All Forum Posts by: Duane Ward

Quote from @Andrew Jennings Freerks:

@Thomas Sloane I have been selling real estate in NYC for 8 years.  The acceptable cap rate depends on the neighborhood, but the investors I have dealt with want 6.5%+ 

Afternoon,
How much experience do you have in the long island markets? My wife and I was actually on the hunt for our first property and trying to keep educating ourselves. We have def found out many things just over the last 3 weeks that we truly never knew mattered in this market. Would love to hop on a call and chat if you have some time.

I've been doing research after seeing so many accessory apartments listed as multifamilies in long island. After understanding the nuances and history more, I'm wondering, are there certain towns or hamlets in long island that only allow accessories vs duplexes in nassau and suffolk? Does anybody know which areas of long island may not allow duplexes or number-plexes below a 6-plex? We're essentially trying to rule out anyplace that only allows accessories to help narrow our investment property search.

Also aside from certain key words like accessory apt and number of meters, what are some other tricks to spoting a property that is a true multi family investment opportunity vs an accessory listed as a multi family?

Jasmine, 

In order to get it reclassified, they would need to inspect and it would have to be something the town or local government offices allow on the properties correct?

My wife and I purchased a property to house hack the attached apartment. The apartment we discovered is zoned as a mother daughter. Aside from using the airbnb long term gray area, is there another way to rent a mother daughter apt in Nassau County long island that is legal? Initially we were going to use this apt to help get us positioned to make a move on a multifamily. Debating if we should just now move to a multi and sell this place for the down payment if there's no way to capitalize on the attached apt.