Seeking for a multi family. What should I know before hand?

[Gabriela Huayhualla]

I am looking to buy a multi family in Brooklyn, NY. I know there are many things to know before hand.

I’ve been listening to the BP podcast, reading, listening to RE audiobooks, watching the webinars, etc.

Any advices and suggestions for my 1st RE Property?

Thank you so much!

Gabriela

[Andrew T.]

Hi Gabriela, 

Very exciting - congrats! I believe in BK multifamily and I think you're making a good move. Jessica is asking good questions^. Here are a couple of things to think about in our market:

1. High closing costs - be prepared for NY's higher than normal closing costs. Part of this is mansion tax so if looking to minimize, try to make a deal work under $1mm if possible.

2. BK is a block-by-block and neighborhood-by-neighborhood market.  There are a lot of housing projects out here - some of them are plenty safe and of course these are needed in our city, but just be aware of proximity when looking for long term holds, and know that this is the driver of the lower cost of certain properties. This map shows you most of the NYCHA buildings - https://nycha.maps.arcgis.com/...

3. House hacking can be quite effective here, given the high cost of rent you may already be paying. Helps with management as well. 

Reach out if you want to chat! 

Good luck, 

Andrew