All Forum Posts by: Mohammed Rahman

My name is Mo, I'm an investor, broker, and property manager based in NYC - I have nothing to sell you & there's absolutely no hard selling allowed at our meetups, by either the host (me) or visitors.

I quit my corporate job in 2021 to jump into real estate full time. Chances are, if you've thought about whether you should invest in NYC as a first-timer, and have glanced at the forums: you've come across my posts.

After dabbling my own feet in REI, as well as representing buyers, sellers, landlords (and everyone in between) - I've realized that there's a lot of fragmented knowledge in NYC's real estate market and I figured hosting a monthly meetup is a great way for folks to exchange notes.

Please join our monthly meetup to brainstorm, connect, and take your journey to the next step. 

you can usually get retroactive permits, but it takes some work. First, you’ll want to bring in a licensed contractor or architect to check out the kitchen and bathroom. They’ll let you know if everything looks up to code or if there are issues to fix.

Then, head to the local building department and apply for the permits. You’ll probably need to submit plans or drawings of the work that was done. After that, an inspector will come out to check the space. If anything’s not up to code, you’ll need to fix it before they sign off.

As for costs, you’ll have permit fees—those can range from a few hundred to a couple of thousand dollars. If the work needs updates, that’s where it can add up, but $30K sounds like a reasonable cushion based on what you’re describing.

It sounds like a solid deal, especially if the cash flow is good. Just factor in a little time and effort to get everything squared away, and you should be fine!

Hi Renee!

Welcome to the group! Your journey in real estate is inspiring, and it’s amazing how you’ve built on your mom’s legacy. From Brooklyn to Florida and Mississippi, your expertise as an investor, agent, and designer is impressive.

We’re excited to have you here and look forward to learning from your experiences as you work to change lives through real estate. Glad to have you, Renee!

To qualify for a loan, focus on having a credit score of at least 620 (or 580 for FHA loans), keeping your total monthly debt under 43% of your income, and saving enough for a down payment and closing costs—about 5-10% of the home's price in total. You'll also need to show stable income for the past two years through W-2s or tax returns.

Talk to 3-5 lenders to compare their rates, fees, and terms. Start by getting pre-approved to know your budget and show sellers you're serious. Once pre-approved, gather your financial documents like pay stubs, tax returns, and bank statements. Compare offers from the lenders, paying attention to interest rates, closing costs, and any penalties. Choose the one that offers the best deal and service, and you'll be set to move forward with the process.

Hi there,

As a first-time landlord in NYC, it's great that you're being cautious about this. Here's the deal: You don't need to withdraw and return the current security deposit just to collect the additional $100. You can simply request a separate check for the $100 increase to bring the total deposit in line with the new rent amount. This is a straightforward and common approach.

However, make sure to document the change in the lease renewal or addendum, specifying the new security deposit amount. Also, ensure you're compliant with New York's security deposit laws, which cap deposits at one month's rent. If your current deposit already equals one month's rent, you can't request additional funds.

Keep the lines of communication open with your tenants, explain the process clearly, and you'll avoid any misunderstandings.

Good luck!

Hey @Camille Romero - fellow NY'r here that started investing a few years ago, I was in your same shoes when I first started after working in tech/software and having a nice nest egg built up. 

NYC is too overpriced for most folks, unless you look at the outskirts of the city. 

Your criteria will depend on whatever you value most, population trends are a good indicator of what to look for. I would also look at employment/unemployment statistics, and get a good sense of who the biggest employers are in an area. 

For example, I started investing in Buffalo (NY) a few years ago because I liked the stable population statistic along with the fact that a big chunk of the population is in the healthcare industry... along with major car manufacturers having plants or some sort of manufacturing factory there (Tesla, GM, etc.) 

Hey @Guan Hong Guo - yes combined income *assuming* all adults are on the lease (as they should be if they're residing in your property). This let's you hold all adults accountable in case of lease defaults. 

If there's only 1 meter in the property with multiple tenants, its easier to bake it into the lease amount to avoid headaches down the line. 

For example, it's difficult to appease a situation if 1 tenant claims they're using less electric/gas than another. 

Hey @Ricardo Polanco - has the inspector provided any reason for the constant follow ups? 

You could simply let them know that your schedule is busy and they need to schedule a time with you in advance. 

Hey! That duplex sounds like it has some potential, especially with your plan to live in one side and rent out the other—that’s a solid strategy. But yeah, I see how the asking price and condition are making things tricky.

For loans, you're already on the right track with the 203k and Fannie Mae HomeStyle loans. Those are great options for rolling renovation costs into your mortgage. Another one to consider is the FHA 203(b) if the repairs aren't too major and you're okay handling some out-of-pocket fixes. If you or your wife have any VA eligibility, a VA renovation loan might also be worth looking into. And don't sleep on local banks or credit unions—they sometimes offer flexible portfolio loans that could work for a deal like this.

Since your wife qualifies as a first-time homebuyer, check out any state-specific programs or HUD options for down payment assistance. Sometimes these can still work even if one spouse isn't a first-timer.

Now, if the house is upside down on its mortgage, there are a couple of things to consider. A short sale might be an option if the seller’s lender agrees to take less than what’s owed. It can be a drawn-out process, but it might get you closer to that $500k value. Or you could try negotiating hard with the seller—point out the comps and the condition of the property. Maybe even offer to cover some closing costs to sweeten the deal if they’re stuck on a higher price. If they’re really in a bind, you could even explore something creative, like seller financing or a subject-to deal (where you take over their mortgage payments). Definitely talk to an attorney if you go that route.

One big thing: since you haven’t been inside yet, be ready for surprises on the repair costs. If you can, bring a contractor or inspector when you check it out to get a clearer idea of what you’d be dealing with.

It sounds like you’re doing your homework, which is key! Let me know how it goes or if you want to brainstorm more on how to approach the seller. Good luck!

Hey there! It's awesome that you want to use your downtime to learn more about the industry and make some extra income as a VA. It's a smart move, especially since it ties in with your goal of saving for your first investment.

For skills, you probably already have a good foundation with your sales experience—things like communication, organization, and dealing with clients are all super valuable. As a VA, you'd want to build on that by getting familiar with tools that real estate professionals use. For example, learning how to navigate CRMs like HubSpot or property management platforms like Buildium could be a big plus. And if you're into marketing, knowing your way around Canva or even basic social media scheduling tools would be really helpful too.

Finding a gig might take a little effort, but there are so many opportunities out there. You could start by checking out Upwork or Fiverr—those platforms are great for beginners because you can create a profile and bid on jobs. Another option is joining real estate groups on Facebook or LinkedIn. Investors and agents often post when they need help with admin tasks or market research. You could even try reaching out directly to local agents or small real estate firms. Sometimes, just offering to handle some basic admin work or help with marketing can get your foot in the door.

If you’re not sure where to begin, you could take a quick online course to brush up on the tools or skills you think might be useful. Udemy and Coursera have affordable options, and they could help you feel more confident when pitching yourself.

It sounds like you’re in a great position to get started. You’ve got time, a clear goal, and the drive to make it happen. If you want help with setting up a profile, crafting an outreach message, or anything else, just let me know!

4o