All Forum Posts by: Justin D' Apolito

Hey everyone! I have some good deals on short term rentals in the northeast and am looking for financing, both for the mortgage and potentially as capital partner/LP. If there any investors or lenders out there that would like talk, DM me!

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New York City, New York

I am a New York based new-ish investor working to expand. I have been kicking around the idea of getting my license in New York even though I am not actively looking at real estate in NY or do I really intend to get a job as an agent. I figure it could be a good educational tool and potential for some additional income in the form of referrals, and my own purchase commissions. Also, it would give me access to the MLS so I could search for on market property on my own. Is this a big dumb waste of time and money? Any thoughts would be greatly appreciated!

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New York City, New York

I live in NYC but am investing elsewhere. I think I need someone to talk to that can not only help me get my real estate management and finances in order but potentially also my personal finances too. If anyone can recommend an advisor that would be willing to chat that would be awesome! I think I need a little direction from someone smarter than me.

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New York City, New York

Quote from @Justin D' Apolito:

Quote from @Maurice W. Evans:

Quote from @Justin D' Apolito:

I am interested in doing STRs in NYC (I live here) because I see how much tourism is here year round. I see people all over my neighborhood (in Queens) with luggage and there are many listings even though there are a lot of city restrictions involved. I am not in the financial place to purchase a place to STR but I've heard of making a deal with a landlord and being able to rent a place on a lease, furnish and STR legally.

Anybody heard of this or doing it? Why shouldn't I pursue this, besides the usual time and energy cons that an STR brings?

Hi,

STRs (less than 30 days) have by and large been illegal for some decades for any building that is not a hotel or shelter etc.

Check into local law 18, which provides a registration solution for primary occupants who want to SHARE the space in their permanent residence. You can't have more than 2 guests at a time when room sharing, and they must have full access to your entire dwelling (no locked rooms). You have to be there. Registration comes with other requirements as well.

STR a unit you do not live in, is illegal. Except for hotels etc and Class B buildings.

If you buy a unit in a class B building, you can STR.

OR

You can do what is known as "arbitrage". Where you lease an apartment, and then Airbnb that out. But it would have to be Medium-Term (30+ days) since this will be secondary. In this way, you won't have to BUY/OWN a unit.

My wife and I are professional co-hosts, we manage 25 doors, many of which are Airbnb. Happy to point you in the right direction.

I guess my original question was about arbitrage but I wasn't familiar with the term.

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Quote from @Maurice W. Evans:

Quote from @Justin D' Apolito:

Anybody heard of this or doing it? Why shouldn't I pursue this, besides the usual time and energy cons that an STR brings?

Hi,

STRs (less than 30 days) have by and large been illegal for some decades for any building that is not a hotel or shelter etc.

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Quote from @Jeremy W.:

If you can become an expert in the regulation of NYC, and/or talk to an attorney who is an expert on the hosting side, I will put up some money.

Good to know! Thanks Jeremy!

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Quote from @Michael Baum:

Hey @Justin D' Apolito, well they kinda are unless you live there. As of March 1, 2023

Short term rentals of dwelling units (rental for less than 30 days) are prohibited by the
Multiple Dwelling Law, the Housing Maintenance Code, and the Construction Codes
unless the permanent resident of the dwelling unit is present during the rental.

https://rules.cityofnewyork.us...

That's good to know. I knew something happened recently but didn't know what. Not even close to even attempting it, just asking if anyone on here has ever rented a rental. Thanks for the info though!

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Quote from @Michael Baum:

Quote from @Justin D' Apolito:

Oh no! I have no intention of doing anything illegal. I would try to find a landlord willing to work with me and go through all the legal motions but take on the responsibility of it, pay the bills and take the profits. I'm just not in the position to purchase at the prices in NYC.

So if STRs are illegal in NYC, how is having the owner take the responsibility for the illegal activity? Kinda the same thing really.

They aren't currently illegal, you have to register it through the city.

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Quote from @John Carbone:

Quote from @Justin D' Apolito:

Anybody heard of this or doing it? Why shouldn't I pursue this, besides the usual time and energy cons that an STR brings?

I'm not an expert on STR in NYC, but I thought they banned them?

They were banned for a long time but still operated. I think just this spring the city made it so you had to register your place as a short term rental with the city and now they might be getting sued by AirBNB.

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All Forum Posts by: Justin D' Apolito

Justin D' Apolito has started 6 posts and replied 13 times.

Post: Financing for STRs in the Pocono and Catskill mountains

Post: To License or not to License... That is the question

Post: Financial Advisor wanted

Post: STR in NYC

Post: STR in NYC

Post: STR in NYC

Post: STR in NYC

Post: STR in NYC

Post: STR in NYC

Post: STR in NYC