All Forum Posts by: Nima S.

just listened to it. great synopsis on what happened back in days. adding @Llewelyn A. just in case he does not know about these podcasts. I am sure he has though as he has made a fortune in BKLYN :)

@Holly Williams Thanks for sharing such a powerful story and being an advocate for the industry. Definitely a great success that all of us can strive towards. Quick question on when you started in RE did you start in NYC, if so what areas? and are you still invested in NYC or doing off market deals. Thanks - Nima

@Remo F. Good Afternoon, Remo. Hope all is well. Could you please share the episode number of the podcast you mentioned above. Is it called "Brooklyn We go Hard".

Thanks in Advance.

Nima S.

Good Afternoon - BP Nation. I have come across a situation which I am sure that others have faced before. The property I am looking at is a legal 2-family. Classified as B3-2 (NYC) which is a conversion to two family from single family. The current owners live in the duplex (second and third floor) and a tenant lives in the first floor. I guess the owners changed the certificate of occupancy to a two family but never added separate meters as they occupy the large portion of the house (duplex) and factored utilities into the rent for tenant as there are so separate meters.

Now in this situation has anyone installed separate meters for water/sewer, electric and heat. There was only one meter for electric and there was one boiler (heat furnace) and one water heater. Basically I am trying to figure out what is the cost and process involved in adding separate meters and will I also have to install separate furnace and water heaters for separate bills OR is sub-metering on the same furnace and water heater is possible. As I want to occupy the lower unit and rent out the duplex so I have more income coming into support mortgage but will not be very economical if there is no way to bill duplex tenants separately for utilities. 

Your advise will be highly appreciated.

Best-

NS

@Nima S. wanted to follow up to see if there are RE agents/brokers with experience in helping out starting RE investors acquire small MF property in Queens- specific in areas of Sunnyside/Woodside/Maspeth/Flushing etc? Look forward to hear. Best, Nima

Congrats @Michael R.. I have sent you a message. Will like to know more about your experience and if you could share agents/brokers who were able to help you out.

welcome @Casey Sung. You should definitely reach out to brokers/agents/lenders who have posted on BP and attend meet ups. Definitely goes a long way to be out here and provide value to others as well. Hope to connect in one of the meetups :)

I am looking for a small mf (2-3 units) in queens and brooklyn. please inbox me if you have expertise/network in these two boroughs. I currently live in Brooklyn and planning to purchase to live in one unit while renting out the other unit. Please inbox me or comment. Look forward to hear from you. Thks - Nima

@Account Closed The thing to be wary of FHA is it comes with MIP (Mortgage Insurance Premium) and I believe it stays for the life of the loan. Only way to get rid of MIP is to refinance the FHA loan with another loan. Conventional loan options (Fannie, Freddie) also have lower down payment options (I believe) but the PMI on those go away when you can have 20% equity in your home which will have to proven out by an appraisal.

In regards to talking to bankers, you can search for them on Zillow. You can sort out by their star ratings (which I highly recommend as it shows prior clients had great experience). Also I have few other bankers, brokers I connected with myself. If interested inbox me and I can provide you their info. Thanks - Nima

@Kristin Schamber I am on the same boat as well. I have lived in Brooklyn for the past couple of years and been wanting to invest here myself. I have made some connections over the course of going to meet up events and networking with successful RE investors in the area. The idea of a true cash flow property is very tough to find here but you can still find good deals in which you can occupy (rent out other if a small multifamily) and do a refinance/HELOC later and go for a second property.