Warm hello from an RE investor in NYC!

[Spencer Okada]

Hello! I’m Spencer, a real estate investor currently living in Brooklyn, NY, originally from Reno, NV.

My parents have always had properties since I can remember, so that’s where I got my unofficial start into real estate investing. I purchased my first door (single family home) in Reno, NV in 2017 and am looking to grow my portfolio! I’m hoping to expand my network and learn as much as I can. Any meetups happenin in the New York area? Feel free to reach out and chat!

I’ve been saving quite a bit lately and have the option to refi my current property but I’m unsure of what my next move should be. I’m looking into house hacking a quad here in NY (long-term and/or AirBnb, preferably in Brooklyn) but don’t know much about the market other than it’s expensive (looking for deals online via the rental calculator). Is the New York/Brooklyn area a good place to do this or would it be better to look somewhere else? Here are some options to move forward (but open to anything):

• • Do a 3.5% down FHA Loan for a place in New York/Brooklyn area, live in it for a couple years then hold/refi/sell
• • Save up, move to a cheaper city in a couple years (and be able to afford more than 4 doors or put down a bigger down payment)
• • Purchase another in my hometown, Reno NV (familiarity + market still has room for growth)

The girlfriend and I plan to stay in NYC for at least a couple more years, so moving somewhere else anytime soon is out of the cards. Interested to hear your thoughts and hope to meet some of you!

[Scott Gold]

Hey Spencer, 

You will not find many, if any MF in South Meadows(double diamond). As a single family, maybe, but there are better areas for lower entry prices. Smaller Multi-family properties are Finite in Reno/sparks, in the older areas, before the 70s mostly, so areas you are probably familiar with. Midtown is very hot, and competitive, selling cap rates between 4-6%. Hard to find better than that. Or much room to increase rents. Sparks you can find more 6-7 Cap rates. Some luck in the north valley with a new build, a single family with a decent return. Now is a good time, if a decent property pops up.. Spring is competitive, with a wave of 1031 exchanges, taxes etc.. coming in from cali. willing to take smaller returns. As you can see from the report I attached, vacancy is very low, we had two Quarters below 2% in last 2 years, so there has been a lot of outside interest from all over the country for a few years now.