All Forum Posts by: Abel Curiel

Quote from @Phoenix Samolewski:

Hello everyone, my name is Phoenix and I am in my last year of college for residential construction and have $20k to my name. I just finished reading Brandon Turners book, on rental property investing and I am hungry to start searching for a property. My girlfriend and I plan on moving to Florida in roughly 2 years. My question to the forums is, realistically how much money should I have in my savings account before I start to invest? Also are your recommendations that I first shadow a pro in the game for a little bit (1-2 years) and then dive into my first deal? 

Any advice would be much appreciated, 

Phoenix. 

 Hello Phoenix,

Good that you're planning ahead on your first deal. As @Nicholas L. mentioned, you'd be ahead of the game with a househack or 2 in the next few years.

House hacking will allow you to keep your entry costs relatively low i.e. 3.5% or 5% of the purchase price. To put it in perspective, the Average sale price for 2-4 family properties on Long Island have gone up 19.4% since 2023 (median price has increased 14.1%). 

This means the minimum down payment for a househack nearby went from about $25,550 to about $29,750 in the last couple of years... despite small multifamily prices going from $730K to $850K in that span.

As another option, you ca flip houses. Put down about 10% of the purchase, and finance the renovation costs as well with a Hard Money Loan. This is a huge undertaking for most first-time investors. Since you're earning a related degree and maybe have some additional experience, flipping may be less risky for you vs. most 1st time investors.

Still, I think househacking is the way to go. Florida is super attractive because it is landlord friendly (especially when compared to NY). The 2-4 family property pricepoints in Florida could be more favorable to NY as well.

If you were to look locally on Long Island for a househack deal, it could get pretty competitive. Many buyers are putting down 10-30% but you can still get a deal done with an FHA or low-down-payment conventional loan (~95% LTV).

All the best!

Abel

Quote from @Bryan McNulty:

Hi All,

          Can anyone recommend a Queens/Nassau area attorney, experienced with distressed, residential properties? Familiarity with NYC DOB and HPD would be a plus.

Thank you,

                    Bryan

 Hey Bryan!

Is this for litigation or to represent you on a deal?

Shooting you a PM as well.

Abel

Hello @Jonathan Warner,

I used Repair Pricer about 4 years ago and found it to be pretty helpful.

Hope this helps!

Abel

Quote from @George Arredondo:

Hello world. Im a married father of three and want to begin my real estate journey and plan on creating generational wealth for my family. I am a police officer and cant re-locate too far from where im stationed. My plan is to House hack to save on rent and use the savings to re-invest. I am looking for at least a 3-4 unit multifamily but have no capital at all. I plan on using an FHA LOAN but dont know which market is best. Im considering New Jersey or somewhere upstate. Please any thoughts on anything i just said ? 

 Hello George,

Welcome to the BP community & Thank you for your service to our City!

If you're looking to househack in a lower price-point: Upstate, NJ, PA, and CT are nearby options.

If you're looking to stay in NY, the Bronx is the best househack option at a lower price point. The Bronx is the only NYC borough with an increase in multifamily inventory / listings (up 11.5%) since last year.

Whichever market you go for, I would recommend targeting a deal that allows you to negotiate seller's concessions for closing costs and an interest rate buy-down. Negotiating this will lower your closing costs and monthly payment.

All the best!

Abel

Quote from @Tyree Jackson:

Any meet ups coming up ..? Looking to connect and network.

 Hey Tyree,

Check out BP events.

You can also go on meetup.com, eventbrite, and FB.

All the best,

Abel

Quote from @Logan Privette:

Hey BP community! Any advice on finding tenants? Me and my partner have this duplex in Minneapolis in the north east area, which I would consider easily a B class area and we are priced vary reasonable compared to the comps we have ran. We have it listed on all the major listing platforms. We have had only a few leads and showings. Any tips or suggestions are welcome. Thank you!!

 Hello Logan,

Lots to unpack here.

How many days has it been listed?
The comps used, what time of the year were they listed?
What feedback have you received from tenants and agents who have seen the unit?

Days on Market tend to spike upward toward the end of summer/early fall. Larger units with more bedrooms tend to take longer to rent in my market - New York - but I'm not sure if the same is true of Minneapolis rentals.

Tips that could help fill your vacancy:
- Offer to pay broker fees (if tenant is currently responsible)
- Offer to include some or all utilities in the rent
- Offer concessions, local PM companies or agents should have insights on concessions offered in your market (i.e. 1-month free, reduced security deposit, etc.)

All the best!

Abel

Quote from @Ky Perry:

As a real estate agent in the Salt Lake Valley, I want to know what lead sources other agents are using. Is there different sources that have worked for you? Which ones should I stay away from?

I'd say Realtor.com, zillow, redfin, etc. can wait for now... I wouldn't jump to advertise here.
In my experience, these Leads are low quality. New agents flock to these sites for leads because its easy.

Lead sources to target: 

- Sphere of influence aka Person Circle: Friends, Family, neighbors, co-workers, people at your gym, people at your church
- Open Houses: host OHs for other people in your company or other nearby brokers
- Geo Leads: Cold call or door knock around new listings & recently sold properties
- Local businesses: Attorneys, tax professionals, Contractors, dry cleaning/laundry, restaurants, coffee shops, etc. If you work with other business owners or frequent local establishments, spread the word and offer your services to them and their customers
- Referrals/partnerships with other RE professionals: Lenders, Title companies, inspectors, etc.
- SEO Marketing

All the best to you!

Abel

Quote from @April Graham:

Hi Everyone~  I am April Graham, a new member, REALTOR with Re/Max Advantage and General Contractor in Alabama.   I have experience with multi family sale, renovation and management.  I also have Midterm and Short Term furnished rentals of my own that I have designed, setup and manage in the Birmingham area.  I am always looking for the next step in any type of real estate.  I am looking to make some great connections and further my businesses.  If you are looking for someone to buy, sell, renovate or manage your properties I can do it!  Looking forward to meeting some GREAT people!  

 Welcome to the BiggerPockets forum, April!

Great to have someone with your experience on board.

Quote from @Aydon Acevedo:

Good afternoon, im on the verge of getting my real estate license, any tips or things i should know as a real estate agent im general and things I NEED to know as a New Jersey real estate agent. Thank you for your time

 DON'T DO IT!!!

Just kidding! I'm excited for you as you get started because I know this business can lead to so many opportunities.

I was only half-joking when I said "Don't do it"... failure rate is extremely high (80-90% drop out within 5 years) in this business. 

Learn why so many agents fail and do the opposite.

The main thing to do is focus on income-producing activity - aka generating leads (talk to people), following up with everyone in your database, going out on appointments, negotiating/closing deals.

To close deals, you need to negotiate. To negotiate, you need clients... to have clients, you need to go on appointments/meetings... to have meetings/appointments to go to, you need to talk to people.

Super simple and seemingly obvious... BUT ... Most new agents spend their time in analysis paralysis or waste time on non income-producing activities.

I am not saying that designing a business card, setting up/updating social media accounts, and research aren't important... I just wouldn't focus the majority of my time on these things if I have not yet made it a priority to identify and contact potential clients.

Lastly, I think The Millionaire Real Estate Agent by Gary Keller, Hyper Local Hyper Fast Agent by Dan Lesniak and David Greene's books are some of the best books for new agents to read.

All the best!

Abel

Quote from @Nomal Samaraweera:

Hello folks,

My goal is to purchase my first rental property, ideally a 3–4 unit multifamily. Given today's rates and prices, I realize an FHA loan with 3.5% down may not be realistic, so I've been exploring the Home Possible loan option instead.

I’ll be buying in the Houston area and I’m also considering Airbnbing the units I don’t occupy.

Does anyone here have experience with this, or recommendations on what I should be looking into before moving forward? I’ve been doing my own due diligence, but any advice or resources for further education would be greatly appreciated!

Thanks in advance.

Hello Nomal!

I like the strategy here. In addition to researching Home Possible, I'd recommend you begin speaking with anyone in your personal circle regarding Real Estate investing. 

You will be surprised how many friends, family members, co-workers, neighbors, etc. are either already investing in RE or looking to invest in the near future. If down payment is an issue for you, private money or partnership may be other options to entertain.

Lastly, to get a good grasp on the Houston multi-family market, I'd recommend connecting with local agents and lenders.

 
All the best!

Abel