All Forum Posts by: Abel Curiel

Quote from @Joe S.:

So the question is what’s your thoughts on networking and is it over rated.

From my own experience, going to meet ups and talking big game with newbies was l not all that beneficial.  Going to meet ups and being exposed to a pitch fest was not all that beneficial either. Being somebody’s lap dog probably would not be beneficial for me…I never gave that a shot. Lol

What I have found for myself to be beneficial was marketing and getting in front of sellers and pretty well closing my ears and eyes from those that were talking big game so I did not get discouraged.. I’ve never had anyone take me under their wing, but that’s possibly because my personality does not seek out that kind of arrangement.

I am not a realtor or a lender so I do not have any perspective personally for that when it comes to networking.

What’s your thoughts on networking?

PS my Title was supposed to be (is networking overrated,), but I cannot edit it. Maybe a moderator can.

Hey Joe, great post!

I believe Networking EVENTS are overrated ... but networking is not overrated.

Online networking is great because you can sift through dozens or hundreds of potential contacts in a short amount of time...

...THEN set up intro calls with the small % of people you think you can bring value to and vice versa.

I owe so much to networking, especially the BiggerPockets platform. I've made some life-changing connections on the platform AND at in-person BP events - shout out J.Scott's event back in 2015/2016 in NYC!

That said, so many in-person networking events become "Pitchfests" where:
- a handful of sponsors are shoving their service/product down everyone's throats
- attendees show up for the open bar and food
- newbies across different disciplines are just throwing their business cards around like ninja stars instead of having thoughtful conversations
- people have ZERO intentions to follow-up with the contacts they made
- and... a bunch of time is wasted 

I'm not judging these events or attendees... simply reflecting on my experiences at networking events... I totally understand people need human connection, genuinely want to grow their network, and learn something.

Quote from @Stanley Clervil:

Hello everyone,

I’m excited to be stepping into real estate investing but could use some advice regarding my unique situation. My mother, who’s about to retire, has decided to move from Queens, New York, to New Rochelle—a location that truly appeals to her. Initially, I was planning to enter the South Carolina market for my first investment property. However, considering my mother doesn’t own any real estate, it doesn’t make sense to let her rent.

Given her retirement income (Social Security and pension), I believe it’s the right time to start investing by purchasing a property for her. This would not only meet her housing needs but also serve as the foundation of my real estate portfolio. I’m currently exploring condos as the ideal property type, especially since I don’t live in New York. My mother’s income seems sufficient to cover the costs, just as it would for any investment property.

The challenge is that I’m new to real estate financing and need guidance on how to proceed. Specifically, I’d like to understand:

• The best financing options for someone starting out in real estate investment.
• Whether condos are a suitable choice for this situation.
• Any tips on balancing the dual goals of supporting my mother while building a portfolio.

I’d greatly appreciate any insights or experiences you could share to help me navigate this process. Thanks in advance for your input!

 Hello Stanley,

Congrats to your mother on her upcoming retirement! 

This is a time when people slow down a bit so it's cool to hear she wants to get into the RE investing business with you.

The New Rochelle condo market is off to a nice start this year. The average sale price for 1-bed condos is up 6.6% from last year. 

On the flip side, rents are flat compared to last year - in fact, the average rents for 1-bed apartments are down about 2.5% in the last 6 months... we'll see how the rest of the year plays out.

If your mother's retirement income comfortably cover the Condo's monthly expenses, she may be able to save money month-to-month compared to renting an apartment in the same area. If she were to rent an apartment in a condo building, she'd likely pay $2,400-2,500 for a 1-bedroom unit.

It is possible that this info is irrelevant to your situation because the best investment strategy depends on what best fits your long-term goals. You'll also want to consult with a lender to find out your best financing options - this may also shape your strategy.

That said, many first-time investors in Westchester PREFER looking into small multi-family properties to house-hack.

Reason being... your cost per unit is ~30% LOWER when buying a 2-family property!

The median sales price for a New Rochelle condo (1-3 bedrooms) is $596K
The median sales price for a New Rochelle 2-family property is $820K

There are pros & Cons to both investment options mentioned here...
Condos:
- Pros: You/your mother don't have to worry about maintaining the property since maintenance is covered in your HOA fees; you don't have to manage as many tenants
- Cons: You don't have full control of your HOA fees; Additional Condo rental supply can affect your vacancy and rents; Other condo developments (w/better amenities) can attract the best rental applicants

Multifamily:
- Pros: Lower cost $ per unit; more income potential (multiple units, ADUs, add'l amenities); more control over the asset i.e. ability to add sq. ft. via expansion
- Cons: Manage more tenants; Manage projects (renovations, maintenance); You'll likely have a higher mortgage payment vs. a condo; Solely Responsible for CapEx

Whichever route you take, NYC/Westchester investing, Out of state investing, etc... take your time during the due diligence phase to make sure its the best market and investment strategy for the family's goals.

All the best to you on your journey!

Abel

Quote from @Brian Thabault:

My wife and I are looking to get started on our real estate investment path by purchasing a mixed-use multi-family building in Brooklyn or Queens. The plan would be to live in the building and manage it ourselves. Ideally we would have space for a storefront business as well which we would like to operate. We are new to this process and looking to make connections and gather knowledge as we move forward. Thanks! 

 Hello Brian,

Welcome to the forum and thanks for sharing your plan with the BP community.

Not many new investors in New York look to occupy a mixed-use property for their first deal... you guys are true entrepreneurs!

Brooklyn and Queens are great places to begin your search as there are over 325 active mixed-use listings available... I'd take the # with a grain of salt, however. There are multiple MLS' AND there are other properties that could have been miscategorized. All in all, I believe there could perhaps be close to or more than 400 mixed-use opportunities to choose from.

The great thing about mixed-use is that they are currently priced below traditional small multifamily investment properties in Brooklyn and Queens. The median listing price for mixed-use properties is $1.075M compared to $1.296M for 2-4 unit residential properties in these Counties.

As mentioned by @Drago Stanimirovic, it is a great way to build equity and earn income but you'll want to look further into the financing piece as early as you can.

All the best!

Abel

Quote from @Kevin Dzikowski:

Hey everyone,
I’m starting a full-time job in NYC soon with an all-in comp of $96K (base + bonus). I’ve always been interested in building a small personal real estate portfolio and have been thinking about purchasing a condo as my first step.

The idea would be to live in it for at least a year, then eventually rent it out. I'm just not sure how realistic that is with my income and whether it's the smartest move right now considering HOA fees, interest rates, and NYC prices.

If you were in my position—early in your career but eager to get started—how would you approach this? Would you buy now, wait, or look outside the city for a better first investment?

Open to any and all thoughts—really appreciate the insight.

Hello Kevin,

Agreed with @Clayton Silva and @Jeremy Jareckyj regarding pre-approval and due diligence.

If I were you, I would look to househack for at least 1-2 years. Purchase a small multi-family property and rent out the other unit(s).

In terms of locations, consider Brooklyn, Queens and The Bronx. 

NYC condos could be an option for you as well but you may be subject to higher down payment requirements and rising common charges (aka HOA). The benefits to investing in Condos include amenities, systemized property management/maintenance, and less exposure to capital expenditures.

To best determine what makes sense for you, you'd likely need to begin analyzing condo, co-op, and 1-4 family properties.

All the best!

Abel

Hello @John Jamin,

I totally understand where you're coming from. Having small children in a potentially hazardous environment can be very stressful for a father!

For ideal househack properties in the lower price points, I would aim for Westchester or Suffolk Counties.

So far in 2025, Westchester ($789K) and Suffolk ($800K) have the lowest median sale price for 2-4 family properties near NYC.

Regarding a target pricepoint of $500-600K, this is a tall order in the New York Metro Area. 

Per OneKey MLS, only 2.4% of active 2-4 family property listings are below $600K compared with 14% of Single-family properties.

34% of Townhouses/condos currently listed are under 600K. This is an option, but you may be required to put down a larger down payment (i.e.10-25%) compared to 1-4 family properties that may only require 3-5% minimum down payment. 

Keep in mind, townhouses/condos will require you to pay monthly maintenance/common charges in addition to your monthly debt service. Also noteworthy, Westchester and Long Island property taxes can be 2-4X higher than the taxes for Bronx, Brooklyn, and Queens properties.

I am not surprised to hear that you are getting outbid, Westchester and Suffolk were 2 of the hottest markets in 2024 - each having an average sale price 1%+ over the asking price. Competition is very strong in this market but if you stay in the game long enough, it is possible to find something that makes sense for you and the family.

All the best to you on your journey!

Abel

Hello @Justin Garber,

Good luck on the 1031!

I'd also recommend looking into Bushwick and Ridgewood. Higher cap rates and slightly more inventory.

Are you mainly focusing on Brooklyn or are you open to other boroughs?

All the best!

Abel

Quote from @Kyle Haff:

Hey everyone! My name is Kyle, and I’m new to BiggerPockets. I’m excited to kick off my journey with my first House Hack in Long Island, NY! I’m partnering up for this first project and am thrilled to get started. I truly believe this experience will be life-changing, and I’m eager to learn all I can along the way.

I’m looking to expand my network with like-minded individuals, so if you're an investor in the Long Island area—whether you’re just starting out like me or you’re an experienced pro with guidance to offer—I’d love to connect. I’m also interested in joining meetups to network and share insights while learning from others’ experiences and wisdom.

Thank you all for welcoming me here, and I’m excited to share my journey with you! Wishing you all a great rest of the week!

 Welcome to BiggerPockets, Kyle!

These forums are filled great insights about house hacking. I'd recommend using the search feature to look up relevant posts related to house hacking and other strategies for early investors.

That said, you and your partner are on a nice path. House hacking is a popular strategy for first-time investors because they learn:
- how to find and analyze deals
- how to negotiate a deal
- project management
- property management
- and more!!

If you are looking to house hack a multifamily on Long Island, I'd recommend sticking to the areas with the most 2-4 family inventory:
- Huntington
- Glen Cove
- Valley Stream
- Lynbrook
- Lindenhurst
- Long Beach
- Babylon
- Patchogue
- Elmont
* To name a few

If you're looking to house hack a single-famiy on Long Island, you'll have plenty of options and you can also aim to target Hi-Ranch homes and/or properties with full basement or other potential ADU spaces.

All the best!

Abel

Quote from @Oscar Barbecho:

Hello friends from Bigger Pockets, Please I would like some advise from your Experience guys, I have little or no experience in multi family investing. I have to sell my house in Queens New York ( I really have to ). I will have like $ 200 k in gains, but would like to purchase a 6 family building in Queens area just to protect the Capital, I am 47 years old and I don't want to loose more money.

Would that be a good option, or another option would be to just to invest  in a cheaper town in New Jersey or other area.

I been looking information about how to build new construction houses, It's a dream for me but  there is no cheaper land in Queens New York or around, So I was thinking to move down to Jacksonville ville FL because of the weather and cheaper land.

Pleae any advice will be really, really appreciated, I have to sell my house in the next 3 months, so it's frustrating.

Thanks and have a blessed weekend. Thanks.

Oscar B

 Hello Oscar,

With $200K in sale profits, you can put that towards a property in NY up to $1,000,000. 

Returns for NY properties in this price range can go anywhere from 3-8% depending on property type and location. If you go to Northern or Central Florida, you can enjoy higher returns, better weather and a more landlord-friendly environment. 

When you say you don't want to lose more money, are you referring to having to pay taxes on your home sale earnings? Have you spoken to a tax consultant or 1031 exchange specialist about your plans?

In sum, look into a 1031 exchange and other ways to limit how much taxes you'll have to pay on your Queens home sale proceeds. Also, I would strongly consider investing out of state in a state, like Florida, that will be easier for you to continue reinvesting. By your 50th birthday, you may find yourself having 10+ units under your belt!

All the best!

Abel

Quote from @Joe Barclay:

Quote from @Joe Barclay:

hey @Christian Ekeogu

my story goes as follows... and let me preface saying that i have no success yet. I became interested in property in Bedstuy, BK around 2010 however I was extremely picky. My first property had to be on certain blocks, 20x100 lot (wouldn't even consider an 18x100 lot). I saw properties for around $550K with some work needed but I was convinced I could get something cheaper and better. Eventually went to contract (fully executed) for $375K on a smaller (16x100) property in my target area. Got screwed out the deal by an all cash buyer (I'm not liquid.. looking to do a 203K). House now on the market for $1.2M (http://www.primehomesny.com/property/decatur-st-brooklyn-ny-11233/). Fast forward to now I'm priced out of bedstuy. So now i'm looking in cypress hills and ENY. Again I have a fully executed contract. We'll see how this goes.

To sum it all up... don't be too picky, but do due diligence and if your target areas are not working out expand. If this deal works out i'm looking to purchase some property in Buffalo and Rochester and my next investments.

Joe

 replying to myself 10 years later.... several brownstones in brooklyn successfully fix and fliped and/or buy and hold. couple successful flips in jersey. several partnerships in Philly. 100% or partnered on 6 properties acquired in the past 30 days. maybe doing okay

 Congrats on this, Joe!

"Maybe doing okay" is hilarious! or humble... but keep doing your thing brother!

Quote from @Allen Johnson:

@Abel Curiel

What in your insight regarding properties that may be auctioned off due to tax lien?

I know in the 5 borough an individual can't purchase at auction, most if not all of those properties go to banks since they buy in bulk. 

My intent is to get in and work with the property owner and see if they are interested in selling instead of losing the property as well as their credit being wrecked.

I'd recommend establishing good relationships with prospective sellers. Their motivations fluctuate and they can be swayed on any given day by an investor, attorney, or any other contact. If there is no motivation to keep their credit in line or salvage their financial future, they might just be OK with waiting things out and roll the dice.

This is a numbers game so you'll want to have several potential sellers in your follow-up at any given time.

You should also connect with attorneys experienced in short sales and pre-foreclosures to leverage their experience and knowledge.