All Forum Posts by: Jon-Michael Agli

@Stan Selwa

Hey Stan,

I have decided to rent a very cheap apartment from a friend, while I focus exclusively on a buy and hold property. I really don't have a preference in where I own and have tenants, but I would like to know the area well enough to make informed decisions as well as be able to drive there within an hour or so if need be. NJ would probably be a great market, I will have to check it out and compare it to eastern LI.

@Ariel Cohen They seemed to be close to market rent based on the comps I ran. It was actually sold. It was probably best to find another place that wasn't so expensive for my first buy and hold. 

This is confusing stuff. I feel like there are so many places in other areas where the numbers work, but all I hear and read is that MLS deals are never good and that I have to look for a good deal.

@Eddie T. WIll do, I think Suffolk County is a bit cheaper. I'm considering starting with condos, since they are a bit cheaper, and have maintenance built into the HOA fees.

Thanks all for your input gentlemen...

@Shmuel Harris  I was not considering living in the property. I am currently renting and looking for just a buy and hold property. 

@Curt H.  Thanks Curt. I passed on the property. I would really love to find something within driving distance of NYC. The best I have found thus far is in Suffolk County. The number seem to work there and I can manage the properties myself. They are also less expensive than Queens or Nassau so I can handle my first deal without a ton of money on the line for the learning curve. 

Hey all,

I'm having a bit of trouble analyzing if this property is something I should pursue? There seems to be so many ways to analyze a property (GMR, Cap Rate, CoC, BP Calc, etc)

Here are the details:

Asking Price = $600K

Current Rent = $4550 (2 legal apartments and 1 basement apt, 1 garage & 1 parking spot)

Expenses = $1400 (Monthly)

HOA - 250

Prop Management - 250

Gas - 250

Water - 200

Tax - 400

Insurance - 60

This property would be financed preferably at the least amount down.

Thanks for your input...

PMed you

Just want to follow this post as I'm in the same boat. I'm in the NYC area and would love to invest out of town.

Hey BP members, 

New member here from Queens, NY. I just recently moved in to an apartment in Long Island, and I am looking to purchase a home for my wife and myself. We have been looking into duplexes in the LI area for the house hack, but have yet to find any that we like for ourselves to live in.

I have read the beginner's guide, and many interesting books thus far (Contrarian playbook; investing in duplexes, triplexes and quads; Rich Dad, Poor Dad, etc.) and have been devouring the podcasts. 

I know a lot of people say money can't be made in this area of NY, but based on the numbers I have been running on 2-4 family homes, the numbers seem to work. Why is it that people say that this area is bad, is it because the large amount of money that is needed in order to cash flow?

Anyway, we are now still considering this house hack, but are also looking to buy a single family home for a "live in flip" and perhaps purchase individual investment properties out of town. (FL, PA, upstate, etc).

I'm here to contribute anything I have learned thus far, as well as connect with anyone whos interested in pursuing deals.

Nice to meet all of you!

-JM