All Forum Posts by: Chad Eatinger

@David Weintraub - Where in Jersey City would you recommend? Are there particular areas to target/avoid? 

@Matt S. - Grad school is at NYU Stern next to Washington Square Park, so lower Manhattan. I've been looking mostly at Brooklyn and Queens for that reason, but I imagine cities in Jersey along the transit lines would be pretty convenient as well. It's a good point about investing elsewhere and using cashflow to cover living expenses. I imagine I'll be doing that as well, though after spending so much time in SF throwing money away on rent I want to try and avoid that from here on out, at least if I can.

@Vaughn Smith - It's a good point on materials and labor. I would be working this particular multifamily myself for as much as I could to try and learn more about the contracting/rehabbing portion of the work, so hopefully that'll save me some $ there, but there is invariably types of work I won't be able to manage myself so I'll keep that in mind. Do you have any particular suggestions to NJ? I haven't looked into it in depth but I'm open to the idea.

@Abel Curiel - I'm doing my MBA, planning to specialize in Finance and hopefully get into Finance after graduating. Thanks for the insight and I'l definitely reach out. I can use all the help I can get to get going!

@Aric W. - I'm definitely looking into Jackson Heights, as well as Sunnyside and Woodside (thoughts on those areas, as well as East Elmhurst?)

@David Weintraub - I'm definitely considering Jersey as well, so long as it's commutable. What about living in JC did you enjoy so much, as you're ranking it above some pretty nice cities to live in. Curious as to why?

@Marcy Moyer - how is transportation to/from Tarrytown into the city? I've been reading some articles about the upcoming Brooklyn L line closure and was hoping that might put a temporary dent in housing prices but it doesn't seem to have had any effect as of yet. *crosses fingers*

@Colin B. - yeah I've noticed that the boroughs are pretty similar to the SF Bay Area in terms of low cap rates and low rent/price ratios. I'm looking for something closer to 3-4 units so I can try to make the economics work. Thanks a ton for the tips, I'll definitely send a message.

@Amit Kal - what is the going cost of cash for keys in the BK/Queens area? For the 6 family building you purchased, how did you end up financing it? Commercial loan? What sort of down payment was required for it?

@Nick Hakim - yeah I'm aiming for off-market properties or foreclosures/REO properties to get in on the cheap where possible. I'll definitely take a look at NJ as well, but for some reason the missus seems to prefer BK/Queens to NJ.

@George-Hyuung W. - by "deep" Queens or BK, how long of a commute into Manhattan would those be? I'll definitely reach out as I'm eager to learn as much about my future stomping grounds as possible.

@everyone else - Any other area-specific things I should keep in mind when analyzing deals/properties? Any wholesalers interested in sending multifamilies that meet my criteria I'm definitely open to hearing about them. 

Hey Matthew, I’m definitely interested in joining up. I’m pretty new to real estate investing myself, currently wholesaling in my local (Bay Area) market and looking for a multi family property to house hack in Brooklyn. Would love to meet up and chat. I’m a finance guy by trade so decent with a spreadsheet and building out some data pulls/reports/etc. Happy to help!

So not $2M, probably closer to $1M or a tiny bit over, though I’m looking more for off-market or foreclosure/reo/short sale to keep the purchase price down as low as possible. As for schools, my kids are now nearly 2 and 3 years old, so I’m not terribly worried about schools just yet. I’m planning on living there for two years while I fix it up and rent it out, and hope to move out and fully rent it after I graduate (2 year program) which is when I’ll really need to start worrying about school. Hope that helps and thanks in advance for the feedback.

I would build in assumptions around vacancy, insurance, utilities paid by owner, taxes, etc... As it stands now each item you have to add into the calculation is going to directly reduce your cash flow, so depending on how high those are will really impact the desirability of the deal.

Hi everyone,

I am going to be moving to New York with my family next year for grad school, targeting to live in Brooklyn/Queens, and hopefully within a reasonable commute distance (30-45 mins public transit) to Manhattan. 

 My goal is to find a 2-4 unit multifamily to house hack, preferably one that needs quite a bit of work so I can build in some sweat equity and get rents to cover at least my living expenses. If can eek out some positive cash flow while I'm there that would be amazing but I think a bit unreasonable. 

Any thoughts on:

• which neighborhoods here present a good value for house-hacking?
• considering I'm planning on living there with kids, which are areas to avoid regardless of whether there is a good deal?
• any area-specific information I should be aware of when running calculations (inclusion/exclusion of certain utilities in rent, special tax considerations, rent control issues, etc?

Lastly, any real estate agents, wholesalers, or bird dogs who'd be interested in connecting on this I'd love to chat with you. I know it's a ways off but I have a feeling it'll take me some time to try and find a good deal in the area, so any help/connections I can find would be HUGELY appreciated. Thanks in advance! 

Hi Lynda, Is this something that will be open to BPers to attend? I’m in the Bay Area but would love to virtually check this out if possible. Thanks for spreading the word on this!

Hi everyone, I know this post is a few months old but I'm actually getting ready to send out my first round of mailings in the East Bay and was wondering if any of you would be interested in chatting? I'm curious what types of properties you all are looking for and in what areas. 

Feel free to PM me with more details!