Get some expert real estate (and life) advice from Bravo's Million Dollar Listing New York star and Triplemint agent, Tyler Whitman.

Season 7


Episode 1 - Season 7 is VERY Different


Episode 2 - "I'm Bad On Camera"


Episode 3 - How much $$ have I made each year?


Episode 4 - Stop Overthinking!


Episode 5 - You never know who's watching


Episode 6 - Buying Engagement?


Episode 7 - Time Management


Episode 8 - Top 3 Closing Lines


Episode 9 - “I don’t want to be annoying on social media”


Episode 10 - Do your best

Season 6


Episode 1 - Giving you the real estate TEA this season

Everybody, thank you for being here for season six of Whitman Wisdom! Can I just say that not only am I very proud to be doing season six of Whitman Wisdom, but when I did season one, I got so many messages from so many real estate agents saying that this would be the end of my career, and now they’re all copying me. So, when I was trying to decide what the theme would be for this season, I started asking everybody on my team and everybody at work and all of my friends and a few of my Instagram followers that I didn’t buy, and the responses were actually really interesting, because instead of focusing on, like, the how-to’s of buying and selling real estate in New York City, I’m actually gonna be talking about the industry in general, my business in general, and I’m gonna give you all of my secrets on how I make so much f$$ing money. Just kidding, I’m poor…


Episode 2 - Life after MDLNY

Every single day, people come up to me and they ask the same damn question: How has being on TV affected my life? I still just feel like myself! Like, I still have bills to pay, I still have a real estate business to run…But there have been some very special things, and I’ve had so many incredibly meaningful interactions with people from the weight-loss community and people who are trying to go on a similar journey that I’ve been on. To know that my story is out there and helping these people and now connecting with those people – that’s been, easily, my favorite part. But, in terms of my day-to-day, when I’m walking around, I still just feel like Tyler, I’m still a real estate agent, I still work my open houses. I think it’s so funny when I’m at an open house and I open the door and people are like, “Oh my God, you’re here!” And I’m like, “This is my job! This is what I do!”


Episode 3 - Buying in Uncertainty

A lot of people have been asking me about my 2020 market predictions, and I have very strong opinions on this. 2020 is going to be the fourth election year that I’ve worked since being in the business. Every single time it’s an election year, because of that question mark and people not knowing exactly what our future looks like, people pause, and they hesitate to make decisions. And that becomes an opportunity. After an election, people still need a place to live! People will always need homes. Real estate transactions are always going to happen regardless of who our president is. So, take advantage of this pause, because smart buyers are going to buy during uncertainty because during uncertainty is when you get deals. Whoever buys in this market is going to make money.


Episode 4 - The Whitman Team

Second most popular question that I get asked is, “How has my business changed since being on TV?” And, first, I’ll tell you the obvious: yes, I’m working with much higher price points than I had in the past. I’m talking to developers, I’m in the room with people who never would have spoken to me before, and honestly, it’s a dream come true. On the flip side is that, apparently, being on TV makes me seem unattainable as a real estate agent. And I constantly reach out to people and I’m like, “Hi, I’d like to sell your home!” And they’re like, “You wanna work with me?” Yes, I want to work with you! I’m on TV because I’m a successful real estate agent. And if you guys don’t work with me, then, not only am I not on TV anymore, I’m also not making any money. And, quite ironically, this real estate agent becomes homeless. So, give a girl a call.


Episode 5 - Here's The Dill with Mortgage Interest Rates

Apparently, there’s a lot of interest in interest rates. And here’s why I’m not interested in it: in my opinion, every talk about real estate and interest rates is all propaganda to get you to rush out and get approved for a mortgage. Because, I got into the industry in 2006, but I didn’t really start selling until after the 2008 recession, and that’s when interest rates plummeted. And you know what? It’s 2020, and that hasn’t changed! They’ve always been between 3-4%, which is a very nice, low, delicious interest rate, apparently. I don’t want to talk about this stupid thing that’s always been the way that it is! But, I just did. So. I guess you guys win.


Episode 6 - Suit Power

People often ask me, “What was the biggest lesson of 2019?” And, I’m very embarrassed to say that it is the power of wearing a suit to work. I’m always somebody who said, like, “I’m not the suited broker, I’m the sweater broker, I’m the t-shirt, I’m casual, that’s Tyler Whitman”, and was very reluctant to put on a suit. As soon as I looked at myself, it was like the gods had shined down and a new man had been born, and Tyler Whitman was ready to sell $10 million dollar homes! As stupid as that sounds, I actually believe it! I bought so many suits, I could do 17 seasons of Whitman Wisdom with the amount of suits that I bought, and I have zero regrets. My credit cards, on the other hand, are fully maxed out.


Episode 7 - The Role of Technology

There’s no way to get around the fact that technology has completely changed the way that we do real estate, and it’s about f$%&ing time! And the issue that we’re running into is that most real estate agents are terrified of what this is gonna do to our business and what this is gonna do to their careers. And if they stay scared – and this is for the real estate agents reading – if you stay scared, you are going to disappear. Guys, I hate to be the bearer of bad news: technology is coming whether or not you’re willing to accept it. You have to embrace it, you have to learn it, and you have to cooperate with it. And then, it’s gonna make your life a lot easier if you stop worrying about it completely replacing you, and you just become part of it. Come back, because the next few blogs are gonna be specifically ways that technology has already started to change us for the better.

Season 5


Episode 1 - Whitman Wisdom Is Back!

Welcome to season five of Whitman Wisdom. I am so happy and honored that you’ve followed me all these years when there’s so many knock-off’s to choose from!


Episode 2 - Why Is The Market Crashing?

You may have heard that the market is crashing and that’s because it’s true. You know, things are really tough right now. But the question is, Why is the market crashing? And I’m telling you, it is your own fear. In the 2008 crash, everybody was losing their jobs, everybody was getting laid off left and right. And today, that’s just not happening in New York City. Everybody’s still making money, and they’ve just stopped investing in real estate because they’ve bought this story that the world is about to end. And I get it, you have political fears. But, the truth of the matter is, if you are a buyer right now, you should be buying a sh#$load of real estate. There is not a better spot to put your money. It is cheap, and it is good.


Episode 3 - Location, Location, Location!

If you think that being open to various locations that you’re willing to buy in is a good thing, let me tell you, it’s actually a bad thing. Location is the number one driving factor of price points in New York City. Like, if you’re looking at the Upper East Side, buying on Fifth Avenue, Madison, and Park is a much different price point for the exact same inventory on First, Second, and York Avenue. So, based upon your needs and your price point, you and I can have a conversation to say, “This is where you should be spending your money.” And as a first-time buyer, I’m probably going to encourage you to invest your money in a location that has an extreme opportunity to grow in value quickly; however, if you’re an experienced buyer and you’re looking for your “forever home,” then f#$% it, let’s go to Fifth Avenue and get that Central Park view!


Episode 4 - Tough Truth

Dear Sellers, There is only one way for you to sell in today’s market, and that is if you are a really, really good f$%ing deal. And there’s no way to skirt around it because buyers finally have the power and they’re not willing to settle for anything that is not an absolutely amazing value. And a lot of people are saying right now, whatever your home would’ve sold for this time last year, subtract 10%. So, to put that into numbers value, if you think your home is worth $2 million, it’s probably worth about $200,000 less than that just as the list price, and then you’re still going to need to be able to work with buyers from there.


Episode 5 - Pillow Talk

I want to talk to you about the magical power of being a buyer who doesn’t get emotionally involved, like so many people have done – mainly me, with the people who left. Please don’t get emotionally involved with a house until the contract is fully executed and then, get as excited as you want. But, until you put down the deposit and sign, be ready to walk away. Because in a market like today’s, walking away is a really powerful strategy. And you have to, like, really walk away, by the way. You can’t just be like, “I…I quit!” And sellers, this is a bigger lesson to you. You need to consider anything and everything in a market like today’s because it is not easy to be on your side of the table.


Episode 6 - All About The Closet

Storage in New York City is very difficult to come by, but it’s also a very valuable thing when you’re looking for a home. So, don’t underestimate the square footage, because I do have buyers who are like, “This closet is very expensive!” It’s also worth a lot. Ok? Closet space is potentially even more valuable than the living space because it’s so rare, and it’s so hard to find.

Season 4


Episode 1 - Season 4 Is Here!

I always dreamed that Whitman Wisdom would be timeless, and that is why I made a conscious decision that I will never address the state of the market in my videos because, well, the market is constantly changing. That said, the market is so exciting right now, so this season I’m going to focus on why this is the market to make mega real estate moves. This is the time to buy, and it could be the time to sell.


Episode 2 - GOALS

It’s early in the year, and my gut is telling me that you’ve probably already forgotten the goals that you set for 2019, and I’m really hopeful that one of them is home ownership or some sort of real estate move, because there is so much money to be made in this market. The way that you really plan for a goal, and obtain your goal, is to put it up somewhere and visual where you are seeing it every single day and constantly being reminded of what you’re working towards. And then there needs to be a plan behind that goal. You can’t just say, “This is what I want,” you need the “How am I gonna do it?” And when you break it down and you follow it and you stare at it every single morning, it’s going to keep you focused, it’s going to keep you in the game.


Episode 3 - Don't Ask? Don't Get!

If there is anything that being in real estate has taught me both personally and professionally, it’s “Don’t ask, don’t get.” So, here I am, I’m going to put out one of my goals, because we’re aiming to sell $200 million worth of real estate in 2019, and the only way I’m going to hit that goal is if I get my first-ever listing above $10 million. It’s my big, number one goal this year. I’ve gotta make it happen, and I need your help! So, let all of your rich friends know that this charming homosexual wants to sell their house. And also, no matter how much your home is worth, totally still happy to sell it, but also, still need a $10 million listing, so don’t get crazy.


Episode 4 - The Time Is Now

There has, literally, in the last decade, not been a better time to buy than today. And when I say today, I mean, like, yesterday. The market is so good for buyers right now. There are so many great deals, there are so many opportunities. And yet, what I’m dealing with my current buyers reminds me of back in 2009 when I was fresh to the industry and I didn’t have the confidence and conviction to tell people that they should get over their fears and buy real estate. Because that was when we were at an all-time low. And the people who did get over that fear and invest back in 2009 made some serious change!


Episode 5 - All About Flip Taxes

One of the more confusing closing costs that you’re going to have to pay, most likely, is called a flip tax. And let me just say right off the gate, it isn’t a tax at all! It’s a little fee that your building charges and it goes right into the building savings account. And it’s not as bad as it seems because it’s really funding future projects for the building, and, most importantly, it’s typically keeping the monthly maintenance fees nice and low for all the people who live there – which includes you – up until the moment that you’re selling the home. The flip tax can vary, from 1-2% of the final sale price; some buildings charge a few months maintenance fees; some people charge a percentage of the profits.


Episode 6 - Why Would I Sell My House In A Down Market?

If you’re a seller, you’re probably thinking, ‘Tyler, why in the hell would I sell my house in a down market?’ And I’m so glad you asked. A down market is a trade-up market. People are getting such good deals, that it’s ok to take a loss on your place down here if your plan is to buy a place up here. The savings that you’re going to see in the upper echelon of your price range are so much greater than the hit that you’re going to take when you sell, so it is absolutely the best decision for you right now. Especially if you’re looking for a long-term primary home that you can really grow into, today is the day to make that happen. So, sell your house, cut the losses there, and then join this fun buyer party!


Episode 7 - Ask For Everything

When it comes to negotiating your deal, ask for everything. I’m seeing discounts, I’m seeing closing costs, I’m seeing renovations. I had a buyer a few months ago that we got new floors, a new kitchen, and a new roof. And, a discount on the price! I mean, it was crazy! I don’t see stuff like that anymore! So, when you’re coming to make your offer, ask for the stars and land on the tarmac. What’s the saying? I really don’t know!

Season 3


Episode 1 - I'm Back...With Guests!

In Season 3 of Whitman Wisdom, I’m going to stick to the usual topics of giving you great advice and telling you how I think you should invest in real estate or sell your real estate, and then I’m going to tell you how I would do it. So, I am going to talk a lot about me and how I built my business and why I do what I do. It’s going to be the best season yet. I know I said that about season two, but that’s because season three hadn’t happened yet. I heard Oprah is actually really interested in being a guest on season four, so we’ll see if we can fit her in!


Episode 2 - All About Me!

At Triplemint, we have this game where anytime a new agent starts, we make them get up in front of the entire company and say their name and where they’re from and a fun fact about themselves. So, my name is Tyler Whitman, I am from the South, back and forth between Florida and Alabama. Two fun facts about me: the first is probably something that you’ve heard or that you know, which is that I used to be obese. I’ve lost 200 pounds in the last couple of years. Second fun fact is that Whitman Wisdom is not my first web series. My first web series was called Fat and Gay, and if you’re Googling it, stop because you won’t find it anywhere. So, those are my fun facts.


Episode 3 - Best In Show

Triplemint’s sales manager has this saying that when you sell, you wanna be best in show. And what do we mean when we’re best in show? Let me give you an example: last week, I went on a listing appointment with somebody who was lovely, but wanted me to list their home for $2.5 million. Well, the identical unit, three floors up, is on the market for $2.3 million. I don’t care how great of a salesman you think I am, (which, by the way, I am) I’m not going to get somebody to spend $200,000 extra for your apartment on a lower floor. It just doesn’t work like that! You are not best in class, and you are not going to win the bids! You need to be a little bit cheaper. Ok? That’s just the facts of the matter.


Episode 4 - WTF Is An Assessment?

You found a property that you’ve fallen in love with, and now one of the very important things you need to know is: are there current or pending assessments? And, you should probably know what an assessment is if you’re going to ask that question. An assessment is basically anything outside of the ordinary costs of the building. So, obviously you’re going to have your mortgage and your property taxes and your maintenance fees. Let’s say the building needs a new roof, or a new elevator, or any other unforeseen expenses that they haven’t budgeted for, and they don’t have enough money in the reserve account to pay for. They are going to bill everybody who lives in the building via an assessment until that is paid for. Also, know that not all assessments are created equal. Sometimes they’re for fun things, like building lobby upgrades and a new gym. Don’t be scared away by them. Let’s have a conversation and decide if it’s still the right investment for you. After all, that’s why you hired me, and you’re welcome.


Episode 5 - Should I Get An Inspection?

If you’re moving into a big building, you probably don’t need an inspection done because you don’t own what’s inside of the walls in New York City. So if anything structural is going on, or if there’s any sort of big expenses with the roof or the boiler or the gym, it’s for the entire building to split that expense, and it’s going to come to you via a very small assessment. If you are moving into a small building, let’s say ten units or less, the same scenario could actually be very expensive, because if there’s only ten people to split the price of whatever needs to be repaired or fixed, that could be a huge bill! So, it’s definitely worth the $600 or $700 to have an inspector come in and let you know if the roof is about to go or the boiler’s about to go.


Episode 6 - Two Simple Questions

Here’s two simple questions that’ll help you make sure the agent you’re working with isn’t a complete  f##$$%%. The first: What time do you wake up in the mornings? All of the rockstar agents I know are up by 5am, 6am at the absolute latest, and the amount of work and business I’ve accomplished by 8am when most people are waking up is absolutely insane. The second question is, Why do you work where you work? If all they can say is, “It’s the biggest brand in the city,” or “We have the most agents,” or “the most listings,” I want you to stop and think, “Does that actually matter to me?” Because it doesn’t. What you need to know is, what is the true value proposition that they bring to you and your experience? And if they can’t give you something clear and concise, then they’re a f##$$%%!!.


Episode 7 - Psych Yourself Up

Vivace Maxvictor is the coach to all of the top agents in New York City, including yours truly. Very recently, we were having a conversation about New York City being in a down market right now, and what it was doing to my mindset because I was getting a little lost, and she had amazing advice: An average broker wakes up in the morning and they look at the market out there and they automatically feel defeated and frustrated. A top broker, like Whitman, actually only focuses on what he wants and how he can get it. So, instead of psyching yourself out, you should psyche yourself up, get creative, get out there, and make things happen.


Episode 8 - Meet Austin!

Seven years ago, I had just started managing at a real estate brokerage, not Triplemint, and somebody tagged me in a Facebook post who I had met once at a bar several years before that, saying, “I’m thinking of getting into real estate. Any thoughts, Tyler Cane Whitman?” So, I met with him, and he did become a real estate agent – perhaps the worst real estate agent I’ve ever seen in my life – and then I liked him, so I was like, ‘I’ll make him my personal assistant.’ And he was actually pretty good at that. But then we left to start this company – a little company called Triplemint that you might’ve heard of – and he started as our social media manager, a pretty junior position there. And now, I would say that Austin is regarded as probably the single most important person at our company. He has changed the way that we run everything. He has changed our growth, he has changed our process, and has become probably the most invaluable person that we’ve had the pleasure of working with, and I’m so lucky.


Episode 9 - The Future Is Video

The future is video, and the future is now. Using listing videos and using informational videos like Whitman Wisdom has completely changed my business. If you’re working with an agent who is not using video to market your home, then you’re probably working with the wrong agent. And that actually lumps a lot of agents in because I would say less than 10% of agents are actively using video to market their home. It drives insane traffic, and it gives me an opportunity to basically take a video of an apartment, put it on Facebook or Instagram, and use algorithms and data to drive so many views to your home that you’re not getting organically on the websites of the world that shall remain nameless. And, it’s also a lot of fun! The results are in, and video marketing is what’s working.


Episode 10 - The Price Is Right

You wanna know what’s really expensive? Days on the market. My good friend, Glenda Baker, released a great video that I’m totally ripping off of for the New York market: Homes that sell in the first 30 days typically sell within 1% of their list price. Which, let’s use a million dollar example: if you have to go down 1%, that’s $10,000. You’ve done really well for yourself in today’s market. And then beyond that, if you go 30-60 days, it’s around 4% of the list price that you’re losing. And then, once you get 90 days and beyond, the value of your home is in jeopardy by 10% and even 15%, and that 10% to 15% is more for our friends who are in the $10 million plus range. And let’s just do 10% to 15% of $10 million, it’s over $1 million dollars that is in jeopardy of the value of your home. So, make sure that when you are going to market, you are going with the right price, the right strategy, and the right agent.


Episode 11 - Gratitude

I wouldn’t be authentic to myself if I didn’t talk about gratitude, starting with some gratitude for my team. Josh Heyer was the first person to join my team – he was somebody that I managed, and then I was able to hand-select to join. And then I met Ashlie Roberson at the gym and she joined my team. And then Bailey Gladysz was an agent at the company who I just couldn’t live without. They are my family and I love them so much, and I know I speak on behalf of all of us when I say we would be nowhere without you. I mean, you are the ones who are supporting us, who are trusting us with your business and trusting us with this hugely important decision. Let’s raise a glass to a bad-ass 2019.

Season 2


Episode 1 - PREPARE FOR WAR! A bidding war.

Here are the strategies behind winning a bidding war if you’re a buyer. Number one: write a beautiful letter to the seller – what it meant to you, the feeling you got when you walked in. Play to the emotional side of the seller, because they probably have an emotional connection to the apartment, just like you. Number two: decide what your highest number is that you’re still going to be excited if you win. When I call you and say, “Hey, we got the apartment,” I want you to scream with excitement and not say, “Oh, sh#$, we overpaid.” And lastly, make sure that we have a side conversation about the different things we can offer to put in the contract that might be really appealing to the seller once we learn what their situation is.


Episode 2 - Being a Seller in a Bidding War

So, you got the prettiest house on the block. Prepare for war. Being the seller in a bidding war is a very powerful position to be in. You own a beautiful property in a beautiful area that all the buyers want, but you have to remember two very important things. Number one: When you pick a winner, stick with that winner. Even when second and third place get really aggressive, and find out that they lost, and dramatically change their offer – you picked the best. Don’t switch to second place, it’s the wrong thing to do! Karma will get you! And number two: the highest offer is not necessarily the best offer. Make sure that you’re sticking with a buyer who can actually close, and they’re qualified to close! There’s nothing worse than learning that this person who is paying this crazy price is not going to get across the finish line.


Episode 3 - When to Sell your Home

Which seasons are best to sell your home? The best season is the spring. Buyers have just gotten their year-end bonuses, and they like to move over the summer when they have less going on. The summer is the worst – nobody’s around and nobody’s shopping. The fall is the second-best season to sell your home – it’s still very busy and people are very motivated. The issue we run into in the winter is that a lot of buyers just don’t like getting out in that freezing weather and looking at properties.


Episode 4 - My favorite game- PRICE THAT HOME!

When it comes to listing your home, you only have three strategies to choose from, and the first is absolutely the most popular and also the worst. It’s when you list high and then you sell low. Don’t do that. The second is a much safer option and also very common, and that is pricing right in line with the comps and showing that data has driven your mindset. It’s safe, and I don’t hate it. But the third is the best. If you want a bidding war, price low, cause a feeding frenzy, get those buyer’s emotions, and drive that price high. If you want to learn more about how to price your home, give me a call, and I will be happy to come and give you a free evaluation. I’d also be happy to come and give you a very expensive evaluation!


Episode 5 - The power and importance of GRATITUDE

One of the biggest lessons that I’ve learned in 2018 is the power and importance of expressing gratitude for all the amazing things in your life. Every single morning, I know it sounds cheesy, I make a gratitude list. It’s become a vital part of my day. And something that shows up on almost every single list is how grateful I am for my business and the clients that have trusted us this year. We set an insane goal for sales for the year, and we hit it in six months, and now we’re on track to double that goal. We’re gonna sell over a hundred million dollars worth of real estate this year. And I am so thankful and I am so appreciative for your trust and your love and your loyalty.


Episode 6 - Ace that Board Interview

While I wish I could tell you everything you need to know about acing a board interview, it’s not that easy. But I can tell you that the board interview is easy. If you’ve been invited to interview with the board, it’s a very good sign. It means they like everything they saw on paper, and now they just want to make sure you’re not a crazy person. So, don’t show up drunk, don’t show up late, and don’t show up nervous. Show up as your best self, and be the neighbor that you would want to be for these people. And in terms of actually preparing for the questions – call me, let’s have a coffee ten minutes before you go in, and you are going to be just fine. If nothing else, remember that “You is kind, you is smart, and you is important.” Now don’t f#$! it up.


Episode 7 - An Accepted Offer in NYC

In the New York City market, an accepted offer is actually a pretty confusing concept because in the grand scheme of things, it doesn’t actually mean that much. There’s about a week period from the time you get your accepted offer to the time you’re going to sign the contract, and a lot can happen during that time. Buyers can get cold feet and walk away, and sellers (which is the more common scenario) can often end up with a better offer that they prefer, and either party can back out penalty-free. Some times I learn things during the due diligence process where I say, “We need to back out of this deal.” There’s really nothing you can do about it. My best advice is that all parties move efficiently, trust your broker, listen to your broker, and do what your broker says.


Episode 8 - When to Buy a Home? Spoiler Alert: NOW

One of the most common questions I get from buyers is, “Tyler, when should I buy an apartment?” You should buy an apartment as soon as you’re able to. The strategy in real estate is not “Wait to buy,” it’s “Buy, then wait.” Everybody’s always trying to time when they should enter the market, and that is not the strategy in real estate. You time when you exit the market. I had a client who bought her apartment in 2008 right before the market crashed. And, of course, she was convinced that she had just wasted all of this money on her purchase. Cut to ten years later – we just sold her apartment for more than double what she paid for it. She doubled her money living in a home. Everybody’s spending money on rent, and that is not what you should be doing. So, please – enter the market as soon as you’re able.


Episode 9 - When Selling in a Down Market Makes Sense

As a seller, you might not have the luxury of timing the sale of your current property. A lot of times, people have to move because of lifestyle purposes or maybe because of a career. If you are going to sell your property and you’re a little bit disappointed because maybe it’s worth $50,000 or $100,000 less than you were hoping it would be worth when you sold it, keep in mind that if you’re reinvesting in the same market – let’s say Manhattan to Manhattan – your next home should, from a percentage basis, also be down roughly the same amount. And, assuming that it’s an upgrade, percentage-wise that savings on the next home is actually going to be far greater than what you lost on your current home. So, it’s still a net win. And I know it’s hard to think of it like that, but trust me, and trust your broker.


Episode 10 - Who wants to be a MILLIONNAIRE?

There is a very real statistic that 90% of millionaires on this planet became so by investing in real estate. I have worked with so many people in my career who started as first-time buyers who were buying a studio or a one-bedroom, and then we sold those homes for profits that we were able to roll into bigger homes. And then we sold those homes for profits that we were able to roll into bigger homes. And now these people are multi-millionaires. I know that you may be thinking that buying real estate is unattainable. But you are incorrect. You just have to make a plan, you have to have a process, and you need to commit to it. So make sure you give us a call and we will talk about every step you need to do to put a plan together to make sure that you, too, can invest in real estate.

Season 1


Episode 1 - No More Mistakes

Follow Tyler Whitman as he discusses the ins and outs of NYC real estate.


Episode 2 - Who You Work With Matters

When you are investing in New York City real estate, there are three professionals that you need to be closely tied to – your real estate agent, your mortgage professional, and your real estate attorney – and they need to be hyper-focused in the local market. This is a completely different animal than anywhere else that you could invest in real estate and this is not the time to call in a favor with an inexperienced friend. Who you work with matters, and it needs to be a local expert.

We once had a client who was a first-time homebuyer and really wanted to work with their best friend’s brother’s wife who happened to be an attorney in New Jersey, which was not conducive to a smooth and painless transaction. Not only was she not a real estate attorney, she did not know the intricacies of the NYC market. So please, do your due- diligence and work with professionals who are experts in this market. Like us.


Episode 3 - What is a Co-Op?

Co-ops make up approximately 75-80% of the New York City real estate market. Each apartment within a co-op building is represented by a certain amount of shares of a corporation that owns a building – which is what you are purchasing when you buy into a co-op. We know, this is incredibly confusing and that’s why, if you haven’t bought in a co-op before, you should work with an agent who knows the intricacies of NYC real estate. Like the Whitman Team.


Episode 4 - Three Reasons to Buy a Co-Op in NYC

There are pros and cons to purchasing a co-op in NYC. Before completely nixing the idea, you might want to seriously consider these three reasons why you should:

  • You’ll pay about 25% less per square foot in a co-op than in a condo
  • Since co-ops are much more stringent on renting out units, these buildings are mostly primary residences. That said, your neighbors invest in the corporation as much as you do and therefore you’d be part of a tight-knit community who takes far better care of their homes than in a condo building.
  • Closing costs are a doozy in NYC and when you purchase in a co-op you save far more than when you purchase in a condo or a townhouse.

Episode 5 - Closing Costs for a NYC Buyer

First-time homebuyers often forget to budget for closing costs, which are pretty substantial in the New York City market. Of your mortgage amount, 1.925% – nearly 2%! – is going to the mortgage recording tax. Title fees are harder to calculate, but it will be at least $5,000 and if you’re buying in the multi-million dollar range, it can easily be $15,000 – $20,000. No matter what, if the purchase price is above $1 million, you also have to pay 1% of the final price to what is called the mansion tax. If you are buying a co-op, title fees don’t exist, and neither does the mortgage recording tax. It’s a huge savings!


Episode 6 - Closing Costs for a NYC Seller

Sellers, great news! The Whitman Team can get you top dollar for your asset. Bad news, you can’t pocket all the profits. We always tell our sellers to budget at least 8-8.5% of the final sale price for closing costs. 6% of the final price is the commission paid – 3% goes to the seller’s broker and 3% goes to the buyer’s broker. Beyond that, there is the city and state transfer taxes, which add up to 1.825% of the final sale price. Your building may also charge a flip tax, which varies from building to building, so make sure to check with your management company.


Episode 7 - Are You Really Not Using a Buyer’s Broker?

The number of buyers I meet on a daily basis who are trying to invest hundreds of thousands, or even millions, of dollars in New York City real estate, and are not working with a professional, blows my mind. I hate to use this analogy, but you don’t go to court without a lawyer, and you shouldn’t buy real estate without a broker. The difference is, a lawyer is really expensive, and a buyer’s broker… is free. We cost you nothing, and we save you everything!

Some of the things a great buyer’s agent will do for you include: ask the right questions to make the process more efficient, negotiate on your behalf, provide expert advice on your neighborhood, explain the intricacies of every market, compile your documents for your co-op application so that you get invited for a board interview, and get you through to the finish line (aka the closing table) while keeping all of the moving parts in check. You already have a full time job, correct? So we doubt you’d want to take on another full time job, amirite?


Episode 8 - Saving for a Down Payment on a NYC Apartment

Those pesky down payments are hard to save for. If you’re buying in New York City, you need to save up roughly 20% for your down payment, sometimes even more. And, if you’re looking to buy a million-dollar home, that is $200,000.


Episode 9 - How Long Does it Take to Buy a Home in NYC?

How long does it take to buy a home? From the time that you go into contract to the time you are closing on your new home, you need to budget about 90 days for your financing. If you are a cash buyer, it can be a bit shorter, but you should still budget a full 90 days to get through approval processes and your co-op board interview, if you are buying a co-op. For the search that leads up to the contract signing, that has a lot to do with the buyer and it varies in time. There are some buyers who are fast decision-makers. Then there are also buyers who, no matter how much they love a home, are not able to make a decision until they’ve seen 20 or 30 homes.


Episode 10 - Banking on NYC Real Estate Appreciation

One of the best things about investing in New York City real estate is how quickly our market appreciates in value, While that’s exciting, there’s a few things you need to keep in mind. Sellers should keep the closing costs in mind, because it’s not until you’ve appreciated in value by 10% that you’re even at the break-even mark on your home. Once your property is appreciated beyond that 10% mark, it gets really exciting because that’s all profit, which is also known as capital gains. Capital gains are taxable, so make sure to talk to your accountant. As a single person, if you’ve used it as primary residence for two of the last five years, you can deduct $250,000, and married couples can deduct $500,000.