All Forum Posts by: 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?

Here's my dilemma

I am thinking of purchasing a turnkey property in the name of getting some cash flow going. As of now I am going to do a cash out refi on a property that I've had for 5 years to put down on something ready to rent and potentially already rented. I am doing it this way mainly because I don't think I have the experience, knowledge or team in place to do something like a BRRRR or a fix and flip, but I don't know if this is the right way to go.

I would ultimately love to start scaling up and think I want to do it faster than something like this would allow because I would have to wait for probably a year or two to raise the capitol to purchase another property.

Anyone else going through something like this or have gone through it before?

Thanks friends!

I purchased a property almost 6 years ago and it has been very hands-off for the most part but it isn't doing enough for me.  I have had the same tenants in there for the entire time that I've owned the place so I haven't had much time to do any updates, which I think are long overdue.  Without much cash on hand, is it wise to take a loan or leverage for a loan to make updates in the name of either selling to buy something better or driving the rent up a little bit?  I'm also interested in investing in more properties and using the equity in this place to get me in another unit or 10.

Thoughts?