All Forum Posts by: Christopher Cole Carcich

Greetings BP Fam!

I am a newbie looking for advice (and local connections) for my long awaited entrance into REI.

Some backstory:

I am a NYC native, my fiancé & I are both employed with good pay in the film & tv business. We often work long hours (60hr weeks) but also have the opportunity to sometimes work a flexible schedule. Our current apartment is very cozy/convenient, but with our additional storage, totals almost $3000/month. Despite the big city rents, the proximity to our work & family is fundamental to our quality of life-meaning we cannot stray far..

These current mortgage rates are putting serious pressure on me to finally get some skin in the game, but I’m paralyzed with the following conundrum:

-do I House Hack a Queens deal with a HUD/203k or Homestyle fixer upper putting 5-10% down

(I’m in no rush to move & can wait for the right deal to make it work)

-or do Buy & Hold/BRRRR somewhere up the river, where I may be able to put 20% down on a multifamily in a sustainable market?

Things to consider:

-NYC appreciation history, forced equity with 203k/Homestyle fix, Replacing my high rent with a mortgage (that tenants help), fixer upper experience with the rehab, proximity to work & family, MIP until refinance, ability to HELOC down the line

vs

-avoiding/limiting exposure to MIP & generating potentially more cash flow, possible need for PM, still paying my rent but maintaining my quality of life, still getting landlord/rehab experience but in a dependable market upstate.

Any and all insight, suggestions, tips, referrals & recommendations would be greatly appreciated!

Whatever happens, it’s happening!

Thanks in advance. I look forward to hearing from, networking with, and maybe even doing business with you! Cheers, CHRISTOPHER

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The Dow Chemical company has done a great job in making sure this simple & healthy method is off of everyone’s radar. 

btw- it also works for ants, mice, etcetera!

@Bryan Richardson

My previous apartment in NYC was amazing but INFESTED with cockroaches. I eradicated them entirely without any recurrence using MINT! While they can survive the harshest conditions, they asphyxiate from the strong smell of mint.

Making a water solution of Dr Bronner’s Peppermint soap in a spray bottle and doing a treatment 1-2 times a week, especially near any food/water sources will send them running for good within a month.

Couple this with a treatment of food grade safe Diatomaceous Earth powder along cracks, floorboards, under sinks, behind fridge and you’ll be happy to see you’ve solved the problem without chemicals!

@Ryan Vienneau

F-! Thanks for posting this.

As a NYC renter in a coveted neighborhood, this is great. As an investor looking upstate/close to home this is terrifying & I look forward to hearing people’s strategy

Landlord is selling the 2 family NYC home we live in & the lady and I are trying to figure out how we can buy it to use as an owner occupied property. The house is in a neighborhood that is quickly growing in popularity & has enormous potential. The place needs work (new roof, windows & some interior upgrades) and is sold As Is. Although it is expensive (NYC), and can probably be reduced, it will unquestionably gain substantial equity with these improvements based on comparitive market analysis- much of which I can either do myself or have done with multiple contractor connections (my mother has 30 yrs property manager experience in nyc). Wondering the possibility of using hard/private money to finance the 20% downpayment to avoid MIP, etc while we use our own resources to fund the renovations. Hoping to refinance to payback inital investors, who will gain the interest & points during this process. They make money while being secured by the lien, our “skin in the game” is the renovation costs & labor, and we gain a permanent residence that we can replace rent costs with comparable mortgage, while renting out the other apartment & 2 parking spots. Based on current trends and similar local home prices, there is almost instant equity to be made and our growth risks are limited being in a convenient & growing NYC neighborhood. Any thoughts concerns or suggestions would be greatly appreciated.