All Forum Posts by: Abel Curiel
Abel Curiel has started 29 posts and replied 2229 times.
Post: New to this but obsessed!
- Real Estate Agent
- Queens, NY
- Posts 2,333
- Votes 1,647
Quote from @Dan Mcknight:
Hello everybody!
My name is Dan and I am currently moving to Madison Wisconsin. I started my journey officially 5 years ago when I bought a house in Alamogordo New Mexico. I bought the house because nobody would rent to me and my St Bernard because my baby was over 50 lbs. When it was time for me to leave, I decided to rent out my house. 5 years later, I still have the same tenant!
I retired from the military last year and have been struggling to find a job that I am actually interested in. Then one day, I was watching a video on Facebook about making money through real estate (you know what I am talking about). It struck me, I have been building spreadsheets about buying a new house and renting it out when we leave and what that would look like over time with different interest rates, increases in rents, new purchases, etc. I have actually been doing this casually for years.
I am ready to do it for real! I am ready to learn. I want to know it all, I am so hungry for it.
I have some ideas already but have no real mentorship or guidance. I do have a cheap property and a plan that is completely affordable and won't bankrupt me if I have a bunch of growing pains. It sure would be great if I could avoid some of them.
I have spent a life time as a team member, a leader, and a mentor. I get the feeling, the real estate investor community has that same personality that I can real learn from, share with, and eventually pass on.
thank you for reading my long winded introduction and I look forward to hearing from people from all over.
You're in the right place, Dan!
Congrats on your retirement and thank you for your service to our country.
I'd recommend staying active on these forums especially by building your keyword alerts. This will lead to you getting notifications anytime a location OR topic of interest is mentioned on BiggerPockets.
Secondly, I'd recommend you begin attending local investor events via eventbrite, meetup.com or BiggerPockets meetups.
Lastly, ask around! Speak about Real Estate to your family, friends, neighbors, former co-workers and any other acquaintances. You'd be surprised how many people are either already involved OR have a similar desire/obsession to get into RE investing.
All the best!
Abel
Post: Building out my team
- Real Estate Agent
- Queens, NY
- Posts 2,333
- Votes 1,647
Quote from @John Dunn:
I'm looking for advice how to help build out my team. The last deal I did required more renovations than I anticipated and I don't want to repeat the stress of going through the intense renovation process for my next deal. Besides making sure not to buy a property that requires so much renovation, I do think I need help in the renovation besides relying on the general contractor. Would I rely on a property or should I hire an outside project manager?
Hello John,
Seems like connecting with a good project manager would help if your next deal requires renovation.
If you considered using a renovation loan (i.e. 203K or homestyle) for your next deal, you'd also have the benefit of having a HUD consultant working with the bank to insure the renovation project is finishing on time and within budget.
Lastly, there are property maintenance companies that could assist with site visits and progress reports. I have a maintenance company but they only operate in the boroughs at this time.
All the best!
Abel
Post: Hi all!! happy to be here
- Real Estate Agent
- Queens, NY
- Posts 2,333
- Votes 1,647
Quote from @Anthony Gay:
Anthony Gay from Brooklyn, NYC. Passionate about real estate, planning and development. Looking to learn and make my first investment.
Welcome to BiggerPockets, Anthony!
If you're interested in planning & development, check out NY Yimby. They post daily info on approved plans, new developments, and more.
Agreed with @Jonathan Greene, relationship building + self-educating is the way to go. Check out the BP bookstore.
All the best!
Abel
Post: Feeling Defeated as a Small Landlord in Philadelphia – I Just Want Out
- Real Estate Agent
- Queens, NY
- Posts 2,333
- Votes 1,647
Hello @Tiffany Tan,
This is an unfortunate circumstance, especially considering that you live alone and under the same roof.
I think most of the BP community would agree that what you are experiencing has, to an extent, been experienced by all SUCCESSFUL Real estate investors. I've never heard of someone who has gone the length of their RE career with 100% occupancy and 100% of rent collected on time.
I HAVE heard of investors benefiting from nearly 100% occupancy and nearly 100% on-time rent collections AFTER dealing with situations/tenants like the one you're describing.
Everyone who stays in this game long enough experiences late payments, difficult tenants, and evictions at 1 point or another.
Your good intentions are noticed, whether you believe it or not... and I believe that positive intention you started off with can and will be rewarded in due time.
As you said, there is a lesson learned here and I believe your next tenant will have to pass various 'tests' in order to be selected to occupy your vacant unit. Tenant interviews, personal references, professional references, and landlord references can help you verify that the next tenant has the right values.
I'll end with 2 things (kinda cliche)
1. You wouldn't be in this position if you couldn't handle it/overcome it.
2. This image is a motivator/reminder for me when I think I've overcommitted and/or can't see the light at the end of the tunnel.
All the best to you!
Abel
Post: Should I renovate update my bathroom of 70s or should I buy a real estate propert?
- Real Estate Agent
- Queens, NY
- Posts 2,333
- Votes 1,647
Quote from @Tenzing Palmo:
I bought a co op apartment in nyc and I renovated the apartment except the bathroom and bathroom need the update as it is from 70s or 80s and it will cost me around $10k and I am also thinking to buy a property and put that $10k in down payment. so I’m little confused should I invest and buy a property or do the bathroom renovation and update ? If I do the bathroom renovation in next few years I think it’ll cost more than $10k and also the property so I need little help from you guys. Thank you
Hello Tenzing,
This comes down to your personal preference and how much the $10K additional investment will contribute to cashflow.
If you are buying in New York, putting 100K down on a property vs. putting 110K down (for example) will not have a significant impact on monthly cashflow or overall ROI.
That said, if the bathroom functions just fine and you can live with it for another year or 2, look into your investment options and how a prospective deal will change with an additional $10K down OR $10K to buy down your interest rate.
All the best!
Abel
Post: 18 Year Old Real Estate Agent
- Real Estate Agent
- Queens, NY
- Posts 2,333
- Votes 1,647
Quote from @Conner Schmitt:
Hello! I am 18 years oId and I just passed my Real Estate course exam and I take the state exam in June. Once I pass that I will be a licensed agent in the state of New York. What are some things I should know when choosing a brokerage and connecting with different people to become a successful agent. My ultimate goal is to invest in rental properties, multifamilies, fix & flips, and anything else that I can get into. I don't want to be an agent for a long time, I'm getting my license as just another tool in my bag and learn the ropes and connect with people that can help me along my journey. What do you guys think of this? What are some things I can do in the early stages of my investing journey since I'm only 18 and have a lot to learn.
Thanks,
Conner
Hello Conner,
I love your long-term mindset heading into this venture!
Being part of the industry will certainly bring forward valuable connections that can grow into partnerships & other opportunities in the future.
If your goal is to invest in rentals, you can begin your RE agent career by focusing on those property types - i.e. multifamily listings, absentee-owned properties, distressed properties, etc.
Market to those property owners in an effort to establish a relationship and possibly sell their property when the time arises.
You'll get hands-on selling experience while focusing on the exact niche you'd like to get involved with as an investor. Furthermore, by listing these properties, you'll be attracting the exact type of investor you want to become.
Lastly, I like @Caleb Brown's advice here. Pick up some books like those in the BP bookstore and others like Gary Keller's Millionaire Real Estate Agent and Millionaire Real Estate Investor.
All the best!
Abel
Post: CityFHEPS 3-Bedroom Voucher Reality Check — Is Demand Really There?
- Real Estate Agent
- Queens, NY
- Posts 2,333
- Votes 1,647
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
Post: House hacking or out of state investing?
- Real Estate Agent
- Queens, NY
- Posts 2,333
- Votes 1,647
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
Post: Real Estate Agent in New York. Experience working with investors
- Real Estate Agent
- Queens, NY
- Posts 2,333
- Votes 1,647
Welcome to BP@Yolainy Cabrera!
Post: Is networking overrated?
- Real Estate Agent
- Queens, NY
- Posts 2,333
- Votes 1,647
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.
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.