All Forum Posts by: Selena Williams

I have had really bad luck with contractors which is why I’m really trying to house hacking with a turnkey property. However, I’m realizing that’s most likely not going to happen. Does anyone have suggestions for good QUALITY contractors in New York?

My biggest problem I’ve had with contractors is the quality of work. They have finished the project on time and the cost was reasonable but the quality of work truly sucked. And I have friends who have the same complaint with people they’ve hired....

@Okey Onyebuchi thanks! I’m not banking on cash flow at all. I’m hoping for my mortgage to be significantly subsidized enough to save money and the property to appreciate over the next 5-10 years.

I’d like to be in a position to buy a cash flow property in 3-5 years after purchasing this multifamily. I want to get rent ASAP which is why I’m looking for a turn key property. With my second property I will have more flexibility to look for fixer uppers.

@Jaleel Muss I wasn’t planning to go further East than Flatbush. I was thinking it would be hard to get renters in places like Brownsville and East New York but maybe I’m wrong?

I don't have access to the MLS (wish I did) but from what I can see in the Bronx there aren't many turn key properties and they are so far out.

I’ll be there!

@Scott Wolf thanks! And you’re right. I have a realtor for Brooklyn but I need to get one for The Bronx as well so I can clearly see my options.

@Basit Siddiqi could you elaborate? What do you mean they couldn’t “pay for themselves”?

My thinking is there is no way to get cash flow in NYC. But if my mortgage is subsidized, I will be able to put money aside to invest somewhere else. I already have a mortgage. So my thought was to sell my current place and move into a multifamily where what I pay will be considerably less when factoring in the rent coming in from the other unit.

So I thought I had it all together and did my research. My plan is to purchase a multifamily in Brooklyn. I’m looking on Flatbush, East Flatbush, Bed Sty, and Crown Heights. My thought was to have the second unit subside my mortgage (no way in NYC would a two family in my prices range pay my whole mortgage) and use the savings to start investing in a couple years. Most likely outside of NYC where my money can go much further.

However, I’m talking to some newbie investors who are starting off like me - house hacking with the intention of buying another property later - and people are telling me I should be looking at The Bronx and Brooklyn is “dried up”. As in prices are already sky high and deals are better in The Bronx.

Are there any seasoned NYC investors that can weigh in with your opinion? Are the areas I’m looking at too far out? Will I most likely not get renters soon? Would love to hear people’s thoughts.

@Judy P. Thanks for the advice Judy! I’m looking at properties in Brooklyn though and not NJ or PA. The properties in the price range I’m looking at don’t seem to be moving very fast at all. Most have been on the market for over 70 days, some well into the hundreds. My real estate agent also seems to think it’s a buyers market right now, I’m guessing this is due to the mansion tax. The properties I’m looking at are right below $1M and just over $1M. The ones just over aren’t moving. Which makes me confident if I offer $999k they will take it.

I believe that new regulation is there to protect rent stabilized apartments. ? I skimmed over it a while back and didn’t see anything that would affect me since my units will be market value but I will definitely bring this up with my agent. Thanks for pointing it out!

@Abel Curiel I would definitely be interested in taking the advice of @Inemesit. I will PM you.

Right now I don't think I have anything to do but wait for approval for the FHA loan so I know exactly what my interest rate and PMI will be, but this is my first time doing this so I would welcome any advice if there is anything else I should be doing.

I’ve decided on my own my limit is $999k because I don’t want to run into the mansion tax and it’s looking like a buyers market right now because of this tax. I see a decent amount of multifamilies in Brooklyn below $1M or coming down to $999k after sitting on the market for a while. Plus, by the time my place goes into contract it will be close to November = market slowing down. All that makes me think I can get a good turnkey for $999k or less. If I can get at least $4000 total rent out of a place I will be super happy and in a position to buy my second property in 1-3 years and start making some cash flow.

If you have any advice on specific areas I should concentrate on more or anything else I don’t know that I don’t know that would be great!

@Abel Curiel thanks!! And thank you to everyone on this thread that gave actual advice, lol.😐

Thanks to you guys I spoke with a mortgage specialist today to run some numbers. Next step is getting my paperwork together and getting this loan. But the numbers look excellent so I’m super excited. Depending on what I end up getting and the rent, I might even end up with a couple dollars cash flow.

I plan to hustle the hell out of whatever place I buy - short of living in the basement, lol.