All Forum Posts by: Damon Bodine

Hey  @Kevin W.  I had a great conversation with @Shawn Mcenteer recently.    He seems like a wealth of knowledge for NJ.  

Hi All,  Just a heads up this event is now capped on RSVP's for eventbrite.   If we're able to open up more tickets we will .   

If anyone wants to get on the waitlist for the next event send me a message and i'll be happy to accommodate .   

Thanks so much  

For anyone interested in attending the next public hearing on this.  

@Jack Lin

Have you considered FHA or community bank loan here? . You can do quite a bit here in the boroughs with those. Community bank sometimes more ideal if you're a first time home buyer as some will eliminate PMI. As others house hacking could be a good strategy to consider. Pragmatically speaking unlikely you'll cash flow but will build equity quickly. If you're dead set on buying a rental property first places like Philly, Buffalo could be good options.

Happy to brainstorm if ever helpful.  

 They all own 2 family properties and were airbnbing the 2nd unit while living in the first.   You can no longer rent entire apartments at all.  Only rooms in an apartment in which you owner occupy.  That doesn't work for them as they like having their own space.   So Long Term makes more sense in these situation for them. 

I've met with 4 past clients in the last week who currently do airbnb.  We're going to list 3 of their apartments for long term rentals and one is considering selling.   In NYC long term rental market has been very resilient so i think most will opt for that.      

One week everyone.   Looking forward to seeing you all.  

Agree with others here. What you may want to do is focus on the NYC property first for the debt to income ratio aspect. Although I would say you wouldn't want to limit your mortgage to strictly FHA here. There are great credit union. / community bank programs that have low down payments. Often times they're census tract loans. However many of them require that you are a true first time home buyer and own no other property.

The investment property theres a bunch of ways to do it. One option is that you could opt to focus on something like DSCR loan that's usually an 5/1 ARM and only focus on the rental DSCR of the property and your credit score. It does not score your DTI. However DSCR often comes with higher interest than conventional investment mortgages.

Happy to brainstorm with you if ever helpful. I think theres a good way to strategically put it together  that maximizes your income on both scenarios.  

 sent you a PM.   I think its more nuanced than neighborhood specific in the boroughs.   Especially with  house hacking you're going to be looking at building size, if the property can qualify for community banks loans (extremely favorable interest rates), subway access, etc.  Building Width and Depth is huge.  The way NYC overall is set up is that there is a hodge podge of housing stock everywhere.   So for example on one block you might see a 16x35 building across the street from a 20x55 building.    Things like bedroom size mean a lot in terms of your potential monthly rental.   

To answer to your questions more directly i've found deals for house hackers all over Brooklyn and Queens.   (neighborhoods like Richmond Hill, Maspeth, Kew Gardens, Jamaica  etc in Queens.   In Brooklyn neighborhoods like Flatbush, Parts of Bedstuy/Bushwick/Crown Heights, East New York etc.  However I think its important not to oversimplify because its ideal  to combine strategies for best success.  i.e (airbnb, room by room, long term rental, etc).  Then considering ancillary sources of income (parking, laundry, storage).   So one neighborhood may offer  advantages in some areas (i.e. good location for airbnb rooms)  while not as much in others (lower long term rental rates).    

Anyways long answer but hopefully helpful :) 

 I think its doable in the boroughs albeit you may not 100% cash flow neutral.   A lot of the folks I work with are doing short term rentals in their primary residence (airbnb) and then a long term rental in the second unit of a 2 family.   If you're up for that parts of Brooklyn and Queens can both be workable.     Happy to  connect and brainstorm with you if you're up for it.   In NYC its important to  be mindful of NYC Roommate Law which limits the amount of unrelated roommates that can occupy a unit - https://www.brickunderground.c...