All Forum Posts by: Augustin G.

Is anyone familiar with Federal and NY state law when it comes to owner occupied rentals? For example, are we allowed set our own occupancy limits on the unit?

What other rights do we have that a non owner occupied landlord does not?

I tried searching all over for specific details but couldn't find any... thank you in advance!

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I'm recently under contract on a Fannie Mae property. Submitted offer on a Friday and counter was in by Monday morning. I had to sign and initial Fannie Mae's addendum in order to put in the original offer which was submitted online by my Agent... hope this helps.

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Is there a way to block keyword alerts from a specific member? Or maybe block the member in general so no notifications are received? My notifications list is spammed by this member who simply copys and pastes the exact same response multiple times a day. Thanks.

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@Christopher Meaker - Welcome to the site. I am a fellow upstate NY'er residing close by in Binghamton. I have family that lives just outside of Syracuse. The value of BP is incredible, keep on reading! Good luck in your investments.

@Zachary Smith - Fellow Binghamton native here. Do you know if we have any REIA's in our area? If not I'd be interested in seeing what the ones in Syracuse are all about. Welcome to the site as well Zach!

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@Troy Sheets Now if only I can mimic this in my area! My fiancee and I plan on taking the same route for our first purchase. Congratulations on the smart investment!

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Originally posted by Brianna Schmidt:

@Augustin G. - My husband and I did the same thing when we got started. 2 years ago we bought our first Multi-Unit with a FHA mortgage and lived in one of the units.
For us, we were open to many neighborhoods, as long as they were walking distance to public transportation. We bought in a up and coming neighborhood that during the boom had started to see new buildings/restaurants, but had not been fully developed yet. In 2 years we have seen our value go up 140%

We bought a updated building and were able to get higher quality tenants than our neighbors (higher rent too). If you are planning to self managing, having new everything will reduce the number of late night phone calls to fix stuff which in my opinion is the biggest pain starting out.

Brianna - Thanks for replying, this makes me feel a lot better about my choice to go with a multi-unit via FHA loan. It really just makes so much sense.

That would be ideal if I can find an up and coming neighborhood. I would love for the value of my home to go up 50% in 2 years let a lone 140%. I have a few locations in mind! @Brie Schmidt - Are there any other indicators you noticed besides new buildings/restaurants that signaled the neighborhood would be on the upswing?

I can see where purchasing turn key properties, especially when self managing, could be very beneficial. I'm sure I will experiment with both rehab/turnkey properties in the future. Thanks for the input.

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Originally posted by Al Williamson:

Hey @Augustin G.

Congratulation on planning ahead and asking a wise question!

My specialty is buying transistion C properties and working with the community to make sure the neighborhood improves. This is how I increase the odds of a healthy return.

Now, if you're living on site, you want to be comfortable. So, for an owner occupany play, set yourself up in case you have to stay put for 10 years. Sometime it takes longer to exit than planned.

Best to you.

Al - Thanks! I see how working with the community in a "C" neighborhood could be a great strategy for increasing value over time, however I feel some neighborhoods are a lost cause and would require too much time invested to change. Something to keep in mind though.

Comfort will be a huge play in my first buy. There is a good chance my family will be there 5+ years. Great advice. Thanks again.

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Originally posted by Paul M.:

I've always lived in multis with tenants in other units. When I was younger tenants in the same unit as roommates. They rarely knock on my door, they almost always email or text-so it basically feels like other rentals that are on different locations. Of course that is a function of who the tenants were.

I wouldn't let that kind of concern sway you from buying a multi to live in. The advantages are so great.

Paul - Most certainly going multi for the first buy. I hope my tenants prefer to communicate that way. I'm the type of person who doesn't want to be bumping into my tenants all the time. Side by sides even bother me because the doors are generally right next to each other, not that I would let the get in the way of a great deal, but would prefer entrances away from one another, or at least not right next to each other. Thanks for the input.

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Originally posted by Mike Marko:

Originally posted by Augustin G.:

Just hoping for some input on this. I plan on making my first purchase within 12-18 months, going multi family route with a FHA loan, with my fiancee and I occupying one of the units. My question is, would it be smarter to go for a cheaper home (lower mortgage) in a neighborhood which would bring in lower rents and most likely a lower quality tenant... or would it be wiser to spend a little more in a nicer neighborhood where I can attract a higher quality tenant with higher rents? In the end I suppose the quality of the neighborhood is irrelevant as to if it's a "good" deal or not, this would be based on the numbers.
Anyone with experience going this route for their first buy who may have had the same thought process?

I agree with others that this is not an easy question. I think if it were me personally, how comfortable (and safe) my wife would feel in a neighborhood is the primary consideration if I were living there.

That said, picking a home out you need to consider your long term goal with that home. Maybe this article I wrote may help as well:

http://www.intendhomes.com/blog/make-money-from-real-estate-top-8-features-of-a-profitable-rental-property

Mike - Thanks for posting. Safety will take precedence in my first buy. Hopefully I can still find a great deal in a nice neighborhood. I'll be sure to read your article, thanks!

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All Forum Posts by: Augustin G.

Augustin G. has started 4 posts and replied 27 times.

Post: Owner-Occupied Landlord Rights & Laws - NY State

Post: Owner-Occupied Landlord Rights & Laws - NY State

Post: Reasonable Timeframe for an Offer for Fannie Mea Property?

Post: Blocking keyword alerts from a specific member?

Post: Newbie Multifamily Investor from Syracuse, New York

Post: Getting paid $160 per month to live for free in our MFH!!!

Post: Better deal or better neighborhood? First buy owner occupy multi

Post: Better deal or better neighborhood? First buy owner occupy multi

Post: Better deal or better neighborhood? First buy owner occupy multi

Post: Better deal or better neighborhood? First buy owner occupy multi