All Forum Posts by: Eric A.

@Ricardo S. I hear you. My budget is the full FHA limit, roughly 850k for a 2 fam. I guess I should have prefaced it by saying "Prime" Bk is too expensive for FHA. Obviously I could find a 2 fam under 700k in many parts deeper into Brooklyn that would put my commute to Midtown over an hour, including transfers from buses to trains, etc., plus these neighborhoods would be pretty barren in terms of interesting restaurants/cafes/things to do nearby. East Flatbush is a bit too far away for my taste, but Flatbush/Ditmas Park area (~20 minutes walking to Prospect Park) would be nice. I started looking at Ridgewood because I could ride into midtown on the M train without transfers and it's a very safe neighborhood that has experienced a lot of interesting growth recently.

@John Cohen Is the Ridgewood 2 fam still available? I've been searching for a 2 fam to house hack using an FHA in all the hot Brooklyn areas but the prices are too high for FHA. Starting to look in Ridgewood. Thanks.

I'm in. Looking forward to it! This will be my first RE meetup ever. Looking forward to sharing ideas and learning!

Welcome Laquan! Let me know if you hear of any off market deals that are off the radar in BedStuy. I've been looking, and anything listed with a broker out there is insanely priced. You will find a lot of great resources on here and meet a lot of great people. Good luck!

@George Hermann @Christopher Griffith I'd be interested in having a conversation as well.  Can someone tell me what neighborhoods/intersections in the Bronx are hot right now, or have the potential to become the next Bed Stuy?  I'm looking to house hack in a nice brownstone tree-lined block.  Are there any areas like this where a hipster cafe or two have begun to spring up already?  Let me know!  

I mean, it's possible to house hack a single fam.  I think Brandon did it when he first started out.  If you have spare bedrooms and don't mind sharing the common areas with tenants then have at it.  A good friend of mine lives in a 2 bedroom apartment and hacks by renting out the other bedroom.  I guess it takes a certain type of person, haha!

Although if you can get approved for an FHA, then why not shoot for the 2 Fam? Is it a big jump in down payment?

Also, closing costs in NYC are astronomical.  On a 600k property you can assume you'll be paying at least 20-25k in closing costs, which include city/state mortgage recording taxes as well as other normal costs.  The following sites might help you make a good closing cost estimate in Brooklyn/NYC:

http://www.realdirect.com/closing_calculator/

http://www.evansnyc.com/calculator/closingcosts/

Hope that helps!

In my (somewhat limited) experience searching for a multi fam in Brooklyn the past 2 months, they tend to trade more like single family properties.  By that I mean the price per square foot for comparable properties seems to be more of a factor than the property's cash flow and cap rate.  Right now there are a lot of people seeking to live in a townhouse in BK and rent out the additional unit(s) to help offset the mortgage.  Knowing that, most of the professional investors are into buying wrecks and doing really nice renos and flipping them to end users for hefty gains.  Just my experience.  Then again East Flatbush hasn't caught on yet as a "hot" neighborhood, so maybe there will be more buy and hold type of investors out there which will make the cap rate approach more appropriate.

Hey guys, I grew up in queens, and currently rent in Brooklyn, but I've been thinking about house hacking a multi fam in the Bronx since prices there are a bit more reasonable. I don't know the Bronx very well at all unfortunately. Can you give me any ideas for which specific areas (e.g. Intersections) are either really hot or about to explode? I'm looking for the next bed stuy. I have a wife and young kids so it's gotta be safe. Let me know. Thanks!

Nicholas Clement understood. Well I'm looking to buy my first short sale (to live in) so if you're willing to give a few pointers to a fellow investor I'd be grateful. Also, I'd be curious to hear about your existing properties in case I have a match for you. Thanks again.