All Forum Posts by: Abel Curiel

Hello @Malcolm Brown,

Welcome to the BiggerPockets forums!

Most of our newer investors approach 2-3 lenders to discuss loan options.

Some lenders recommend making your financing inquiries within a 45-day time period to avoid larger drops in your credit scores.

All the best!

Abel

Welcome to BP @Desiah Barnett!

The Westchester multifamily market is a solid one to target! 

Average 2-4 family property values are up nearly 6% year over year. 

Demand remains strong and rents continue to climb.

Great place to invest in rental properties!

 Hello Camille,

Wholesaling is a sales and marketing business. If you're wholesaling residential properties, keep in mind that most property owners will also be speaking with and meeting local investors and realtors. You'd likely need boots on the ground which makes things challenging to say the least. It isn't impossible but as @Jimmy Lieu mentioned, there is a steep learning curve.

Depending on your liquidity, out-of-state buy & hold rentals could be your best bet if NYC investing is out of the picture. Albany is also an attractive option to New Yorkers because of the price-point and proximity to nearby colleges.

All the best!

Abel

Hello @Anthony Poulin and welcome to the BP forums! 

I was also considering the REI expo in February so maybe I'll see you there.

You're a self-proclaimed novice but I think many other members of the community would agree that you're well on your way given your potential cashflowing rental and equity.

You seem to have a strong position which would allow you to keep growing your portfolio in the next few years.

I'd recommend diversifying your RE portfolio the same way you're diversifying with other investments (REITs, Stocks, bonds etc.). Specifically, I would encourage you to continue to seek local opportunities for equity growth as well as seeking out-of-state or upstate opportunities for cash-flow (i.e. Albany, Syracuse, FL, NC, OH, TX).

If you are considering small multi-family properties locally, you're in the right County! Westchester, although one of the hottest markets, has a ton of upside with opportunities for both cash-flow and equity. 2-4 family properties in Westchester are the 2nd most affordable in the NYC Metropolitan area (next to Suffolk County) making it easier to find cashflow opportunities when compared to the boroughs and other suburbs like Nassau.

A client of ours in Westchester recently purchased a < $800K 2-family with a detached 3-car garage which brings in additional rental income - from a local business owner with commercial vehicles. Deals like this, with additional income potential (garages, ADU, etc.), could help you cash-flow while you build equity - best of both worlds.

Lastly, targeting properties that have been on the market 30+ days could be a good start. This is a numbers game so you may have to take an aggressive approach towards negotiating several deals before one of them actually works out. You purchased in 2020 so you're experienced in high-demand, competitive markets. Your next local deal may feel somewhat similar in that regard.

All the best!

Abel

Hello @Benjamin Blunt,

Great advice on here so far. I totally agree with @Caleb Brown, especially the part about consistency!

Whichever method of lead generation you decide on, aim to establish and maintain a relationship with prospective sellers. 

When speaking with them, demonstrate genuine interest in their situation and goals. Ask questions to find out about their reasons for selling, desired next steps (i.e. relocation, 1031 exchange, etc.), and anything else that is important to them.

Ask follow-up questions to dig deeper and learn more (without being too intrusive) then jot down any relevant notes so that you can reference them down the line during your follow-up calls. There will likely be dozens of follow-up calls so don't be discouraged if you can't close someone upon first contact.

All the best!

Abel

Hello @Simon Horowitz!

Sorry to hear that you and your wife are having a tough time. What would you say the biggest issue has been? i.e. getting outbid on offers, properties become unavailable before you get a chance to see them, etc...

You are not alone! Many buyers in this market are experiencing challenges. 

The average days on market (DOM) in the NY Metro area has decreased over the last year. Househack properties in 2024 sold 1-2 weeks faster than they did in 2023.

Deals are tougher to negotiate as well. 2 of NYC's surrounding Counties (Westchester & Suffolk) are averaging above asking price sales on 2-4 family properties. 

Competition remains strong but it doesn't mean your goal is impossible to reach. I'd recommend focusing on properties that have been on market over 45 days in the boroughs and over 30 days in the suburbs. You may also want to consider using escalation clauses on your offers.

All the best!

Abel

 Is this the case for all states?

Also, why do you think so many people are advised to get an LLC when starting in RE investing?

I have spoken with so many people who say, "I have my LLC, I'm ready to begin" and I know they could've easily begun their RE investing journey without it.

Curious to hear your thoughts.

 Hello Robyn,

Is the building in a historic district or considered a landmark?

If not, the only requirement may be filing plans with the dept of buildings.

One of our contractors does the bulk of his work on contracts with NYC.

Mainly work related to bathrooms & tiles/flooring, I will shoot you a PM if I can get any information on this.

All the best!

Abel

Welcome to BP @Nathan Deutsch!

I agree with @Nicholas L. regarding the house hack strategy. 

Main benefits to this strategy include:

- Low down payment options (as low as 3-5%)
- Acquisition experience
- Property management experience

The NYC metro area has nearly 2,000 available 2-4 unit listings on the market.

Other new investors consider the BRRRR Strategy.

All the best to you on your journey!

Abel

Welcome aboard @Nico Banuelos and congrats on your success over the last few years!

One of the best ways to engage with the community is to remain active in these forums (reading & contributing).

Setting up keyword alerts is a great way to get started.

All the best!

Abel