All Forum Posts by: Suzanne Player

I'd love to see the photos when it's completed

There aren't too many rentals on Long Island where the landlord pays any utilities at all.  You're more likely to see it in an owner occupied 2 family, the owner will get 1 heating bill & 1 water bill.  Sewer & sanitation are included in property taxes so not billed to tenants or landlord.  Properties tend to be unique on Long Island so you do need to real each listing individually and check the photos & location carefully.  

I have an investor meetup that meets in person on LI, if you'd like to explore options, get opinions, run scenarios, etc, with other investors you are welcome to join us at our meetings any time (we happen to be meeting tmrw, see link below).  A lot of us are buy & hold for rental income.

https://www.biggerpockets.com/forums/521/topics/1086351-what-is-the-1-barrier-to-buying-your-first-next-property

I post our meetups on Bigger Pockets Events & Happenings Forum each month, use drop down menu & choose Long Island location

You don't mention your household size, or whether you are currently paying rent.  Are you a single unattached person or you have a significant other and/or kids?   This is a key question, because if it's just you why not get a 2 bedroom coop or mobile home (there are a few for sale in Nassau & Suffolk in this price range).  You can rent out the 2nd bedroom and perhaps flip it to a house in another year or so, taking advantage of potential price appreciation to help you reach your goal.  I know it's possible that prices may drop, but how much would they have to drop in 2023 for it to be possible to buy in 2023 otherwise?  Almost always it's much easier to buy a cheaper property & roll the equity than to just save extra cash each month.

You shoud also work with a mortgage banker/broker to see what your closing costs & monthly payment will be (much lower on a coop, not that I'm pushing that option).  You can do sample payments with a range of rates as well.  Have them look at your actual paperwork & credit report (talk to at least 3 experienced professionals), always best to use actual numbers instead of estimates when possible.  This is because the banks calculate people's income by formula, it might not make a difference but best to walk through it with them.

As a first time homebuyer in New York State, be sure to check out SONYMA low cost mortgages, they works most easily with coops but in any event if you qualify their programs are a great cheap way to buy your first property:

 https://hcr.ny.gov/sonyma

As always, the devil is in the details.  You are selling a qualified lead or an assignable contract with the property owner?  If you'd like to explore options with other investors you are welcome to join us at our meetings any time (we happen to be meeting tmrw, see link below)

I post our meetups on Bigger Pockets Events & Happenings Forum, use drop down menu & choose Long Island location 

If you'd like to explore options, get opinions, run scenarios, etc, with other investors you are welcome to join us at our meetings any time (we happen to be meeting tmrw, see link below)

I post our meetups on Bigger Pockets Events & Happenings Forum, use drop down menu & choose Long Island location

Don't let perfect be the enemy of good, you don't need the perfect deal, you need a good deal.  If you continue to analyze properties (of the same type in the same market) with the best numbers you can get, you will start to see a pattern, and this will help you spot a good property when you come accross it.  

Get your best numbers - for example, rather then using a rule of thumb on the insurance, actually call up at least 3 insurance brokers and give them the exact address of a property you have in mind, fill out any property questionnaire forms they give you, and you should have a good estimate to use for your insurance payment.  You won't just learn about what number to put in the monthly payment line, you'll pick up other valuable info as you talk to professionals.  The more questions you ask, the more you knowledge grows.  

@Will Conner Doing that many projections sounds like a herculean task, and it would be based on an enormous number of variables both with the economy & with each property you add.  I think it will fall into place as you go along.  Have you tried the rental property calculators on this site?  You can play around with the variables.  

If you know central PA, it sounds like a great place to start looking.  You already have an advantage and the prices I would expect to be good.

It seems easier in parts of the country where the cost of living is lower.  If you will be living in the New York City area, 5-7 years is probably not realistic if your situation is standard.  By "standard" I mean, middle income, typical expenses & savings account, nothing unusual (like a large inheritence or family real estate business).  Are you 28 year old making $50k/yr?  Or chief of surgery at a NYC hospital making $500k-1 mil/year?  Do you already have a large mortgage b/c you're married with 3 kids in the school system that you don't want to move?  If so, then house hacking won't be your thing.  Everyone's plan is unique, keep playing around with the numbers, and if you're in the NYC area our meetup group is talking about a topic that will probably be of interest to you, check out our event at:

https://www.biggerpockets.com/...

Being excessively picky about where you want to live (the location or the property itself) if you are looking to buy a place you'll also be living in.  Don't look for a perfect deal, find one you can do safely.  Cash is always a issue with new investors as well as experienced investors (winning Powerball would certainly put a lot of us on this forum into a buying spree).  Buying with absolutely no cash out of pocket is not impossible, but very rare.  

If you're a new investor, I would recommend running your first deal(s) by an experienced investor (you don't have to give them the property address if you don't know the person very well).  They can spot issues and ask questions you might not have thought of.  These might not be deal breakers, but every property will need maintenance at the very least so you want to be prepared going forward even when you have a textbook deal.  I would recommend doing this in person.  This forum has in person investor events in the Classifieds /Events & Happenings section, with geographic location in the drop down menu.  Trying to run a deal scenario as a forum question ("Is this s good deal?" open question) is not easy, unless you have very specific questions.

Glad to hear everything worked out

I see you're in the Long Island area, if you'd like to join a meeting of our Real Estate Investor group we meet monthly, I list the events on Bigger Pockets in the Classifieds/Events & Happenings section

Our next:  

https://www.biggerpockets.com/...

It's very informal, open discussion (but you're under no obligation to share anything if don't want to), all aspects of real estate