All Forum Posts by: Alex Horelick

This is an amazing thread!

I’m a Career firefighter in Norwalk, CT. Currently assigned as an engine driver/pump operator. Licensed realtor in NY (where I live) and CT. And a rental property owner and investor. It’s the perfect dual full-time career situation until I retire to just managing my investments. Living the dream!

Hi @Shane Terwilliger,

We should definitely talk! This area has sort-of become my specialty. If you are looking in NY I would suggest a SONYMA loan first before going FHA. I can explain the differences to you better over the phone if you like but SONYMA can do 3% down if you qualify and you will still be eligible to do FHA after! I'd also recommend looking into certain parts of CT where you can get better cashflow and you can still easily commute to the city. Send me a PM if you want to discuss further and good luck!

Hi Jeremy,

Which town is the building in? Different sub markets in the region here are going to perform and be valued somewhat differently.. If you want send me the details including the NOI of the current property and I can give you some insight.

-Alex

Hi @Hagop Nercessian

House hacking may be a good option for you being that you are renting right now! It's a great way to buy a property in Westchester given the high prices and you can build some instant equity with renovations via a rehab loan if you like! You can do either FHA or NY's SONYMA loan programs for this give me shout if you want to learn more I've done it myself here in Sleepy Hollow.

@Juan Contreras

No you can ask for 1st floor to be delivered vacant at closing then move into that unit in the basement and rent out the remaining rooms of that unit. If you need an agent for this property you can send me a private message I can help you out.

Hey Juan,

The bank can't issue you an FHA loan, or any owner occupied loan, without there being a dwelling unit dedicated for you to occupy. What that means is the 2 rental units can't be leased by other tenants. If they are month to month you can tell your lender that one of them will be moving out. You have to start by having one of the units vacant so you can show the lender that you have a place to stay. Is the basement connected to one of the units? If so you could live in that unit and rent out the remaining rooms of that unit after you move in.

Hey @Nicholas Mann,

It's a very competitive market over here. Cash flow numbers are not the strength of this market however the power of this market is in the high quality of tenants that are looking to rent as well as the strength of the housing values and appreciation! While appreciation should only be the icing on the cake for your investment this is a great market for it! You can certainly get better cash flow numbers by only sticking to value-add properties in this area although that obviously comes with a little more risk. The key here is when a hot deal comes on to be absolutely ready to make an offer and have your realtor ready to spit out offers at the drop of a hat. The inventory moves fast here with the high level of competition!

Hey @Maxwell Frenkel,

I'm an agent in the area who does FHA and SONYMA deals for clients - I've even done one myself here in Westchester. I like the deals in Westchester better than NYC for a few reasons. If you have any questions about the loans and some of the ins and outs send me a message. To answer the above question you can apply for one of these loans with multiple individuals on the loan however be aware that SONYMA is an income-based program.

Hi @Dillon Fraioli,

As @Daniel Haberkost said you certainly have plenty of options if you are willing to owner occupy the property. With FHA you only have to live there for a year. I'm in Westchester and I'm a big fan of house hacking (I do it myself) and there is no better way to leverage your money for a purchase of a property! You also have enough funds to do an FHA purchase and some rehab work and potentially refinance out of that loan if you want to leave sooner. Send me a message if you want to talk more!

Hey @Matthew Karp - welcome to BP! Westchester certainly has more deals available and better cashflow than NYC. I'm a local BP-minded agent here who helps clients find deals in Westchester, NYC and the surrounding counties. I have a rental property here in Westchester that I am really enjoying and looking to purchase another one this year. Shoot me a message if you want to chat!