All Forum Posts by: Mohammed Rahman

@Omar Fernandez - you can start by reaching out to some attorneys, NYC is an attorney city so you'll have to get an attorney involved (who usually orders the title search). 

Hey @Jerry Velez - why wouldn't it be legal? 

As long as all parties are aware of your intentions, go ahead and get it done. 

With family it can get tricky as you want to make sure they understand you're going to be flipping the contract onto an end buyer for possibly more money than $1M and that's how you end up getting paid... family can take this in the wrong way LOL :) 

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Carpets for upstairs tenants. Quiet enjoyment clause in lease. 

After that, if issue is addressed but ground floor tenants keep complaining - remind them that common noises are expected when living in an apartment. 

Apartment noises - neighbors sounds (flushing bathrooms from other units, sirens from street, etc.) 

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Congrats on buying your first condo—that’s a big move, especially in a competitive market like NYC. I think both of your strategies have merit, but here’s my take based on what you’ve laid out.

Moving to a rent-stabilized apartment and renting out your condo as a mid-term rental could be a smart pivot, especially with its location near a hospital and LGA. Furnished mid-term rentals can definitely pull in higher rents, particularly with traveling nurses, corporate tenants, or relocators. But it’s crucial to double-check NYC’s rental regulations to make sure you’re in the clear. NYC laws around rentals—especially short- to mid-term—can be tricky, so you’ll want to avoid any compliance headaches.

The biggest challenge with this plan is finding a rent-stabilized apartment that makes financial sense and actually gives you breathing room. If your rent ends up being comparable to your current mortgage, it might not give you the cash flow flexibility you’re hoping for. Plus, there are upfront costs to consider, like furnishing your condo and any expenses tied to managing it as a rental.

As for refinancing, it might not be the right time with interest rates where they are. If you’re not in a rush to tap your equity, holding off until rates come down could save you money in the long run. Meanwhile, staying put and letting your equity grow naturally might be the simpler, less risky option for now.

At the end of the day, this comes down to your cash flow. If the rental income from your condo can comfortably cover your mortgage and leave you a little profit, moving out might make sense. If not, sticking with your original plan, staying in the condo, and waiting for a better refinance window could be the way to go. It’s all about running the numbers and seeing what gives you the most flexibility and growth potential. Let me know if you want to dig deeper into those details!

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With rent control in NJ, yeah, it’s mostly a waiting game if tenants don’t leave. But there are a few ways to shake things up:

Cash for Keys: Offer them money to move out. Sometimes tenants bite, sometimes they don’t, but it’s worth a shot.

Owner Move-In: If you’re planning to live in one of the units, you might be able to legally take it back. Depends on the town’s rules, though, so check that first.

Renovation Loophole: Some places let you raise rents or get out of rent control if you do big renovations. You’d need to check the local laws to see what counts.

Tenant Violations: If they’re breaking lease terms—like not paying rent or subletting—you might have grounds to evict. Keep an eye out for stuff like that.

If none of that works, you’re probably in it for the long haul until they leave on their own. Rent-controlled places can still be good investments, but it’s all about playing the long game.

What’s the situation with the rents? Are they way under market, or is it manageable for now? Curious what your plan is for the place!

Hey Jerry, good to see you making moves! Getting that first property is exciting—and yeah, NYC is no joke when it comes to price of entry.

Honestly, a lot of people I’ve talked to in your shoes end up finding better opportunities just outside the city. The Capitol region, NJ, and CT are solid choices. NJ is a big one—places like Newark, Paterson, or even smaller towns have better cash flow potential. CT spots like Bridgeport and New Haven also pop up a lot in conversations about good starter markets. The numbers tend to work better, and you’re still close enough to keep an eye on things.

As for NYC itself, deals are definitely out there, but it’s tougher. The outer boroughs—Bronx, parts of Queens, maybe Staten Island—are where people tend to have the most success, usually with multi-families. The strategy there is more about long-term appreciation since cash flow can be razor-thin. Off-market deals are key if you go this route, so networking is huge.

Out-of-state investing is another option people love, especially in markets like PA (Philly, Scranton) or even down south where prices are lower, and the landlord-tenant laws are more forgiving. It’s a little more work to set up, but if you get a solid property manager, it’s not as scary as it sounds.

If I were you, I’d keep digging into the Capitol region, NJ, and CT—compare the numbers, and maybe even start building connections with agents or wholesalers in those areas. Multi-family properties are a great way to start since you can house hack and offset costs.

What’s the main goal for you? Cash flow, appreciation, or a mix? And are you thinking single-family, multi-family, or something else?

Airbnb rental arbitrage can work, but it depends. People like it because you don’t need to own property—just lease it, list it on Airbnb, and make money if guests pay more than your rent and expenses.

The catch? Landlords. Not all are okay with subleasing, so you need their approval. Then there’s city regulations—some places heavily restrict short-term rentals, so you’ve got to check the rules.

If you find the right spot and automate stuff (guest communication, cleaning, etc.), it can be profitable. But it’s not passive—it’s work. Have you scoped out a market yet?