All Forum Posts by: Shanna Vataj

I can’t argue on the taxes being high or the fact that NY isn’t landlord friendly but we do great here in Westchester. $40,000 is a pretty good amount and can be a 5% down payment and closing costs on a two family in a great neighborhood in Westchester where your taxes and expenses would be covered. You may not have the cash flow you want but will build equity for a long term B&H

First off - smart kid thinking about real estate as a way to grow your money and congrats at having that much at such a young age. 

Getting your license is a great option but I wouldn't rush that and waste money just yet. You don't pay a buyers agent as a buyer - you only pay when you go to sell the property so I would get your license and take your time finding a good brokerage before you intend to sell to save the commission money. 

The cash on cash is going to be limited with interest rates rising but long term equity is your goal. Take on as much as you can yourself to save on contractors. Things like demo, patching, painting, refinishing floors, small tile jobs (backsplash), and yardwork are all easy to learn to DIY - YouTube has a ton of learning videos. Never hire a general contractor that plans to subcontract out - you're just wasting money by not finding the subcontractors yourself. 

If Nassau or queens don't work out - I work in Putnam Westchester and Fairfield counties. 

Good luck! 

Interest rate, cost of homes per unit and condition/rent status. Right now in my area multifamily properties are selling on after renovation proforma  rate. Rising interest rate is not having an effect on price point. It’s insane. 

@Kalin Stocker 8cap 😂😂

Likely 4% to invest and expect a return. 3% if it’s just a hold situation where I know it’s necessary for renovations/equity build. Westchester ny

It looks like it was never primed at all. Very strange. 

I would vent the attic (which should have been done already), scrape and peel all paint off, patch the issues and use a thick peeling paint primer like Zinsser. 

This is a liability, not an asset. Use that same 3% to buy a multifamily in Westchester/upstate ny/Fairfield and use the cash flow to rent a small apt in nyc (basically house hacking). 
1. Many condo associations require approval, insane move in/out fees and can just take a vote to change terms without your say (you want autonomy!) 

2. Money goes further the farther you are from nyc but you need to stay within the commute time of 1 hour to GCT to secure tenants regularly. Your upper limits are Croton/Yorktown/Carmel/Stamford CT. 

1. Is there an owner occupant where income could be?

2. Look for areas where expenses seem higher than normal (ie: landscaping, insurance, property management) 

3. If the rents are not at market value, sell it on proforma. I break it down as proforma-as-is and another column of proforma-renovated. 

Was this a SFH that was zoned multifamily or did you get that changed?

How did it work with the building Dept? Did you have to have plans drawn up beforehand or were they happy with a list of changes?

What was the the post-closing but pre-construction investment (ie: engineers, deposit to contractors, building Dept fees etc)

There has to be some consideration for the contract - even $1. 

Why are they giving the cow away for free?

Yes! You and @Moustafa can get together to create the data sources and single metric! 

Commercial real estate has a class system - why can’t we apply this to residential real estate and locations