Looking to House Hack in Long Island

Long Island, New York
House Hacking
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Looking to House Hack in Long Island

Nikos Nicolaou
Member since 2021 · 1 post · 2 votes

Hi Fellow Bigger Pocketers,

I'm looking to buy a house in long island preferably a single-family house looking to convert into a two family house. I understand that certain townships have building codes that disallow a two family home. Are there any areas where I could look for that, in addition to a location that is somewhat near the long island railroad? My price range is in the 450 - 550K range. Appreciate if anyone has advice for me. Thanks!

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  • Abel CurielBusiness Member
    Real Estate Agent · Queens, NY · Member since 2016 · 2k+ posts · 1k+ votes
    3y

    Hello @Nikos Nicolaou,

    I would recommend looking at Suffolk County homes in this price range because you will have more options compared to Nassau County.

    Nassau properties in this price range may be too small or have too much deferred maintenance for a deal to work.

    Neighborhoods to target based on multifamily volume:
    - Elmont
    - Valley Stream
    - East Rockaway
    - Floral Park
    - Franklin Sq.
    - Glen Cove
    - Hempstead
    - Long Beach
    - Lindenhurst
    - Port Washington
    - Patchogue
    - Westbury

    Lastly, I'd highly recommend speaking with a contractor or local municipality official to gauge the feasibility and expense associated with 1 - 2 family conversions. Reason being, this may prove to be more costly than purchasing an existing 2-family OR a 1-family with ADU (or in-law suite).

    All the best to you on your search!

    Abel

    REbuild Team - eXp Realty5234 Reviews
    WebsiteView Page
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  • Andrew PostellPro Member
    Lender · Fort Worth, TX · Member since 2016 · 8k+ posts · 6k+ votes
    3y

    @Nikos Nicolaou thanks for posting and you have a good response above.  I would certainly recommend to reach out to real estate agents that are local for this answer.  And likewise with a local loan officer.  The loan officer should be able to tell you what you can "afford" (can you "afford" a renovation loan?) and the realtor can show you the areas that those properties would be located.  And each should know another local person in your area.  So, if you only know one...that's ok because they will have the other in their current network. Think about who's in your current network and there are some good realtors that know there stuff here too (like above) and you can use that "Find an Agent" feature above if you like.  

    Hope all of that make sense.  Thanks!

    0Reply
  • Mohammed Rahman
    Real Estate Broker · New York, NY · Member since 2020 · 2k+ posts · 1k+ votes
    3y

    Hi @Nikos Nicolaou - I'm an investor & realtor based in NYC & have done transactions in Nassau & Suffolk. 

    At that price point, you're going to want to stay in Suffolk. At a quick glance into our MLS, there's < 20 2-fam homes that match your budget.

    HOWEVER, since you mentioned you're looking to purchase a single fam and possibly convert or add an ADU (accessory dwelling unit) - then it does open your options up slightly more as well.

    Different townships have different requirements, even based off of square footage allotments to the ADUs. 

    Shoot me a direct message, we'll talk - alternatively you can call/text at the number in my signature thanks. 

    0Reply
  • Suzanne PlayerPro Member
    Attorney · New York City / Long Island, NY · Member since 2020 · 597 posts · 248 votes
    3y

    Definitely be as flexible as possible with location, you're not choosing where you're living for the rest of your life

    Don't rule out apartments, condos & coops can be a great way to get into the market 

    You can't outrun the market by saving money from your job (unless your income is extremely high), it's important to start growing equity as soon as you can

    I would also say you should always be pre-approved before you start your search, especially in this market where houses move fast

    If you need any mortgage banker/broker recommendations, please feel free to message me

    In the meantime check out New York State's program for first time homebuyers:

    https://hcr.ny.gov/sonyma

    516-503-7959
    0Reply
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