Real Estate Advice

[Timothy Hilario]

Hi everyone,

I bought my first studio condo in Astoria, NYC, last December. I’m originally from Long Island but have always wanted to buy in NYC and potentially settle here long-term. My plan was to keep the condo as my residence, but after a year, refinance to fund a down payment on a multi-family property, either out of state or in the surrounding NY area. I plan to rinse and repeat every year slowly building my portfolio this way. And I will stay in my condo until I can afford to buy a bigger place.

However, with high interest rates, I’m reconsidering. I’m now thinking about waiting to refinance and instead moving to a rent-stabilized apartment (I work in midtown NYC) while doing mid-term rentals on my condo. I'll keep it fully furnished, so I can potentially charge more, especially since it’s also near a major hospital in Astoria and close to LGA.

Do you think this plan is feasible? Or should I stick to my original strategy and maybe even start looking to refinance soon? Any advice would be greatly appreciated. Thank you!