All Forum Posts by: Isaac Wall

Thanks for the insight Dick. I asked the question because I’ve found some PMs tend to favor taking the easy route - like replacing something instead of fixing it, which can blow out maintenance costs. Likewise in markets where they collect a listing or broker fee for putting a tenant in place they’re not incentivized to keep existing tenants in because they get a fee every time there is turnover. 

Hey all, I'm looking to house hack in NYC by buying a 3 or 4 family through an FHA loan. The problem is the FHA loan limits (~$1.2M and $1.5M respectively for a 3 and 4 family) and my available cash put these properties out of my price range (prices range from $1.3 - $1.8 in the areas I am looking at). If I wanted to buy in my desired areas I'd need a bigger deposit on top of the FHA loan limit, in which case I'd just go down the conventional loan path. I don't want to tie up all my cash here so I'm not interested in doing that. I'd rather get more leverage.

Are there any lenders out there that would lend $100-$200k via an unsecured loan (i.e. no lien on the property, because a second lien is not allowed with FHA) on top of the FHA loan limit so that I can purchase in these areas? I have a strong W2 income (enough to service a lot more than I am looking to purchase for) and good credit.

Hey all

Has anyone successfully moved away from (or at least supplemented) the standard % fee for property managers in favor of bonuses and incentives that align the interests of the landlord and property managers? For example, have you ever incorporated bonuses or incentives for KPIs like low turnover, low maintenance (eg. Fix vs replace something) and tenant advocacy/satisfaction (eg. run some kind of tenant satisfaction survey and give them a bonus for improvement or meeting a certain target)?

Thanks all. I'm currently looking for a 3 family in Bushwick / Bed-stuy areas. 4 families are proving impossible within the FHA limits (which really need to be raised for those areas!).

Hi all! Very excited to have stumbled upon BP and to now be a part of this community. I am Australian but living in NYC. Looking to house hack in NYC and buy multi families in more affordable markets to maximize cash flow. I’m a corporate attorney and looking to replace my W2 income so I can stop working 18 hours a day!

Fun fact: I recently purchased a town house in Tulum Mexico, renovated it (even though it was brand new) and filled it with custom furniture. It was my first property purchase and man was it a challenge. But its been very lucrative and given me the confidence to expand into property in a big way. Looking forward to connecting with you all. 

I spoke with an architect and general contractor (both highly recommended by a trusted advisor). They advised that a full rehab job on a 3 family townhouse in Brooklyn (1850 sqf) in NYC at the moment will cost around $500k. Construction and labor costs are through the roof. 

Thanks Nathan! That’s really helpful. 

Hey all, also looking at Ohio. What are your thoughts on Ohio City? 

Anyone in NYC looking to do (or already go to) a meetup? Would love to meet some like minded people. I’m a lawyer by trade and investing on the side. 

Hi all! First time poster. I’ve found a deal in Cleveland that looks good. It’s ticking the right boxes. It’s off market and I found the buyer directly. This would be my first deal. As a preliminary question, should I find a local buyers agent to advise me? Since I found the deal, should I pay them a discounted fee? Any other advice would be appreciated.