All Forum Posts by: Chris Skutnik

Hi BP Community!

I am in the initial stages of planning a house hack in Nassau County on Long Island. One thing I have no yardstick on is what a realistic Cap Rate is in Nassau County. I know Cap Rates can vary widely by market, so anyone with a local knowledge that can give some guidance would be greatly appreciated. I want to make sure I am being realistic and not overshooting here.

Thanks!

Chris

I’m looking to house hack somewhere reasonably close to the NYC Metro area within the next year. What areas should I be focusing on to give myself the greatest chance of success, and why?

Walking home from work today from the train station listening to a BP Podcast. I see a guy putting up for rent signs on an apartment. I walk past initially but turn around and introduce myself. Long story short, he is the owner of this 4 bed 1 bath in Bed-Stuy Brooklyn and is trying to fill a vacancy. I would classify it as a C property. He wants $2600/month in rent. Initially I thought it was the perfect house hack, given I currently pay $2300/month for a 1bed/1bath a few blocks away albeit in a brand new building. However my girlfriend is not keen on sharing a bathroom with a bunch of other strangers. She then asked me, why don’t we rent all 4 units out?! So I pose the question, is it smart to sign the lease for $2600, fill the units with tenants myself and charge more than $650/month or do I not bother? Has anyone ever done this? The owner also said he would paint the walls, put new bedroom doors in and give me until August if I am serious. He is keen on having someone who will pay the rent on time. This would give me time to get tenants lined up, leases written, etc. my question is, is it worth the hassle?

Hi BP Community!  

I am getting close to being financially ready to house hack my first property and I am looking for advice from anyone who can offer.  I currently work in NYC (Downtown Manhattan) and need to be in a reasonable commuting distance.  Ideally, a commute of no longer than 1 hour is what I am shooting for, however I am certainly flexible with that.  With that said, I am not strapped down to any one location or market in particular and was wondering if anyone has any suggestions on locations/markets that would provide a good opportunity for me to house hack my first place.  I don't think many things within the five boroughs will be within an affordable price range and thus I am thinking the outskirts is where I will wind up.  Any suggestions on decent areas with reasonably priced properties within a 1 hour commute of NYC?  While I am not ready to pull the trigger yet, I do want to start mapping out different markets and analyzing some deals to see what is out there.  I want to do my homework now so when I am ready financially, I can jump on the first good deal I find.  Thanks in advance for your suggestions/advice! 

Thanks!

Chris