All Forum Posts by: Scott Schreiber

@Michael Ealy great point re: larger deals. Generally, what percentage down are you finding you need to put for the larger deals?

Some good info in this thread already. I had a similar debate, albeit without the added piece of living in the property. Ended up buying in Yonkers, and happy I did. Lots of development in the downtown area, quick train ride into the city, etc. In short, a lot of good signs that Yonkers is one of the next areas to develop outside of NYC.

Sorry to hijack this thread, I posted in the local forum, but I don't think that forum gets much traction. Any recommendations for property management companies in Yonkers? I have a mixed-use 4-unit building: 1 convenience/corner store, 3 residential units. I've been self-managing since we purchased a few months ago, but am now looking for recommendations on hiring an outside company. 

Hello, all,

I recently purchased a 4-unit property in Yonkers (3 residential and 1 store). I've been self-managing since I purchased, but would like to find a reputable and recommended property management company to take over. Specifically, I am likely looking to rent it out to Section 8 tenants, so a company with experience dealing with Section 8 agencies and tenants would be preferable. If anyone has any recommendations, I would greatly appreciate it. Thanks in advance!

Hi Felicia, I ended up buying a property in Yonkers. I've looked at Poughkeepsie in depth, as well as some other areas, and am happy to share what I've learned. Please feel free to PM me.

Hi Koon,

Congratulations on having an accepted offer! I am a real estate attorney in NYC and the surrounding areas, as well as an investor. In fact, I purchased a property right down the road in Yonkers about 3 months ago. If you'd like to discuss what we can do to help you get from contract to closing, please don't hesitate to send me a PM!

Sorry, Landlord/Tenant.

I actually do both, though for the past year or so I've been focused mainly on transactional work. The first few years of my legal career were spent in litigation, including L and T work. That being said, we still get litigation somewhat regularly.

@Account Closed, a lot of great information in this thread, kudos to you and to all of the people who are chiming in. Just a few things to consider:

What does it cost to actually live where you're living now, and can you live elsewhere for cheaper and be as happy as you are in your current living situation? It seems your best option is to stay put in your current unit (as long as you can afford payments and are happy there). You've mentioned a few times that this is all supplemental, since you have the means to invest elsewhere without house hacking. If that's the case, then I'd say just jump in to a different area that you've identified or are identifying, strictly as an investment, and keep living where you're living. The co-op market in NYC is softening a bit, units are staying on the market a bit longer, etc. I would not count on a co-op to cash-flow, and even if it does, I wouldn't count on it to remain cash-flow positive. You're just too much at the whim of the Board, even if you're a part of the board.

There are a few areas around NYC in which you could find multifamily properties that present value-add opportunities. For instance, I'm closing on my first property, a mixed-use 4 unit property in Yonkers. As I've mentioned in a few other threads, still a way away from really exploding, but the potential is there. And if it's cash-flowing and vacancy rates are low, then a crash won't hit it as hard.  

One thing I pointed out in another thread, as well: With buildings in NY that are 6+ in most areas (in some areas it's 12+ units, 20+, 50+), the units will be subject to the Emergency Tenants Protection Act of 1974 (rent control, basically). Just something to keep in mind if you're looking for forced appreciation, as it will be much more difficult to accomplish.

Hi, @Pranay Advani, I'm in a very similar boat. I'm closing on my first investment property, a 4-unit mixed-use in Yonkers (1 grocery/deli/corner store and 3 residential). Yonkers is still years away from really turning around, but there are definitely signs there (money is pouring into the waterfront area, easy access to the city, etc.). Not the reason I'm buying this property (purely a cash-flow/value-add play....any appreciation would be gravy). 

One thing to consider when going with 6+ units in many areas of Westchester: Emergency Tenants Protection Act of 1974 (ETPA), more commonly thought of as rent control. Different localities have different rules on how many units a building needs to be governed by the ETPA. This page is helpful.