All Forum Posts by: Abel Curiel

Hello Mikey,

Househacking is a great strategy to get started - low down payment options, lower your living costs, gain property (& project) management experience, etc...

I don't see a price range here but to see if your goal is realistic, I'd recommend reaching out to a local investor-friendly agent.

Tips for negotiation - know your market (study comps) and choose an agent/team with experience who knows how to negotiate credits, concessions, etc.

For Deal analysis, we really like the BiggerPockets calculators.

Be Conservative with your projections...
When entering annual value and rental changes, enter a % that is below market. For example, if Colorado 2-family homes appreciated 4% since last year, you should account for a 2-3% annual value increase in your calculations. Same concept with rents.

Avoiding heavy fixer-uppers is probably good idea depending on the deal. All projects (big and small) will have costly delays and surprises. If you go for a more modest, or cosmetic, repair project, you might have lower financial risk.

Your local agent can advise on strategy, neighborhoods, and offers.

All the best!

Abel

Good evening Josh,

Welcome to the BP forums! A great local contact to have is @Ivette Guzman!

All the best!

Abel

 Hello Lisa!

Welcome to the BiggerPockets forum!

A great place to start is BP's Top 100 Cash Flow Markets which includes insights on population growth, rent growth, median income, unemployment, etc.

As a newer investor, the closer you are to the property, the better. While you can certainly invest from far, you'll still need to manage the property manager.

Lastly, I like the idea of getting licensed so long as you're committed to treating sales as a long-term business. I don't really believe in wholesaling or RE sales as way to earn fast cash. Instead enter the business with the intent of establishing a foundation for a 10+ year business. Quick-cash in these businesses is largely a myth IMO. You'll likely need to invest thousands of dollars and hundreds of hours before closing your first deal but if you do it all with intention, you'll have a system for consistently generating leads & deals. 

The BP Bookstore has some great books from David Greene and others regarding wholesaling and being a successful RE agent.

All the best!

Abel

 Hello Michelle,

NYC investing can certainly seem scary and difficult. To @Nicholas L.'s point, fewer people will choose this route because it is difficult. Arming yourself with market information and a long-term plan will make househacking in NY more digestible. 

That isn't the only way to get started, however. I like your idea of networking/finding community. You'll be able to hear from others who have had success with different strategies, in different markets, etc.

Check out eventbrite, meetup, and BiggerPockets events. I'd also recommend reaching out to individual members on BP. You can find members by using the search feature.

All the best to you!

Abel

Hey Adam, 

Many brokerages out there would be a good place to start. If/when you outgrow that brokerage, you can always move onto a new company/office.

I started with a 'mom & pop' broker in NY which taught me a lot. They helped me tremendously despite not being super responsive and not holding trainings. By focusing on their own business, they didn't have much time to answer my questions. This helped me because I learned to do independent research, figure things out on my own, and make a genuine effort before asking for help.

I then went to a larger company - Keller Williams - where I also learned a lot. They had regular in-person trainings with interesting topics. I went to about 25% of these but learned at each one. The biggest lesson here was that there were about 300 agents and it was mainly the top 10% of them that were doing business. The rest were just filling seats, basically.
The successful agents base their days around lead generation, follow-up, marketing, and going on appointments... the other tasks were either a waste of time OR not the best use of the agent's time. Not to say that other things (i.e. paperwork) aren't important... they're just not the best use of your time.

With that said, choose a company that offers support and a clear path to success, i.e., showing you how to generate and convert leads.

All the best!

Abel

 Hey Kevin!

I'd also recommend checking out expired listings online if you're looking to find an NYC condo for below market value. 

StreetEasy allows you to search "unavailable" listings and sort them by 'newest'.

If you have the time and patience for it, you can start calling the brokers who previously listed the property.

If you go this route, I'd recommend being prepared with proof of funds (showing down payment, deposit amount) and pre-approval. Let the agents know you're looking for a 2-bedroom apartment and you're looking to close by X date. This approach will allow you to get to the point with the listing agent/seller and lets them know you're serious.

The same approach can be used for FSBOs.

For help with your search and offer submission AND to save yourself a ton of time, you can hire a buyer's agent instead of doing this on your own.

All the best!

Abel

Hello Chris,

Have you tried contacting any small local brokerages near you (i.e. Locust Valley, Glen Head,etc.)?

The reason I ask is that many brokers will charge a monthly fee (desk, tech, etc.) to be in the brokerage.

Some mom & pop brokers with no PM affiliations/preferred partners can be a good fit for hanging your license and future referrals.

Happy to answer any questions you have on this!

Abel

 Hello Paloma and welcome to the BiggerPockets forum!

I'd recommend starting your investment journey by considering househacking in or near Kansas City. Speak with local investor-friendly lenders and agents to get a better understanding of the market and your options.

Regarding good books, check out the BP bookstore, choose 1 book then try another... and don't stop reading/learning!

There is a lot of info out there... easy to get lost, overwhelmed, discouraged or worse... analysis paralysis.

What helped me:

- Speak with aspiring or active investors in your network. You may not yet know who they are or you may think there aren't any people like this in your network. That may be true but before making that determination, start asking your family, extended family, neighbors, co-workers, etc. if they invest or have ever thought about investing. From doing this, people shared ideas, thoughts, strategies, etc. with me. Some have even offered to invest and partner with me.

- Staying active on BP. Search your questions and find answers and contacts in these very forums.

- Finding local Real Estate events via BP, meetup, eventbrite, etc. The forums are great but it doesn't compare to connecting with people in person.

All the best!

Abel

 Hello Francesco, welcome to the BP forums!

Agreed with @Nicholas L. regarding house-hacking.

First, you'll need to connect with a lender to discuss your qualifications. If possible, I'd recommend starting with a 3 or 4-family househack... you can occupy the smallest unit to maximize returns.

Depending on your down payment amount and forced equity, you may be able to refinance and reinvest in a couple of years and reinvest into another househack.

Since New Jersey taxes are a bit higher than Staten Island and the other boroughs, you may want to connect with a local NJ agent who can advise on best areas to search. Desirable areas often have higher taxes and less cashflow.

All the best!

Abel

You can also search for keywords used in past posts (i.e. New York Investing) to find topics, members, and locations of interest - 

All the best!

Abel