All Forum Posts by: Ray Smith

@Marky Suazo Sent you a DM

Not a tax expert. But that is our current situation and we have a joint account that she pays the mortgage through.  

@Stanley Kutsovsky take the course at realestateu.com then buy a study book to mark up and do test questions with. Good luck!

Hey @David Decosta, it's really just a feel type of thing. You need to be knowledgeable about the neighborhoods in the area to be able to compare them to each other.

As someone who is currently house hacking on LI, the best deals end up being in A and B neighborhoods

As a Lender, it is almost always 1 year if you are using your own income to qualify. Along with a DSCR Loan and other Non-QM loans you can use a Second Home Loan if its a vacation rental. I would advise talking to a lender and finding the best product for your situation.

Congratulations @Trascia Daniel! Keep going!

Hi @Noelle B.!

Looks like you've gotten a running start. I'm also a new investor on Long Island, currently on my second buy & hold deal in the Stony Brook market. Would love to connect and see how we can help each other out!

IF I could offer any suggestion it would be to use this opportunity to find a niche or market where you can exploit a competitive advantage you and your husband might have. OR just dive deep into a niche you believe in and MAKE it an advantage. 

House hacking in NY is extremely difficult BUT there are areas where demand for rent offset the difficulties of NY property ownership. This may just be one of them, so don't be confused by the high returns compared to other areas. 

Just like any market it is VITAL that you find out everything you can about the area, my suggestion is finding an agent that knows every block of the area you're considering. Probably one that does lots of student rentals, they know exactly what students and most importantly grad students want/don't want. 

While the numbers CAN be amazing. Owning a student rental can be hard work and a lot of issues that pop up can eat into that high return. 

@Josh Edwards

Seems like a lack of supply and low interest rates are really driving the competition that we see right now in the market. 

But it doesn't necessarily mean that it is a bubble. Interest rate IMO have the biggest influence on the market right now. For example, a $430k mortgage a little over a year ago at an interest rate of 3.75% has roughly the same monthly payment as a $500k mortgage now at 2.625%. 

On Long Island specifically, there are a very large amount of cash buyers that are swooping in, but a vast majority are able to take advantage of cheap money to better their offers on a low inventory. 

Hey Brian! 

Sounds like you have a great plan. The issue is that you really won't find any (desirable) MF properties in Suffolk at the $350k pice point. Your best option is a mother/daughter set up. 

I actually am doing that exact set up. You can see the details in my post here: https://www.biggerpockets.com/...

Please feel free to reach out if you want to connect further!