re going to get you a 3 or a 4-family house with that, and we can diversify what that is. Now, this depends on what cash flow you’re looking for. So when you buy these investment properties, not only you’re going to hedge your bets, you’re going to work very well with inflation, you’re going to get the tax depreciation, and minimize your tax basis. Plus, you have all the pass-through income from what those rental values are going to get you. Now, with the inflation part that rental value is only going to go up, so you’re going to make more and more money from that. Now only that, it’s now paying down your mortgage and you’re going to make a little bit of money on top of all your carrying costs!
- Anything Is Possible in NYC Real Estate!
What I love and what I tell my team is that any time that you’re going to be on a phone call with a client or even or even a family member, you should be out walking around New York City. Not only is it the best backdrop, but anything is possible. I was talking to a client and I was just walking around Stuyvesant Square Park in Gramercy and this one person came up to me and said “Are you in real estate?” I was like, “Well, I am wearing a suit, so yes!”. And she’s like, “great! I used to own here now I live in Murray Hill, but I still come to this park every single day, and I love it and I’m dying to get back here. Do you know anything around here that you can show me? I would love to see it and I want to move back.” Just because I was on the phone walking around naturally, and I’m talking about real estate with my loud voice! I was able to make an impact on somebody’s life, and help them find new certainty to get them back into a part of the city that they love. Another testament to why in real estate anything is possible!
- What Makes You an EXPERT in NYC Real Estate?
I didn’t ask you! That’s what goes on in my head whenever a broker tells me how long they’ve been in business as if it’s going to give them a certain amount of seniority. Because if a broker is going to tell me that they’ve been in business for 30 – 40 years, I know that doesn’t matter. Because 30 – 40 years of experience where you’ve only done 1 to 4 deals a year or you’ve never done a deal above $1,000,000… I appreciate you, you’re great, and you’ve helped pioneer this, love it! But the amount of experience that you’ve gathered over that 30 to 40 years might not be as much as what me and my team have gathered in the last year, where we’ve just done 60 – 70 deals alone in that one year. So we focus on what’s our experience of doing a volume of deals, what’s our knowledge of the city and the way that people move, and where we are in today’s market cycle. If we focus on that versus “I’ve been in business for 40 years”, we’re going to find the best way to get you the right answers, and you’re going to feel confident.
- You MUST Have a Mentor!
Everyone has coaches, everyone has mentors. If you do not have access directly to a mentor, pick up a book, pick up YouTube. Grant Cardone has been my mentor for years, if not a decade. I had been working and learning from him for seven years before I’ve ever met him! Countless other great mentors that you can find and great coaching programs always do it but make sure they’re teaching you what you need to know, not just the information that will inflate your ego and help support what your current point of view is. They should challenge you, they should benefit you, and help you grow. #shorts #mentor #mentoring #coach #coaching #coachingonline #realestatecoach #realestatecoaching #realestatenewyork #realestateagent #realestateagent
- TOP Qualities a Real Estate Agent MUST Have!
The qualities I’m looking for in an agent if they’re going to join my team. It’s all really simple. You need to be coachable, you need to be positive and upbeat, all the time. You also need to be solution-oriented and very proactive, because there are always going to be challenges in this job, and in any job. But you need to be a self-starter need to be able to find new influences. How do we learn more? You need to bring questions to the table so that we can workshop them, we can role-play. I mean, I’ll still role-play every single day to make sure that I’m on my game, and that I’m learning as much as I possibly can. If you’re afraid of it that probably means you should try it because we learn so much by going through the struggle, and we will always grow through challenges.
- TOP Qualities a Real Estate Agent MUST Have!
Here are the top five reasons to be a lifetime renter: 1. You like your monthly payments to go up. 2. You like living in someone else’s renovation regardless of what the taste was and whether it hinders your own emotional well-being. 3. You don’t like equity. 4. You like the opportunity for your rent to be increased or your landlord to not renew your lease so that you can be kicked out and need to find a new home. 5. You have no intention of using either the equity in this home or the value of the home for collateral to buy other investment properties, therefore, multiplying your wealth or even creating it.
- What’s Included When You Buy/Sell an Apartment? (Inclusions)
Inclusions in an apartment is anything where if you were to take that apartment as is, turn it upside down, and shake it, anything that falls is not included. You have to understand that with these inclusions this does include typically blinds and shades, and it also includes your chandelier. So if you want to carve out to not include your chandelier that is a family heirloom, we need to make sure that: 1. We either replace that in the beginning before we list the apartment so that it’s not even a question 2. We make a special carve out saying that this chandelier is not included in the sale and then you, as the seller, just need to understand you’re going to replace it with something that might be similar before you close
- Take a REAL Vacation!
What am I learning right now? How to take a vacation! I just took my first vacation in a year and it was for ten days, which actually makes it the longest trip I’ve ever taken. I left New York City for the first time in 14 years. Which isn’t something that should actually be proud of, but I kind of am. Learning how to disarm to take a break, to take a creative venture, to take time away, and disarm everything that we build up in New York just to survive here is so relaxing but also reinvigorating. It brings that creative spirit to look back at my life, back at my business, and figure out what do I need, what’s working, what’s not working, and really taking that time to reflect. Not a vacation where you need a vacation from your vacation, but really that time to reflect. It’s amazing. Highly recommend it!
- Does Your Kitchen ACTUALLY Work for Cooking?
You say you cook a lot, but does your kitchen actually work for cooking? I had clients that were trying to figure out how could they walk into and out of their kitchen, repeatedly! And, would it be possible to have two people in there? Is the refrigerator in the right spot? Can you open the dishwasher? We opened one dishwasher and you couldn’t even open it all the way. It had a top drawer that was usable, but you couldn’t open the bottom drawer. You’re trying to load in plates by reaching in there and sticking your head into the dishwasher. It’s like reading about Hansel and Gretel, falling into the oven. There are other apartments where you cannot even open the oven. So how functional is your kitchen? Are you taking these things into consideration when you’re looking at an apartment? Because the last thing I would want is for you to look at an apartment, think it was beautiful, it was just renovated, shiny objects, and then find out you can’t use any of it. That’s why you should work with a great broker like me.
- Check the Plumbing Before You Buy!
1960’s buildings, in either New York City or anywhere else in the country, have old plumbing. Now the plumbing, best case scenario, is going to last 60-80 years, so we’re reaching a point where all of that plumbing is going to be coming due. So, we want to find out in our due diligence when did that building replace its plumbing risers, because you have steel pipes that have all been corroded. This is going to change your water pressure, this is also going to change do they leak and cause damage to your apartment or other apartments. They’re also large capital expenses for that building to go through and cause an assessment. So it’s understanding “What is the makeup of this building”, and how well looked after is your building?
- Does Your Kitchen ACTUALLY Work for Cooking?
You say you cook a lot, but does your kitchen actually work for cooking? I had clients that were trying to figure out how could they walk into and out of their kitchen, repeatedly! And, would it be possible to have two people in there? Is the refrigerator in the right spot? Can you open the dishwasher? We opened one dishwasher and you couldn’t even open it all the way. It had a top drawer that was usable, but you couldn’t open the bottom drawer. You’re trying to load in plates by reaching in there and sticking your head into the dishwasher. It’s like reading about Hansel and Gretel, falling into the oven. There are other apartments where you cannot even open the oven. So how functional is your kitchen? Are you taking these things into consideration when you’re looking at an apartment? Because the last thing I would want is for you to look at an apartment, think it was beautiful, it was just renovated, shiny objects, and then find out you can’t use any of it. That’s why you should work with a great broker like me.
- Here’s Why Most People DON’T Rent Our Their Apartment
Are you actually going to rent that apartment out? You say you need an apartment with a flexible sublet policy. Now, I know we don’t want commitment. Nobody does. You want to be able to rent that unlimited and have a crazy time. You’re not actually going to rent out the apartment. The reason that most people don’t rent out their apartments is: 1. They don’t want to be a landlord because they don’t understand it. 2. It costs them money because you have to look at “will you break even with your equity?”, and “will your building charge you per month?” in order to sublet that apartment 3. How much equity do you have outside of this apartment? What is your net worth and where are you moving to? Maybe you need that money that you have in that home, in order to buy the next home or to buy that next investment. So, when you say you need a flexible sublet policy, I think we really need to understand and get down to your goals and what are you really needing.
- What Is The Wet Over Dry Rule?
Most buildings have a wet over dry rule, where they do not allow a wet, room like a bathroom or a kitchen to go over a dry room like a bedroom or a living room. The reason for this is that they have this theory that if it’s a bathroom it’s not going to leak into a dry room, or same thing with a kitchen, where to leak into a dry room. Now, that does and also does not make sense. If you have a bathroom that leaks down into another bathroom, you have to break open all of this expensive tile. Marble costs a fortune, so now you have to redo all of that. However, if you have a wet room that leaks over a dry room all you’re doing is fixing drywall, maybe a painting but hopefully just not a Picasso. We need to understand does the building have a wet over dry rule and what do they actually consider as wet? And will they allow you to expand it slightly or not?
- Here’s Why Buying in NYC Is Better Than in Connecticut!
I was looking at investing in a three-unit building in Connecticut. Doing that over buying in Brooklyn or The Bronx, and the reason for this is because the closing costs were so much less in Connecticut. Now, this is going to save my upfront expenses. When I looked back at the numbers and I really ran everything to figure out what my reality was going to be, I realized the taxes in Connecticut were so much more money than what they were in Brooklyn and The Bronx, and even Queens. So, when I broke down what my closing costs were going to be versus what my all-in monthly expenses were going to be and the taxes, I was going to make up my closing costs in three years by buying in Brooklyn or The Bronx or Queens versus having to pay that higher tax base in Connecticut. What makes this city different than anywhere else is that we’re only expanding up, we’re not expanding out. So this will protect your investment, and only increase your rents as that area becomes more popular.
- How To Find Your Ideal Neighborhood in NYC!
So you’ve been renting, and you don’t want to buy in the same neighborhood that you’ve been renting. My recommendation, let’s look in these other neighborhoods, Upper East Side, different sections of Brooklyn, they’re all growing very very quickly and very well. Get an Airbnb and stay there on a Thursday night and a Friday night. This way you can wake up and see what your commute is like on a Friday morning. You can also wake up on a Saturday morning and figure out where you’re going to go for brunch or coffee. Do you like the people that you run into? Test out different neighborhoods, take some time. If you don’t need to move for 6, maybe 12 months, start feeling out these other opportunities. Each neighborhood is only about ten blocks, so if you try out one street and you’re like I’m ruling out an entire area you are making a mistake. Let’s just say the upper east side that runs from 60th St to 100th St. Feel out what it’s like and because you have that time and you’re not in a rush, take the time, make it productive and then let’s find your ideal home.
- Do You Know This Secret Park In Manhattan?
Welcome to the Elevated Acre. This is at 55 Water St in the Financial District. What I love about this, is that it is exactly one acre, which if you are a New Yorker and you have no idea what an acre is, and all your friends are buying in The Hamptons, this is a way that you can get to come out and find out what an acre lot actually does looks like. Now, half of it is turf, with a really cool seating area, the other half is actually all forest, so kind of feels one of those exhibits that you get in at the history museum. If you’re a green space fan in the concrete jungle, you got trees, you got turf, and you got tables. A great place to relax!
- Dine at George Washington’s Headquarters in Manhattan!
Fraunces Tavern is one of my favorite spots in the Financial District and it has so much history. The number one claim to fame is that it is the oldest surviving building in Manhattan. The building served as George Washington’s Headquarters during the revolution. It also served as where they would negotiate the peace talks with the British, and then they did their final celebratory dinner when the British left New York. It is owned and restored by The Sons of The Revolution, so this tavern not only does it have a restaurant, but it also has separate rooms that play live music every night. So if you actually want to come down here and have a different spot to hang out and get some history, this might be your gem. The food’s also pretty solid too! Highly recommend checking it out!
- Stone Street Is Older Than NY!
Welcome to Stone St! This is by far one of the most fun blocks in NYC because it is short, and there are so many different places to eat, to dine, to eat, to drink, and to listen to live music. It was originally paved with cobblestones in 1654, mainly because everybody was complaining that the road was in disrepair, as New Yorkers do. So, when it was paved in 1654 the claim is that it is the oldest and first paved street in New Amsterdam. This was named Stone St in 1794 to commemorate the cobblestone method. What is also great about this it is not only you have indoor bars and restaurants in each one of this historic building behind me, but they also bring the fun outside! It is covered during the winter and spring, and then also open during the summer. So you get plenty of sun, also some shade, and all the fun!
- Trinity Church number… 3?!
Trinity Church is one of the more iconic buildings in NYC. You can see it from Water St all the way west to Broadway, and when this version of Trinity Church was built in the 1840’s this was the tallest building in all of Manhattan. The fun thing is that it is the third version of this building where the original one was built in the late 1600’s then burned down and then another one was taken down in a snowstorm, so this is Trinity Church number three! Famous people that were also buried here are Alexander Hamilton with his entire family along with Robert Fulton who designed and built the first commercially successful steamship ever. Trinity Church plays a really fun designated anchor to where the subway is, where the new Whole Foods is going to be, and really a crossroads in the Financial District, welcoming you home.
- The (No Longer) Financial District!
When people think about the Financial District they think big banks and the Stock Exchange. While the Stock Exchange is cool, most of the banks are actually in Midtown, and it’s used mostly as a symbol for when a new company launches on the Stock Exchange: it’s a very cool and powerful symbol! Fun fact: the last big box bank (say that five times fast) left the Financial District in 2021, and this was Deutsche Bank. That made this neighborhood almost entirely residential. It is packed full of fantastic restaurants, and many of these restaurants are shooting for a Michelin Star. You’ll also see more than two bars on the list of the world’s best cocktail bars.
- Here’s ONE (Wall St) Of The Best Buildings In The Financial District!
If you like Art Deco Conversion Condo Buildings One Wall St is going to be one of the more fun projects to see. Originally built in 1930, it’s one of the Art Deco landmarks of NYC. Converted by Macklowe Properties, who’s also one of the premier developers in both NY and Miami. Most importantly, what this building is going to be bringing in is a Lifetime Fitness and a Whole Foods. Now, if you know anybody that has lived in the Financial District and has thought about living in the Financial District, the biggest challenge is a big box grocery store. So, once that moves in that will round out the full amenity package making the Financial District one of the more inviting, calming, and welcoming neighborhoods in the city.
- Wall St Has A Cool History!
Wall Street is always depicted as something that is all finance. It also has a really cool history! Wall Street’s name could come from multiple different sources. There was a wall erected on Wall Street from 1685 until 1695. Now, the goal of this was to keep everybody south of it protected and everybody north of it out. Simple goal! It could also be named after the Walloons, which were an ethnic group from Belgium; back when this was the melting pot named New Amsterdam.
- The Best Secret of The Financial District is the Ferry System!
Having access to New York City’s Ferry System is by far one of the best secrets that the Financial District has. Leaving from the Financial District on one of the Water Taxis you can get to Rockaway Beach in just under an hour. You can get to Coney Island in 36 minutes. You can get to Sandy Hook, New Jersey, in 45 minutes. You can also go visit your other friends in Williamsburg because we all know that they never leave Williamsburg. We also have one of the older Government Buildings which served as the United States Customs building in New York City from the early 1900s until 1974 when it was actually moved, and it was once the center of all commerce, not just finance. So might be the best place for your entrepreneurial vision!
- The Seaport Area Is Fantastic!
The Seaport Area which, when you take it out of the context of its Historical significance also feels like a neighborhood into itself. Seaport was really being resurrected in 2010, and then it was decimated due to superstorm Sandy in 2012. Anyone that hasn’t experienced it post-COVID will now see a new enlivened version of just an outdoor place to come and hang out. The IPIC Movie Theater reopened in 2017 along with the actual Seaport itself. Now you’ll see a lot more bars and restaurants that are moving in, along with a lot of pop-ups to experience something completely different. If you haven’t been down here I highly recommend coming to check it out. What is also really fun is that all of the buildings are fairly low so you still get this historical neighborhood feel that everyone loves about the West Village. However, this is older, and with more charm.
- Here’s the New INCREDIBLE Market in NYC!
The Tin Building is one of the newest additions to NYC, and to Pier 17 in The Seaport! This is the Jean-Georges Curated Market as well as featuring three different restaurant spaces. It is delicious, the food quality is fantastic, and it is an experience all in itself, especially if you’re indecisive and you just want to try all three in the same night. Let’s go take a look!
- Check Out this Hidden Gem of the Seaport Area!
The Fulton Stall Market is one of the hidden gems of the Seaport area. What’s great about this is that this is where you can come and get all of your local artisanal goods. There are over a hundred family farms represented at the Fulton Stall Market. You can get olive oil, fresh produce, and you can pick up from you local CSA here. You can also get ready-made food, baked goods, you name it. And fresh flowers in case you forgot your date night! This is open six days a week. Feel free, stop-by, feels like you’re transported in time!
- Smart People are buying Real Estate NOW!
Smart People are still buying real estate even in today’s high interest-rate environment. Especially with all of the volatility in the stock market in every earnings report that you’re seeing. We’re only going to see more and more volatility, or at least this is what the experts are predicting. What is going to be consistent is essentially what your monthly payment is if you were to buy now. Will your rent go up? Will it go down? You don’t really know! What is painful is actually getting kicked out of your home and we’ve seen that time and time again with the rental market in NYC in this time of 2022, where your rent went up 10,15,20%, and then you’re trying to figure out where are you going to live. Do you want to pay that rent? Do you not? And can you find something else? What holds true in this market or any market is that a good layout, a layout that makes perfect sense fits a lifestyle, and fits the emotional needs of someone.
- Here’s how to save 17.5% on your residential taxes!
You can save up to 17 .5% on your residential taxes in NYC. If you are a primary resident in NYC, in a condo specifically, you can save up to 17 1/2% by filing for multiple tax abatements. Naturally, you have to qualify and this is for a primary resident. You do not qualify if you own this with an LLC, or if it’s an investment property, or if you are a pied-a-terre. In a co-op one reason that people don’t want a pied-a-terre is because the pied-a-terre does not qualify for that. So the co-op will often reassess all of the primary owners at the end of the year that 17 1/2 %, so you don’t actually get to keep it, it goes into their reserve fund if you are a pied-a-terre they may assess you that extra money, which you now need to come out of pocket and pay. You won’t see this in advertising, you won’t see this anywhere, that’s why I’m telling you now! If you are a primary resident in NYC, in a condo specifically, you can save up to 17 1/2% by filing for multiple tax abatements. Naturally, you have to qualify and this is for a primary resident. You do not qualify if you own this with an LLC, or if it’s an investment property, or if you are a pied-a-terre. In a co-op one reason that people don’t want a pied-a-terre is because the pied-a-terre does not qualify for that. So the co-op will often reassess all of the primary owners at the end of the year that 17 1/2 %, so you don’t actually get to keep it, it goes into their reserve fund if you are a pied-a-terre they may assess you that extra money, which you now need to come out of pocket and pay. You won’t see this in advertising, you won’t see this anywhere, that’s why I’m telling you now!
- 3 Reasons why your Co-op apartment does not want pied-a-terres in the building.
Here are three reasons why your Co-op apartment does not want pied-a-terres in the building. 1. They want everybody that lives in the building to be invested in the building and in the community. They want you to be involved, to take care of it, be interested in talking to the doorman, and keeping up the spirit of the collaborative environment 2. Pied-a-terres may not take care of the apartment as much the building may also be afraid that you are going to Airbnb it, because of that couple that you happened to have met in San Tropez when you were vacationing that now want to come to New York. They’re just afraid of what that is and having more of a transient community 3. The co-op condo tax abatement. What that is is that as a primary resident you can save up to 17 1/2% of your tax payments per year. If you are Pied-a-terre you do not qualify for that, which now can cost the building extra money due to accounting and also cost you extra money due to an assessment that is just for the pied-a-terres. That is why your co-op wants you to be 100% owner and involved in the community
- Here’s why Monotony is our friend!
Monotony is our friend! I know it sounds boring. However, going to the basics and executing them very well over and over again is how empires are built. It’s just not going to be that exciting. So figure out what your daily schedule is going to be. What is successful, what works for you, what doesn’t work for you, and most importantly what works in your industry. Because everyone will always think “well it just doesn’t quite work for me.” However, it works for 99.9% of that industry, so something is clearly working out well. So, master the basics by repetition repeat them over and over again until you are such an expert at it. Then you can expand. This even breaks down to things that Bruce Lee has said, and I’m going to completely mess up what his quote was but he says that he would be much more afraid of the person that has practiced a punch or a kick 10,000 times than the person that knows 10,000 punches and kicks.
- Here’s why you see all of that scaffolding in NYC! Local Law 11
Local Law 11 is a very important thing in NYC and also why you see all of that scaffolding. Every 5 to 7 years the building will have to go and check all of the mortar and check all of the bricks to make sure that they are in that wall tightly. And the reason that they have this is because a brick fell out, hit somebody, and they died. Tragic story, but this more a NY song and dance that we do. Something happens, somebody gets hurt, and they create a law to fix it. What makes Local Law 11 so painful is that they will actually need to come and check all of the mortar and make sure that there is no moisture. If there is they have to get rid of everything that’s there, they have to scrape it all out because if they leave any of the old mortar and put new patchwork on top of it all of it ends up rotting, and they’re going to have to redo it anyway. So they have to drill out all of the old mortar (it looks wild), and then replace whatever bricks were there and get rid of that damage. Let’s protect your life, let’s also keep the rain off of you while you’re waiting for a cab, and just hide under stat scaffolding and enjoy it while there.
- Bathroom Plants? Underrated!
Bathrooms plants? Underrated! I cannot recommend putting plants in your bathroom enough. I know that that sounds absurd. What they do is not only do they clean the air, they make the place feel more lively. Otherwise, bathrooms feel cold, they kind of feel dead, and they often don’t have windows, especially in NY. So just having something that is living that is breathing, other than yourself or your dog that’s coming to hang out will really transform the space and make it feel much more peaceful. Plus you can also play other games life if your animals are coming put cacti in there. If your lover is coming, put flowers. Take stock of any other bathroom that you go into. Do they have fun wallpaper? Do they have plants? Everybody right now loves putting up the large palm leaf wallpaper. Well, why not one up that with something that’s actually alive?
- Here’s why Estate Planing is ESSENTIAL!
Estate Planning is essential especially once you are a homeowner! I know you think that you’re young and invincible. However, things do happen. If you do not have this set up the disposition of your assets, real estate, stocks, and bonds, 401 K will now be subject to the rules and laws of your particular state. If you’d like control of that and figure out who in your immediate family or friends or your dog is going to now control this. If you do not have an estate plan set up the state will actually now appoint someone from the court to handle everything. Now, that can actually be expensive, it can cost your family money, and it can cost everybody a lot of time and a lot of heartache. We want to make sure we also plan for what your financial future is with the disposition of it.
- Block outside noise with CityQuiet Windows!
City Quiet windows are on of the best things that you’re not using. What they really are is that it is a second layer of windows that goes on the inside of your apartment, so you’re not going to have to get the full board approval, it’s more of a decorator’s agreement. Just because you live on a quiet street doesn’t mean that you’re not getting these noises every single night, which are affecting your sleep. The most invasive sound is a quiet street where that one bottle all of a sudden just drops or somebody kicks something or where there’s a motorcycle that decides to drive down your Blok. The City Quiet windows will keep your sleep very, very steady. That will also potentially affect your job performance, and also your health. It’s really effective if you’re living on a major avenue, if you’re living above a bar or restaurant or if you just happen to have noise sensitivities and there is an air conditioning unit outside of your apartment. Adding this layer of noise resistance and cancellation will be a game changer for your everyday life.
- Avoid the Cute, live the Wealthy!
You don’t need to live in that cute one-bedroom in the West Village. This is why. In a high-interest rate environment, if you were to find the cutest and best apartment either you’re going to live there, you’re going to rent there, you’re going to own there, that money especially if you’re going to rent it is gone! However, you’re going to love your lifestyle, every thing’s going to be great and you get that wonderful thing that we call lifestyle creep. Which means you go out every single night and you spend $100 per meal because that’s what it costs to go out for a night by yourself. In this financial climate and where this economy is when we look at the leading experts (you have Jeff Bezos, Elon MusK, Jamie Simon ) all of these experts are saying cut the fat, cut your costs, stop spending money on large purchases, and really figure out what your needs are. Focus and look at delayed gratification and buying a 2 to 4 unit in Brooklyn or Queens to have a renter paying down your mortgage, therefore, making you wealthy. Avoid the cute, live the wealthy!
- Buy in Astoria NOW!
Astoria (Queens) is like the uncharted frontier for real estate investors. And just for people to move there is so much of a conversation about Brooklyn, Manhattan… so let’s talk about Astoria and where there is a real opportunity for you to buy either a co-op a condo, or a multi-family or even a single-family. A single-family home in Astoria is running behind 900K and 1.3 million dollars. If you want to buy that 3-4 or 6-bedroom home and rent out the other bedroom, that would not only pay for itself, but it will also continue to appreciate as more and more people go to discuss Astoria. Plus, you have very accessible subway lines. If you’re going to take the N, or R, or the W train, or even the 7, you’re right there, and you have immediate access to the city. You’re still within a 30-minute commute. Let’s start assessing what are your life priorities and what you are willing to do, and let’s start altering that conversation to build your financial future.
- 3 Reasons Businesses FAIL!
Three reasons that businesses and entrepreneurs fail: 1 – They don’t understand their Why. Understand “why are you doing what you do?”, because you’re going to have to do that day in and day out for the rest of the time that that business is active, unless you’re able to scale beyond it 2. It takes a lot of work and effort, day in and day out. I worked 7 days a week for 9 years. It’s still great, my life, and my business has grown so much, and I’m incredibly grateful for it. Any entrepreneur that I know continues to grow in the same possible way. 3. Continue to learn. There are always new things that you’re going to have to learn in your business and also for your life, because when you’re putting so much time and effort into your business, what happens to your personal relationships, and your personal life? Then it makes your whole why to escape because you forget why you get into business for yourself anyway. So continue to learn, continue to grow, and continue to learn new tools and techniques to build your brand.
- DON’T follow your passions to get wealthy!
Don’t follow your passion to get wealthy. The reason I say that is because so many people right now are so focused on following their passion. Focus on the little things, how can you be one step better every single day, and what industry are you in right now, that you are an expert in, that you can see some holes in and problems that you can fix? And I guarantee that there is a pain point in that part of the business that you can solve. Think about all of the people that have followed their passion, so let’s just use a rockstar for example. Do you think that Bon Jovi loves playing “Living On A Prayer” at every single performance? Not to mention every single person that he ever meets anywhere somebody will comment on “Living On A Prayer”. That has been with him for nearly his entire life. You’re always going to find some monotony in your business. How can you make your life better? And how can you make other people’s lives better, one day at a time? Game changer!
- How American Express selling their building will impact NY!
American Express is considering the sale or the rental of their building. And this is why it makes a lot of sense, and it will be a boom for that part of the city. There are more tech jobs in NYC than there are of finance jobs. So we have become much more of a tech-driven city, despite what you believe. What is great about this, when you look at the mechanics of that building, and you look at the campuses that Amazon, Apple, Google, every major tech company, and what they have built, and the infrastructure that they have with restaurants, parks, day-care. You name it, they have it! That building has it all. It’s in Battery Park City, where you also have great parks, you have great restaurants, you have a movie theater, you have a Whole Foods across the street. It already has all the infrastructure for all the major tech companies to come in and retrofit to fit their goals. So if anything this is going to build a new infrastructure and a new life that is vibrant for all of Downtown, and only going to make it much more eventful!
- In a Bidding War you are only bidding against yourself!
Bidding wars are still happening in today’s market, and my favorite thing about a bidding war (even tough nobody wants to get into a bidding was) is that when you are in a bidding war the only person you are competing with it is yourself. We need to understand what do you value that property for and where will you be happy moving forward with it. Based off of how where we see the entrance price of that home is, what the cost of improving it is going to be and we’re even including paint, we’re including new counters or different appliances and understanding all of that as well as just your overall financial outlook because sometimes overpaying makes a lot more sense than missing out on something. My favorite thing about a bidding war is that just because they’re asking for best and highest offers doesn’t mean that the offer is even over the asking price or that there are even other offers. So again, you are only bidding against yourself.
- Don’t wait for price drops to buy real estate!
Do not wait for price drops to happen in the real estate market If you’re looking to buy something be it three six or 12 months out, we should start looking today. Most of the deals that are happening will never be announced with a price drop. The great thing about real estate is that we can go out and make an offer with mo money down, no commitment, and see how the seller reacts. We’re always going to run numbers based off what is it asking , what’s it worth, and then what are you willing to pay for it in today’s market, and based off of what are you going to do to the home. If you’re going to renovate a home that’s already renovated you can’t pay renovated pricing, that’s in any market. So in today if you were to wait for that home to actually drop that price and announce we’re now price correctly, you might actually lose out on that opportunity because it just invited a lot more competition in. So get that jump, get that deal, and let’s get started.
- Are rents coming down anytime soon?
Are rents coming down any time soon? That’s a pretty good question. My answer is no. And the reason for that is because the rental prices in NYC right now are not actually much higher than they were pre-pandemic (we’re talking 2019). We’re a little bit above that, which is a very sustainable rental price. The challenge is that everyone is reacting to the Covid Deal and Covid Pricing that they were offered as a special incentive for staying in NY and loving such an amazing city, and they’re reacting to those very very high rent increases they’re receiving today. When you look at the history of what those rents are and the way that people will move, we’ll see the supply and demand, and we’ll see that new neighborhoods have been created, new demand has shifted. People are open to moving to these other places, but I would not expect those prices to be coming down. It is very important to look at what was this apartment worth pre-pandemic in 2019, and what’s it worth today and is there going to be a long-term sustainability to my budget, somewhere in that spectrum because that is what you can expect to pay for the foreseeable future.
- Co-Ops Are Amazing!
Co-ops are amazing because they actually give you a sense of community. They are invested in the community of the building. In a city where we are running around everywhere at all times having a building you can actually come home, you feel welcome in the lobby, you know your neighbors, and your neighbors are actually invested in the community or in the building. You’re actually excited to be there. That’s what makes co-ops amazing. And, the benefit of them is that they are 30% less expensive than condos, and they also make up 60 to 70 % of the NYC market. When you’re looking for that good value, and you’re looking for that home, and you really want to feel at peace, the co-op is by far the way to go. Everybody is excited about condos, because they are new, and because you can rent them. Are you actually going to rent your apartment, or are you going to sell it? If you’re going to sell it in 5-10 years, you may actually be better off buying a co-op, because it’s going to get you a lower price, and then you can take the rest of your money in other cash-flowing assets, either other investments in real estate, or in the stock market, or you buy a company. Everybody is talking about Laundromats these days.
- Co-ops can reject your deal!
The co-op can and will reject your sale based off of price. It’s kind of crazy! So you think you got this really good deal on this apartment and then you go through the three-month-long process, pay all of the board application fees, have your attorney do this, that… you’re ready to go, and then the building just says thank you, we’re not approving the sale, do not pass go, do not collect the apartment, you are DONE. And they don’t give you a reason why, because they don’t have to. So as long as your finances and your employment history makes sense for that building (because that’s another step about co-ops in a different video), we need to really hone in on what are the actual comps of the building based off of that condition of the apartment. Should it be priced for the current market be it up or down? What will happen? There are ways that we can pad your pricing to both appease the building and to appease your really good buyer price. Think about design credits, think about closing cost credits. Then we have to find out how will the bank react to what those credits are and how does each bank actually operate and adjust for that? And is there any other way that we can come up with a solution to make sure that that contract price is up here and your purchase price is here?
- There’s an inventory crisis in NYC’s real estate market!
In NYC we are having an inventory crisis. We actually have a decrease in inventory and this is where it’s very important to understand what your sub-market is, and how many markets are in that neighborhood and how is that submarket performing? Good luck finding an apartment in Tribeca right now. Good luck in Soho. West Village, always good luck. Good luck finding a townhouse in Park Slope that’s renovated. So when something good comes up and something unique and something specific there are so many buyers for that. If it is more generic where the bedroom doesn’t have that much light, the living room is facing across the street, it’s the same apartment on the third, forth, fifth and sixth floor which the view doesn’t really change. Well, for that type of a property there’s not a ton of urgency for a buyer to come in and scoop it up without pricing and without making the place beautiful. When a great property comes up that is unique that is specific that sells! And there is so much demand. We just don’t have inventory!
- Winter is the best time to get a deal in real estate!
Winter is the best time to get a deal. This is the months between Thanksgiving and the end of February. If you are looking to buy, this is where pricing is going to be the best, but there’s a catch. There’s also less inventory. So, your concept of finding the perfect home is also going to be a bit more challenging, so then we got to figure it out what you are going to give up. However, if you are price conscious, and you are looking for that opportunity, that is when you’ll want to buy
- What are the closing costs to sell your property?
Closing costs for a seller are important to understand. One, the price can vary between about 9% and 11% of the sale price. This is for multiple reasons. You have the New York City and State Transfer Tax, you have broker commission, then you have all the miscellaneous closing costs. In a co-op you may also have Flip Tax, which can be anywhere between 1% and 3% of the purchase price. I’ve also seen condos starting to add that as well. So, when you are running your numbers, we need to understand what are you going to net when you’re selling your home and how can we move you forward to the finish line, and what can be actually negotiated so that we know what tools are at our disposal and where do we sit in the market to also play with those tools
- How to increase the resale value of your new apartment!
Don’t be that new construction buyer that goes into that punch-list walkthrough and says “alright, everything is new, this is perfect” and just leaves and closes. The punch-list walkthrough is one the most important things that you are going to go through in that process, and that will affect what your resale value is, and how the apartment holds up over time. That is your one instance to make sure that tiles in the bathroom and in the backsplash are not cracked; this is the time to make sure that everything is actually aligned, the cabinets are not nicked as if a two years old has run around them in a big wheel and just bumped into everything with a hammer. This is when you make sure that your countertop is not stained. Also, your shower floor is not stained. You can make sure that all of the wood boards on the floors are also aligned even and don’t have excessive gaps. These are the challenges that are going to massively affect resale, and how much money you need to put into the home over time to keep it looking new.
- Midtown West is terrible for investors!
Midtown West is terrible for investors! Because, if you’re going to buy a new construction condo in midtown west, it’s gonna bet pretty, it’s gonna be nice, it’s gonna be shiny object, but it’s also going to be small. And the challenge is when you go to rent out that property, you are up against so many high end, luxury rental buildings. Now, rental quality is typically lower than a condo building, which is why people pay a premium for a condo building when they’re renting it. However, in Midtown West specifically, the rental product is very very good. You have amazing amenities, you have great views, you have great finishes, and you also have low entrance costs. Which means there are no fee and $20 credit check application to get in. If they’re going to rent your condo, you’ve got to pay the broker, plus you have to pay the condo application fees, which can be between $1000 – $2000 dollars just to apply to leave in that building. That’s why you should invest your money elsewhere and let’s focus to on getting you the return that you want versus something that looks shiny and new.
- House Hacking in NYC!
Yes, it is completely possible, and I highly recommend it. You’re just not gonna love where you wanna live. You can look at multi-family in The Bronx, Queens, Brooklyn, and potentially different parts of Manhattan, depending on what your assets are like. House hacking is a phenomenal way to start building your net worth and keep your carrying costs super low. I saw a four-family in The Bronx for $1.3 Million dollars that was marketed as a nine cap. And that also doesn’t include appreciation. So, the longer you hold on to these homes, the more value that they’re going to have, and therefore give you different exit strategies. But you might surprise yourself. You buy something right now for $1.3 million, it drops your carrying costs and your rent to, say, $2,000 a month, and let’s say you sell that thing in 20 years – 30 years. It’s completely paid off, you’ve had tax savings, you’ve done a cash-out ReFi, you really built your financial life around this, and let’s say it’s worth $3.5 Million at that time. That’s the power of house hacking in NYC!
Increase the value of your home by fixing your bathroom!
Get your bathroom ready to be shown. Everybody’s gonna look at your bathroom anyway. People spend the majority of their time in their bathroom when they’re at home. I know that’s a weird thing to think about. Watching IG, TikTok, YouTube, talking to your parents. So, you spend enough time there. Look at the grout, look at the tile, can it be buffed? Are there cracks in it? Could you replace 3 of those cracked tiles? Probably you should have done it anyway while you were living there, because it would have made it look so much brighter and so much more inviting. Is the lighting something that’s always bothered you? Might be a good time to change out the vanity (even if the tub and the toilet are 50 years old, changing the vanity, game changer). Changing the mirror, changing the lighting… All this minor, minor details go such a long way when it comes to selling! It does take time, they need to be ordered, they need to be installed, you need somebody to come in to do the grout work while you’re not there. So if you’re going to be away for a weekend, perfect timing! We could plan that!
- Increase the value of your home by fixing your kitchen!
Get your kitchen sale ready! This will take some preparation. The reason that your kitchen is very important is because it takes a good amount of time. We need to look at your kitchen cabinets. Does it still look like it’s a shaker kitchen cabinet from 1982 or did you put a red lacquer kitchen? I know sometimes it’s styled, but we really gotta go over this to make it something that is perfect for the general population. Is all of the paint touched up? Are there nicks? Are there dings? Is there a way that we can polish your counter? Because if your counter has a lot of stains in it maybe we can get that buffet out, and nobody’s gonna think that they need to replace the stone, which is expensive. Is your refrigerator too big for the space? This happens all the time! If you can replace your refrigerator with a counter depth refrigerator or stainless steel as well you don’t have to get subzero. You can stay with a reasonably priced, we’re taking $1,000 – $2,000 dollars. You will see that in your resale value because when someone walks in your kitchen and they think oh this is too small, I can’t do anything in here, there’s no counter space , the refrigerator is too big, they just think it’s too cluttered and they panic. So if we can find ways to open that up before we but it on the market, before we get photos, before we get that feedback (because as an agent I already know it), we can get ahead of that and make it perfect!
- Save thousands of dollars by closing your permits!
Close your permits! Now that you’re going to renovate, whether you’ve owned for a long time or you just closed on your own, make sure that you pay all of your workers and you have them close out every single one of those permits. There are countless times when you go to sell your home, when the buyer will go into due diligence, and they will find an open permit. Now, that open permit can cost you tens of thousands of dollars and it can also cost you many months of delays, and also potentially lose deals. I’ve had a client lose a deal over a gas line permit. I’ve had other closings delayed four or five months, and have to reconstruct a bathroom in order to make it legal and then actually closed. The bigger challenge here is can we find the tradesman that did that job and get them to certify that that job was done correctly; or do we need to find a new tradesman to now either validate somebody else’s work or have to redo their work to then submit plans to department of buildings. Regardless, your closing and you next step, whether you’re buying something else or not, hangs in the balance of a timeline that we can’t control, of a process that you don’t know what the expense in going to be, and everything could have been fixed with just making sure that your permits were closed.
- Your real estate agent needs to know your lifestyle!
Your Buyer’s agent needs to know your lifestyle There are important things that your buyer’s agent needs to know about your lifestyle specifically. Do you want your buyer’s agent to do just what they’re told and go and show you what you think you want to see? Or do you want them to do their job and find what might be interesting? Introduce you to new ideas, new homes and new solutions for your life that might make more sense. When I work with a buyer my job is to understand how are they going to live there. What are their priorities? Do they need a larger bedroom? Do they need a quiet bedroom? Do they need great light? Do they need a view? Do they need an high ceiling? Do they entertain? Does a different neighborhood work better for you than living in that neighborhoods of your dreams? Because that is an emotional buy, versus one that will be practical and actually make sense and make your life better. Our job as a buyer’s agent is to understand how do we make your life better through real estate and your home? By finding out more about you, your lifestyle, and your goals, we can accomplish everything!
- Is your decision data driven or dad driven?
Is your decision data driven or dad driven? I know that might be a little insensitive, but here’s the thing. Focus on the data. I feel like economists and whether people have one thing in common: they’re wrong 80% of the time and still keeps their jobs. That being said, there are intelligent people on both sides of the map, saying that the real estate market across the country and NYC are going to be terrible, and also about the real estate market across the country and NYC are going to be amazing. You have some companies like Goldman Sachs that are not buying property, and then you have other companies like JP Morgan that says we’re going to invest a billion dollars in real estate. So, when you’re looking at opportunities at hand, it is important to understand why are you as an individual looking to buy or sell? And what is your unique micro market? That could be this specific neighborhood that you are buying into, that could be this specific building that you’re buying into. And, figuring it out what should that home actually be worth in today’s market. Focus on your long term goals versus what your next six months is going to look like, and you’re going to win.
- Look at your goals every single day!
I can’t go a day without looking at my goals. And the reason that I look at my goals every single day, and actually look at them when I first wake up. One because I don’t want to look at YouTube, I don’t want to look at Instagram or TikTok. I want to understand what am I doing here on this earth and I need to look at my goals to figure out why am I excited to get up that day? What am I excited to accomplish? And, what am I excited to be building? And, what are my dreams? Now, not every day is easy. Not every day is fun, though, it is exciting to remind myself day in and day out why I’m here? Why am I showing up? And why will I build that habitual response? Always look at your goals especially an an entrepreneur. What are you building? What are you creating? And what mark are you looking to leave on your life? On the people that you come in contact with, life, and this world. I know that’s kind of big picture. However it is a phenomenal way to look at life and to keep you inspired. And with that, there’s never burnout.