When I first met Neil and Terri Goldstein, they expressed interest in purchasing an investment property in Manhattan. With a budget of $600,000 and the need to finance 90% of the purchase, we scoured the market to find just the right fit. It was important to find a unit with affordable monthly charges, while having the ability to generate a profitable monthly rent.


Due to the budgetary constraints of the Goldsteins, we needed to find a building that allowed for 90% financing and only 1 year of reserves for maintenance and mortgage.

While a Condo would have been ideal, the closing costs were simply too high. As a result, we decided to target very lenient Co-Op and Condop Apartments with flexible sublet rules.

With many Co-Op buildings, it can be very challenging to find properties that will approve a 90% financing transaction.


After nine months of viewing countless Apartments and losing out on numerous offers due to various reasons, including fierce competition for more qualified buyers and higher offer prices, we finally found the perfect unit in a Condop building at 310 E. 46th Street. After several round of negotiations, the offer was accepted.

Despite an accepted offer, we still encountered challenges with financing. Fortunately, through my vast resources of connections, I was able to connect The Goldsteins with the perfect mortgage Banker that was able to provide financing under the right terms.

Three months later, we finally closed.

The Investment Piece

While that may have been the end of the transition for most buyers, I still had to deliver a rental tenant to complete the investment purchase.

After several weeks of advertising, we found a highly qualified renter that now lived in this space and pays a strong fair market rent.

Keep in mind the maintenance in this building is 72% tax deductible, generating outstanding tax deductions for the investor.

The Present

The Goldsteins are very happy and now have a great investment property that will certainly appreciate over time. We are now close friends and will be doing more transactions in the future.