All
Members
Companies
Blog
Forums
Podcast
Webinars
    User Log in  /  Sign up
  • Forums
    Newest Posts Trending Discussions Followed Forums Real Estate News & Current Events General Landlording & Rental Properties Buying & Selling Real Estate Deal Analysis See All
  • Education

    Read

    BiggerPockets Blog BPInsights: Expert Analysis Guides Glossary Reviews Member Blogs

    Watch

    Webinars Video Library Financial Independence Blueprint Intro to Real Estate: Rentals

    Listen

    BiggerPockets Real Estate Podcast BiggerPockets Money Podcast BiggerPockets Business Podcast Real Estate Rookie Podcast Daily Podcast (Audio Blog)

    Topics

    Business Operations Finance Finding Deals Property Management Property Types Strategy
  • Network

    Recommended Vendors

    Real Estate Agents Mortgage Lenders Companies Hard Money Lenders Contractors Investment Companies

    Search

    Members Events Jobs
  • Tools

    Calculators

    Rental Property Fix and Flip BRRRR Rehab Estimator
    Wholesaling Mortgage Payment 70% Rule Airbnb

    Services

    BPInsights: Property Insights Tenant Screening Property Management Lease Agreement Packages

    New Feature

    BPInsights (beta)

    Quickly analyze a property address or ZIP Code to compare your rent in your neighborhood.

    Analyze a property
  • Find Deals
    Real Estate Listings Find Foreclosures External Link Ads, Jobs, and Other
  • Bookstore

    Real Estate Books

    Profit Like The Pros Bidding to Buy See all books

    Featured Book

    BiggerPockets Wealth Magazine book cover
    BiggerPockets Wealth Magazine

    Written by financial journalists and data scientists, get 60+ pages of newsworthy content, expert-driven advice, and data-backed research written in a clear way to help you navigate your tough investment decisions in an ever-changing financial climate! Subscribe today and get the Oct/Nov issue delivered to your door!

    Get the Magazine
  • Pricing
Log In Sign up
User
Quick search links
Podcast Hard Money Lenders Books New York
ForumsArrowBuying & Selling Real Estate DiscussionArrowLong Island NY...Debating a potential house hack, input helps!
  • Newest Posts
    • Newest Posts
    • Unanswered Discussions
  • Trending
    • Top Discussions
    • Trending Discussions
  • Browse Forums
Search Nova
Create post

Long Island NY...Debating a potential house hack, input helps!

2 Replies

  • Share on Facebook
  • Share on Twitter
  • Share on LinkedIn
Rotate Log in or sign up to reply
user profile avatar
  • Posts 10
  • Votes 4

Michael DiNuzzo
New to Real Estate from Long Island, NY

posted about 2 months ago

Hi All, 

Happy 2021! 

While in the start of my investment journey of trying to find out of state rentals, I am also looking for my primary residence. 

I am looking to purchase a multifamily and rent out the other unit/s. My concern is that Long Island NY is very expensive so there is very good chance that the rent collected will not cover my mortgage and I will still need to put up towards the loan. So I began to wonder the below...

1) Is it still worth it to buy the multi family and "househack" even though I will still have to lay out cash for the monthly expenses

2) Is the headache of tenants not worth it in this case? or does it serve as great starting experience as a land lord

3) Should I just opt for a single family home, if so why?

4) Would I have to keep the current tenants? ( may be a month to month arrangement) if so what should I do to screen them?

5) I will need to move into one of the currently occupied units, so should I have the current owner inform the tenant that has to leave?

6) can the above be part of the purchase stipulations ? 

7) What documents should I request from the current owner prior to a purchase (tenant estoppel, screenings, etc)

8) Will this purchase have any affect on my possible next out of state purchase

any and all other advice is appreciated! THiS WOULD BE A GREAT HELP

I will be sure to pay it forward!

Cheers,

Mike


Rotate Log in or sign up to reply
user profile avatar
  • Posts 6
  • Votes 0

Andrew W.
Rental Property Investor from Albany, NY

replied about 2 months ago

Hi Michael, 

All really good questions man! Congrats on taking the first step to make it happen. I actually have done 3 house hacks in the Albany area and secured a single family rental in Troy, NY which is right across the Hudson River. I believe the house hack Upstate compared to down state is very different because home prices and taxes here are very low in comparison to Long Island. I would suggest buying a rental in the college town of Albany as there are always tons for sale for a decent price. Almost all of the landlords for these places are absentee and live in Long Island. They rent out to the students of UAlbany, St Rose, Albany College of Pharmacy, Albany Law, Sage College, etc. I would look in what’s called the “Pine Hills” neighborhood of Albany for these. They rent like a beast to college students and should cost you around $175,000-$200,000 for a 2unit up&down with 3br/1ba in each unit. Solid move for someone looking to get the right experience. That’s just my opinion for someone looking to get in the game for a decent price that’s not out of state and only a 3-4 hour drive away from LI. I don’t think house hacking in LI while having to still pay half the mortgage is worth it. 

As for pre existing tenants - I bought my first multi family with bad tenants in it. They were selling drugs inside of the property and had some questionable characters in and out. I asked my agent to put in the contract that I won’t buy it without the current tenants evicted. It was a buyers market at that point though, so that might not fly in today’s market. Especially now that NY tenant laws are super against landlords. 

I believe that single family homes make the easiest rentals as well. My single family rental is easy to show, rent, manage, maintain and has low ownership costs. 

I started all of this with an FHA loan on my first purchase using a broker, not a credit union. I saved up and kept the ball rolling. I am currently selling all of those properties to buy a 10 unit building with 2 store fronts and a laundromat inside. That's the "stacking method" that they talk about here and it works! Best of luck dude. PM me if you need any help in upstate.

Rotate Log in or sign up to reply
user profile avatar
Check Rosette Top Subjects:
Tenants, Analyze Deals, and Real Estate Finance
  • Posts 1.3K
  • Votes 459

Shawn Mcenteer
Realtor from Boonton Township, NJ

replied about 2 months ago

@Michael DiNuzzo What are MFR going for on LI and what do rents look like? Long story short my guess is turnkey is a tough deal to make work and purchasing a distressed property that you add value and increase rents is the best way to go.

Rotate Log in or sign up to reply
  • 1
Related Resources Buying & Selling Real Estate Discussion
How to Choose the Right Remote Real Estate Market for You
Home Purchase Fall Through? Don’t Panic: Here’s How to Get Your Earnest Money Back
What Is Underwriting? Here’s What to Expect
8 Reasons Smart Investors Get Their Real Estate License
Understanding Real Estate Commissions (And How to Negotiate Them!)
Resources Read, see, and learn more!
Link Real Estate Investment Calculators
Link BiggerPockets Blog
Link Path to Purchase
Link Mortgage Loans
Link Find a Contractor
Link Real Estate Agents
Link Hard Money Lenders
Link Real Estate Listings

Top Contributors

Tri Le
Tri Le
Cincinnati, OH
7.88
Score
Jay Hinrichs
Jay Hinrichs
Lake Oswego OR Summerlin, NV
6.39
Score
Jonathan Greene
Jonathan Greene
Montclair, NJ
6.37
Score
Remington Lyman
Remington Lyman
Columbus, OH
6.3
Score
Brandon Sturgill
Brandon Sturgill
Columbus, OH
6.16
Score

Buying & Selling Real Estate Discussion Trending Discussions

  • All Cash vs Leveraging re: Future Market Drop for 1st Investment
    21 Replies
  • Seeking Core 4 in Lexington, KY area
    6 Replies
  • Real estate attorney
    5 Replies
  • Buyers Agents Tresspassing/Disturbing Tenants
    4 Replies
  • Pursuing Off-Market Properties with Conventional Financing?
    3 Replies
Log in Sign up

Log in

Forgot password?

If you signed up for BiggerPockets via Facebook, you can log in with just one click!

Log in with Facebook

Or
btn_google_dark_normal_ios Created with Sketch. Continue with Google

Let's get started

We just need a few details to get you set up and ready to go!

Use your real name

Use at least 8 characters. Using a phrase of random words (like: paper Dog team blue) is secure and easy to remember.

By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.

Or
btn_google_dark_normal_ios Created with Sketch. Continue with Google

Why create an account?

Receive a free digital download of The Ultimate Beginner's Guide to Real Estate Investing.

Connect with 1,000,000+ real estate investors!

Find local real estate meetups and events in your area.

Start analyzing real estate properties, we do the math for you.

It's free!

Explore

  • Membership
  • Community
  • Education
  • Marketplace
  • Tools
  • FilePlace
  • REI Resources
  • Perks
  • Glossary
  • Reviews
  • iOS App
  • Android App

Company

  • About Us
  • Press
  • Advertising
  • Careers
  • Stats
  • Contact Us

Important

  • Editorial Guidelines
  • Terms of Use
  • Rules
  • Privacy
  • FAQ

Social

  • Facebook
  • Twitter
  • YouTube
  • Instagram
© 2004-2021 BiggerPockets, LLC. All Rights Reserved.