All Forum Posts by: Andrew Jennings Freerks

@Jack Savohsky where will you be going to college?  If upstate/ out of state, and you plan to be there 4 years, you maybe able to afford a multifamily in that college town.  You could potentially house-hack and get a very good deal, allowing you to live rent free.  Only trade off would be property management, but if you found a good PM mentor, they can help smooth the bumps in the road.  

My college landlord bought his first house at 19 (with the help of his dad) and by the time he was in this early 30's he had 10+ properties, all producing well around the University campus.  He was a very smart man, and I think you are on the same track.  Best of luck!

@Oladimeji Sonibare I purchased a few townhouses in the South Bronx, and was able to "beat the market" by renting rooms instead of the entire apartment.  This allowed us to collect 40% higher rents then the market would bear.  I also installed solar on the roof, to off set carrying costs, and collect on tax breaks (as well as help the environment).  We also charge for parking, and internet.  I hope this helps!

Have you asked the seller (or their agent) to provide a video of the apartments?  That is something that can easily be done, and not spook the tenants.  It would also give you (the buyer) an idea of the interior conditions, allowing you to make a more accurate offer.  Just my thoughts as a real estate broker/ investor.  Good luck :)

@Zwee Dao I have a lot of experience in leasing rooms in both Astoria and the South Bronx. It is a very good way to increase your ROI. Feel free to shoot me a message if you have any specific questions.

Welcome @Account Closed. I own my own real estate brokerage and have a few investment properties here in NYC.  I'd be happy to connect you with some lenders and answer any investing questions you have.  DM me if you want to chat.

 What part of the Bronx. I live and have worked here for 9+ years and $1800 is very reasonable for a bedroom in most neighborhoods. Lmk if you need connection with a lender that understands the Bronx. 

Do you mind sharing the listing with us? Something doesn’t add up. From what you’ve mentioned the condo has the price per square foot of something in the mid $600 range which is less than half of what other condos sell for in the upper Eastside. Pricing seems very low even for Yorkville.

Like Alexander said, definitely check the monthly maintenance fees.  The pricing seems too good to be true; otherwise, Yorkville is a lovely area (I used to live on 65th and 1st), and would rent quickly as there are a lot of medical facilities in the immediate area. Good luck

@Account Closed thank you for your interesting and detailed post. My fiancé and I have house hacked a two family townhouse in the South Bronx late last year after owning our individual condos. We have found that the demand for rentals is substantial here so you can pick and choose which candidate you will have in your building making being a live in landlord quite easy. 

 There are obviously some horror stories from some landlords but from my experiencing in the real estate leasing world, as long as you take your time to choose a good candidate you don’t have too much to worry about. Happy to discuss more, as I have been a real estate broker in the city for nine years and have seen numerous tenant/ landlord scenarios. 

@Marie Eisley I just sent you a message but give me a call. I just helped a friend of mine purchased a two family townhouse in the South Bronx as a primary residence with only 5% down.