All Forum Posts by: Abel Curiel

Hello @Isadore Nelson,

Good to know that the unit is registered and seems to have passed inspection. This will help expedite the process once you find a tenant.

Is the listing only being shared with program recipients? 

Is the apartment also listed on third-party sites (Zillow, Redfin, Realtor, Street Easy, etc.)?

I know you aren't getting applications, but are you getting inquiries and showings?

Insights:

Some 3-bedroom units with ample-sized bedrooms, laundry, new finishes, and a desirable location can be rented very quickly. That said, three weeks is not a lot of time.

See below for East New York Average and Median Days on Market:
2 BR - 56 Avg DOM; 44 Median DOM
3 BR - 50 Avg DOM; 23 Median DOM

2-bedroom units in the area actually tend to stay on the market longer than 3-bedroom units. 

At this point, I would be most concerned with maximizing the unit's exposure. Notifying all programs of the unit is great, but you'll also want to share this apartment with local rental agents, the local MLS (if it isn't already there), social media, etc.

Increased exposure will lead to more inquiries and showings. The showings will eventually lead to applications, so long as you're priced right.

Splitting the unit will come down to cost and feasibility. You'll likely make more by splitting the units, but what will it cost you? Will the layouts be efficient? Will an increased vacancy hurt your margins?

Hopefully, you get a solid applicant in the next week or so!

Abel

Hello @Roman Kevilly and welcome to the BP Forums!

If you like your location and have all/most of what you need at your Brooklyn apartment, staying a bit longer is a good idea.

You're likely paying rent well below what you'd be paying vs. househacking in Brooklyn... or Queens or The Bronx for that matter.

The median sale prices for BK, Queens, and BX 2-3 family properties are $1.045M, $1.1M, and $888K respectively.

The combined median sale price for these areas is $999K which brings you to a monthly mortgage payment of about $7,200 (assuming a 10% down payment).
If you rent 2 units at $2,500 each and live in the other unit, you're paying $2,200/month not including other expenses which could bring your monthly total to over $3,000/month after vacancy, maintenance, utilities, capEx, and other expenses. You'd likely have to stay at the property for a few years to be able to move out and realize minimal cashflow. 

Of course, these are just averages and projections so take them with a grain of salt.

I agree with @Melissa Justice, anything in and around NYC (within 90 mins commute) will have a higher barrier of entry and less cash-flowing options. 

Albany/Capitol Region, Other Upstate NY markets (i.e. Syracuse), Connecticut, and Pennsylvania are markets within 3-4 hours of NYC that could be worth looking into.

If you don't plan on ever making a trip to these markets but still want cashflow, lower pricepoints, etc., consider Southern and Midwestern states.

Lastly, syndications offer opportunities to invest more passively vs. OOS investing with property management in place. With syndications, you find a solid operator, learn about their upcoming deals and invest your capital without having to manage acquisitions, tenants, properties, operations, etc. 

All the best!

Abel

Welcome to BP@Yolainy Cabrera!

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.

 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

 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

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

 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