All Forum Posts by: Jennifer Ozinegbe

@Joseph Ranola Wow! You know I never considered Staten Island to invest in. Do you forsee the prices of homes in this area increasing like some other areas are projected to (St. George area)? If I house hacked, would the average Staten Island cost of rent allow me to potentially live rent free? 

The neighborhood of the house that I did see in Brooklyn definitely isn't a Park slope or Williamsburg by any stretch of the imagination, however on my previous apartment hunting adventures, I've seen landlords rent spaces in Brooklyn in sketchy neighborhoods for $2,000+ and people (gentrifiers) pay it! Brooklyn is now full of new buildings and renovated pre-war buildings in neighborhoods that have not yet caught up to the rapidly developed and expensive areas of Brooklyn, but charge very much like them. Investors are projecting that these neighborhoods will reflect the more overt changes in formerly crime ridden areas in Brooklyn before they can actually see it.

Staten Island is still a viable option if it's close to the bridge but more solely for investment than hacking. I really prefer to be in Brooklyn for the convenience of being close, no crazy traffic congestion from Jersey residents clogging the SI expressway, and no tolls.

I would like to discuss further though, how could I reach you?

Thank you for your thoughtful reply!

@Thomas S. This is also an option I am looking at. I work in the field of education, hence compensation various ridiculously from state to state. I'm in great financial place hear in New York combine with other opportunities that are unique to New York and won't be found elsewhere. That is where my reluctance resides in leaving but I have not closed my mind to it completely at all. Thank you for your response!

@Theresa Harris I think I will do that. Just not sure of all the questions to ask. I will incorporate what you suggested into what I ask. Thank you for your response!!

@Allan Szlafrok There are actually limited detail o the house apart from the fact that it was built in 1910. The asking price is 276,00 but the market price is about $598,000. The neighborhood has a suburban feel to it. How would I be able to assess how much rehabbing it would need? Thank you for your response. It's encouraging for people to believe in viability of Brooklyn as a real estate investment.

@Steve Hall Thank you Steve! You know, you are absolutely right. NYC is a hard market. I can relocate my job easily but I was wondering whether running away from the rapid development of Brooklyn could be a mistake rather than taking advantage of it. Essentially gentrification is exactly that. Middle to Upper Class individuals are moving into areas in Brooklyn that a few short years ago were absolutely undesirable for the reason you mentioned.

I would be lying to you if the idea of relocating altogether hasn't crossed my mind....multiple timed. Its harder to get ahead in NYC. Thanks for the link to the article, I will try and find a complete list and factor that into my prospective move. Thank you so much for taking the time to answer my question.

Hey everyone!

My name is Jennifer and I currently reside in Staten Island, NY. As a 29-year old professional working in Brooklyn, NY, the commute as well as other things has got me thinking about moving to Brooklyn. However, as you may know rent is insanely expensive. The average rent in the places I would like to live (1 bed, 1 bath) is between $2,100 and $2,500. This as well as my preexisting desire to get into real estate has motivated me to reach out and ask for help. I purchased a whole bunch of real estate books to learn all the basics so I can engage intelligently in real estate related conversations and plan to join a local meetup group today. 

Also there is a property that just came to the market, a small multifamily with 2 units for $277,000. The rent for the entire building $700 below my max rental budget of $2,000. I would like to do a live-in and flip but I am aware of my level of inexperience, I don't think it smart to act hastily. My move to Brooklyn has thus been complicated by the battle between paying extremely high monthly (essentially paying someone else's mortgage) or investing my money into owning something that could yield me returns later on down the road. I know this a lot of information but guidance in any way shape or form would be greatly appreciated. I am a sponge and eager to learn.