All Forum Posts by: Abel Curiel

@Francisco Milan how long have you been using listing signs or approx. how many listings have you had? 

I've never heard of someone not generating leads from a sign.

You may not have the best call to action or landing page for your listing leads if you haven't seen any traction.

Cell phone #s and emails on listing signs did not convert well for me. I switched to QR codes and 800#s which gave instant access to anyone interested in more information.

I've gotten buyer and seller leads from signs... mostly buyers and curious neighbors.

All the best!

Abel

Quote from @Paul Lucenti:

What's up everybody 

Me and my wife are looking to buy a house out in Suffolk. I'm a real estate investor in other parts of the country but not NY due to the extremely high buy in price. But being a local it seems like the prices are only going higher. 

What's peoples thoughts opinions on this real estate market over here? I currently live Levittown and a house around the block from me is on the market for 1.5m. Absolutely insane. 

Let me know some thoughts/opinions. 

Hello Paul,

Agreed with you and @Mohammed Rahman, this market has been super competitive and there is no inventory surge in sight. In the first half of 2024, Nassau and Suffolk saw 45% and 43% increases in inventory respectively. By year's end, the inventory flattened out considerably.

Property values, however, kept soaring in 2024.

Average Nassau County 2-4 family values rose nearly 14% in 2024 and Suffolk saw an 8% increase. 

People want more space... there is no 'elbow room' in the boroughs! The price per square foot in Suffolk went up 15% among 2-4 family properties. Rents continue to climb as well but likely not enough to keep up with increasing monthly mortgage payments when considering interest rates and soaring property values.

There are 2 main schools of thought when considering investing in an expensive market like Long Island.

- Robert Kiyosaki, Grant Cardone, and similar thinkers believe its best to invest in markets with higher cashflow while renting where you want to live. People in this camp feel it doesn't make sense to buy a SFR or small MFR in markets like ours because it is more of a liability than an asset.

- Others believe that investing in areas with high appreciation is sort of like putting $ into a retirement or a high-interest savings account. They also like the tax benefits associated with ownership.

I've taken both approaches and have benefited from each. Owning locally has helped me accumulate considerable equity with a relatively low initial investment. Renting has helped me cut monthly living expenses by ~30% allowing me to invest in other businesses.

Hope this helps!

Abel

Hello @Raquel Reed,

Welcome to the BP Community!

With your first investment, you want to try and minimize risk as much as possible. I agree with many of @Alan Asriants' points, especially when considering OOS Sec. 8 investing.

A lower price point or smaller investment doesn't always mean low risk.

House-hacking locally could be a better transition depending on your goals and situation.
Many investors in NY like the idea of house hacking because:

- They can invest with a low down payment (similar to what a 20% down payment would be OOS)
- They gain hands-on acquisition, project management, and property management experience. This experience can help you scale your portfolio over the next few years
- Local properties appreciate faster, which allows investors to reinvest their equity into more local multifamily units OR other markets where the cost per unit is lower (i.e., Philly, Upstate NY, etc.)

The Bronx is arguably the best borough to consider the househack strategy. Manhattan, Brooklyn, and Queens all have an average sale price of over $1M for 2-4 unit properties. 

Bronx 2-4 family properties sell for an average of $876,000 (~$45K down payment) and values are up 6.1% from '23 to '24. 

If you're willing to move to Philly, I'm sure you can find similar success with even less $ out-of-pocket.

All the best to you on your journey!

Abel

Quote from @Mike Schorah:

With a full time job where you don’t get home until 6pm. I know that the most successful agents call them first thing in the morning at 8am. So by the time 6pm arrives, most of the competition has already called them.

How difficult is it calling them without a dialer?

 Hello @Mike Schorah!

I wouldn't necessarily say it's more difficult to call without a dialer, just a lot more time-consuming. That said, forming the habit of calling/prospecting is more important than the apparatus. Build the routine then you can get a dialer in a couple of weeks.

Don't overthink the 'competition'... there is none. Call the expireds when you can and try to sneak in some calls before work or during a brief break.

 Just because 50 agents called them that week, doesn't mean you can't ultimately succeed at getting the listing. 

Follow up is the name of the game! Chances are, half of the agents will stop calling after the first attempt... 90% of the agents will STOP calling after a week or 2... and so on... Stay consistent with your calling and sharpen your skills as you continue so that you convert leads at a higher rate.

All the best!

Abel

Quote from @Dana Hagans:

Hey BP community, I'm looking into a potential flip in New York, and would love some insight from experienced investors. I'm looking to use a Fannie Mae Renovation Loan. The property is a single family home that is on sale for $179,000. I'm estimating renovation costs at around $150,000. ARV seems to be in the range of $735,000. I'd love to hear from those who have flipped in New York—what unexpected costs should I prepare for? Any contractor recommendations or lender suggestions for short-term financing? Also, how is the current demand for flips in the area? Any insights, red flags, or advice would be greatly appreciated!

 Hello Dana, 

For that purchase price in Brooklyn, NY, you could be looking at considerable unknown expenses at this point.

If the property is occupied, you'll have to factor in attorney fees and holding costs while you wait to gain access to the property.

Furthermore, you could be facing additional costs related to title issues: open permits, violations, liens, judgements, etc. As @Tom S.eluded, I wouldn't be surprised if there are major issues to be uncovered.

In addition to construction costs, there will be additional filing fees and architect/engineer expenses.

I'd be happy to recommend a contractor, shooting you a DM now.

Best,

Abel

Quote from @Christine Pence:

Seeking SEO company recomendations that you have personally used for at least 6 months? Please do NOT promote your own business. 

 Hello Christine,

I've been working with a team for over a year. Service is excellent and I am learning a TON! 

The results gradually picked up early on and have spiked exponentially in recent months. My Website views are up 3X in the last 4-6 months. 

Happy to make an intro if you're open to it.

All the best!

Abel

Quote from @Vincent Caputo:

Hi All - I am a recently licensed Real Estate Salesperson in New York. I am starting out part time and looking to park my license with a brokerage. Any tips on agencies that better fit a sales agent just starting out? I heard Keller Williams or Compass are the most common. 

Thank you!

Hello Vincent and congratulations on securing your license!

KW is a very popular choice for new agents because of the company culture. I spent about a year there and I had an overall good experience.

Most KW offices hold weekly in-person training hosted by various experienced professionals. This variation in training appealed to me vs. a weekly training held by the same person... feels too much like school. 

That said, nearly every brokerage offers some type of training/guidance. Any brokerage can be the right fit for you so long as you commit to taking initiative and putting in the work.

By 'work', I mean income-producing activities (lead generation and follow-up) i.e. cold calling, door-knocking, contacting your sphere of influence, networking, hosting open houses, running online advertising, marketing (paper or online), or anything else that will get you in front of prospective clients.

My first broker rarely answered my phone calls and by the time she responded, I'd often already have the answer I was looking for. This was the BEST scenario I could've asked for as a new agent and I am forever grateful for the experience. 

Whichever company you choose, you'll be fine as long as you cut out all the noise and focus on income-producing activity.

All the best!

Abel

Congratulations @Adam Sherwood!

You've shared so many gems and described a realistic depiction of purchasing an investment property. 

So many variables can turn a deal sideways from 1 hour to the next - i.e. inspection findings, title issues, contracts, financing issues, taxes, dept. of buildings/local municipalities, etc.

I'm glad to hear you made it through the challenges, and it sounds like you'll be able to leverage this experience as you grow your portfolio.

All the best to you along your journey!

Abel

Hello @David Hodeda,

Good to see a fellow NYer getting involved in REI!

Agreed with @Zachary Deal, lenders who are lending on the majority of the purchase price + renovation will want to see you have more skin in the game.

That said, this is all relative... if you find deals in the lower pricepoints, you may be able to find something that fits your budget. Check out www.27.properties/buyers . They wholesale in FL, and you can quickly join their text/email list to see their deals.

If you haven't already done so, I'd recommend opening up dialogue with your sphere of influence. You never know which cousins, aunts/uncles, friends, coworkers, etc. are also interested in RE investing. This is a good way to learn from people around you and possibly raise private money for future deals.

All the best!

Abel

Hello @Timothy Hilario,

I think there are benefits to both strategies.

If you move out of your apartment and rent it as a mid-term rental, you could see decent cashflow without pulling equity out of the unit. You'll likely also reduce your cost of living by moving to a stabilized apartment.

Depending on the cashflow and debt paydown, you can use this strategy until you've built enough equity to reinvest.

On the other hand, getting into a multi-family after refinancing will also help you build substantial equity to rinse and repeat in the coming years. Nassau County 2-4 family properties outperformed all other New York City Metro Counties in 2024. 

The average sale price for small multifamily properties in Nassau increased by 13.9% from '23 to '24. Suffolk also did great; average 2-4 unit values rose 7.3%. With this type of YOY growth, you can re-invest you equity into upstate or OOS markets (i.e. Albany, Syracuse, Utica, OH, PA, etc.) for cashflow.

The challenge in these markets is that demand is through the roof, and many properties either sell at the asking price or above the asking price (Suffolk's sale price average was 1.5% ABOVE the asking price).

If I were in your shoes, I'd explore local and remote multi-family options before considering the mid-term rental route.

All the best!

Abel