All Forum Posts by: Vincent Villani

 Thanks for the input. I'll reach out to you shortly!

 That's a fantastic idea! I'll reach out to you so we can discuss progress.

 You're definitely spot on with the price ranges. I'm really hoping to stay within 500k. I know that's not really the easiest feat, but here's why.

Chances are, anything above that range would impose a massive mortgage payment that most likely would not be covered by rents and become profitable (once I move out) with setting expenses aside. Sure, rents are high, but a $5k mortgage or so would not be wise to get into if the house rents for $2500 each unit. Hell, even if it rents for $5500 total, that's still not enough to consider it a good deal.

I'd be interested in something that may need a little bit of work also for forced appreciation-sake. As long as it isn't major in terms of work needed. Be glad to have any assistance.

 Chris, could I have some information on this? New to Long Island and would love to start networking!

I can't speak to the investing side of this, but I live in Long Beach currently! I moved here from PA, so I'm not a NY native. There are only 3 ways on/off the barrier island:

• West (Atlantic Beach Bridge)
• North (through Oceanside and Rockville Center)
• East (Loop Parkway)

Traffic actually isn't too bad. I usually leave by 6am and never hit traffic going in any direction. IT really only gets backed up at about 4pm every day. The LIRR (Long Island Railroad) has a station here that is very accessible. However, it is fairly expensive so I'm unsure of how popular it really is. 

The "hot spots" on Long Beach are in the West End. Any of the "State Streets", (i.e.,Ohio, Connecticut, Florida, etc.) are where the action is at. The houses are almost connected to one another there - it's very tight. The remainder of Long Beach is a bit more spacious and suburban.

Hello everyone!

It's been a while since I've been on here. I've found that this community is an excellent network of active people, who are enthusiastic about interacting with one another and helping out. I was really hoping to get some feedback here from anyone who is experienced on Long Island, NY.

Basically, I'm currently renting an apartment in Long Beach, NY. I love the area. This is not only because of it's nightlife, food selection, and scenic beach, but also because of its proximity. I am a field sales representative for a medical device company, and the territory I'm responsible for is quite large: Staten Island, Brooklyn, Queens, and Long Island. In this case, Long Beach serves me well - it's an hour from everywhere and central to my territory. My lease is coming to an end shortly, and I have made the mental decision to no longer be a tenant. It's a waste!!!

My goal here is to find either:

• A 2-family unit, or
• A high ranch / raised ranch and convert to a 2-family

Aka the "House Hack", I intend on financing through FHA and renting out the 2nd apartment while I live in one. The problem is...finding a rational deal on Long Island seems difficult. Ideally, I'd love to find something in Nassau due to its proximity. I hear Long Beach, Rockville Center, Lynbrook, Garden City, and closer towns are great. However, they are very expensive from what I've been researching, and Long Beach poses a definite flood risk. Are there any areas you might recommend? Any to avoid?

I've heard Patchogue is a great up-and-comer also, however it is very far East. The deals actually look good there, but that means I'd be driving almost 2 hours to Staten Island accounts. Very much in need of any advice here. It would be sincerely appreciated!

Hi everyone!

I wanted to run you guys through the results of a home inspection that has just been completed, as I'm not really sure how to proceed or who to contact. This would be my first investment property purchased, and I would be living in the home as a house hack for the 1st year. Appreciate the time anyone takes in reading over this and providing input.

This particular property resides in northern NJ, as I need to move into this area. I work primarily in North NJ as well as Brooklyn and Queens - sometimes Manhattan, sometimes Long Island (I'm a field rep). As some of you are aware, many north NJ multi-families were built in the 1920s-40s, so there is always some work required. This particular house is being sold by a flipper, so it was purchased 2 years ago and was renovated pretty well. New roof, new interior, new water heaters, etc. Looks great.

The results of my home inspection contained the following concerns:

1. There is evidence of water leakage and damage throughout the basement. The inspector came to the conclusion that this is most likely due to the perimeter of the home being sloped in. For example, you can see from the basement windows that the level of the landscape is another 6in-foot higher than the dirt at the window, so the landscape slopes inward, leading to water flowing towards the house at all times. The inspector stated this could most likely get resolved just by adding a layer of dirt around the house for a few hundred bucks. This would level out the land. He mentioned most excavating or construction (are these typically the entities for this?) companies would look at this and say, "Get a French Drain," but this is manipulative since this process costs $10k+ and it is not necessary. Thoughts on this statement?
2. There is evidence of past termite damage to the floorboards in the basement ceiling. However, the inspector mentioned he did notice poison injection sites on the outside of the house, so he assumes this was treated. He recommended getting the necessary paperwork to ensure this is the case. Who should I contact to verify this? The seller/seller's realtor? If this was done before his/her occupancy, where can I obtain proof of this? Could an exterminator verify this by doing a consultation?
3. There are signs of mold. The inspector stated he guarantees 100% that a swab test will come up positive. I gave him the extra $300 to do so (how's that price sound?). Once this occurs, he ensures the current seller now has this documented, and must disclose this to anyone purchasing in the future. So, if he refuses to get this treated (I'm not), he's kind of screwed in the future, correct?
4. There is clear evidence of oil tanks previously being present. This is not necessarily a concern, however, the inspector suggests obtaining an "OPRA" form from the city to try and find paperwork of an underground oil tank being removed. If not, he stated that he could do a "sweep" for $250 that would identify if there is an underground tank with contaminated soil. If so, he states that this must be corrected or else it must be disclosed to every potential buyer. Does anyone know where I can find out more about this or get documentation of it being removed?
5. Lastly, the attic was not insulated. This is not a room I think anyone would be interested in using - maybe for storage. The worry here is that it smells of urine, or something alike, leading me to believe there could be a rodent issue in the attic. How would you combat this?

Great info, thank you. This confirms a lot of what I hear. I am currently analyzing a deal in Bayonne, and really want to move ahead with this duplex for a house hack. After I put a little bit of work into it, it'll be a 3bd/2ba and a 2bd/1ba. The issue is, since it's an FHA, the mortgage (after everything) would be $2700/mo. After expenses, this mean it'd have to generate over $3100 in income to make a profit. Could you see a 3bd/2ba doing $2000 a month, and a 2bd/1ba doing $1500 a month? I'm not sure I could get these rent ranges out of the apartments, and this makes or breaks the deal.