All Forum Posts by: Alex Horelick

Hey Paul!

I’m a local agent and work with a lot of BP’ers in/from the city who have this plan. Would you consider CT? I saw you didn’t have it listed there but lower Fairfield county can check all your boxes and has lower price points and higher cashflow than many NY and NJ areas. I suggest looking closely at CT in addition if it can work for you!

Hey Matt!

It’s tough to find strong cashflow in this market but the housing values/appreciation potential is obviously strong. Fixing up property here provides a ton of value as price per square foot is so high on the back end. I’ve helped investors buy small multi family and commercial in Westchester and CT and depending on what your investment goals are this area can be great!

Hey Mario! Call and have an honest discussion with your landlord. Tell them you will give them time to show the apartment while you live there and find a new tenant… with higher rent than you are currently paying!! I actually did this before when I was living in Manhattan and my landlord was happy to have me pay my rent until they found a tenant they liked that was going to pay even higher rent. As an investor myself I’d be happy to work this type of deal out as long as I didn’t have any vacancy from one tenant to the next. If you have any luck and want to check out some house hacks around here - give me a shout!

Hey Joshua!

upper Westchester and CT are good options if you can make the commute work! You won’t have to worry about finding tenants in these areas there are plenty of renters. Lower Westchester is tough to make cashflow in on a house hack but is always a good long-term equity and appreciation play! I would also suggest a 203k loan and rehabbing a multi family both as a value-add to get your capital back faster and because the market is so hot right now there is reduced competition on these types of properties.

House hack it for sure!! You can always partner on a larger deal later. Which areas of CT are you considering? There are many B class areas that make for good house hacks across the state. As long as it cashflows when you move out it’s a win!

Hey Matt! I couldn't recommend house hacking more. I think one of the most underrated parts of a house hack is the asset you purchase provides an amazing amount of flexibility in terms of your living situation. Obviously you can leave the property at anytime and rent all of the units out and obviously you can always sell it but you can also tap into the equity of that property at any time and use that to make the SFR purchase. I have a couple credit unions I know of that lend 100% HELOC financing out on 1-4 unit owner-occupied properties so even if your cash is tied up in home equity you can draw from that line to purchase more properties as the tenants pay the debt down for you. Also if you are considering opening up your commute to being within 2 hours of NYC there are many options out there for you not only in terms of great cashflow, but you can also purchase a property with multiple houses on the lot in more rural areas that will give you the cashflow asset you desire and some of the privacy and features of a single family home that it sounds like you both want. It's hard to go wrong with a house hack and if you're in the NY area or at least somewhat commutable to NYC you're going to own a valuable asset in a very strong market! I'm in your area and available if you have any questions I can help with let me know!

Hey Andrew! There are a ton of great markets to own small multi family around Hartford. I would suggest house hacking by owner-occupying a 4 unit and using a 3.5% down FHA loan to start as long as that suits your current lifestyle. Small multifamily properties in this area have good numbers I bring a lot of NY investors up there to purchase properties.

Hey Joseph! I would also give CT a try if you are looking as far north as Dutchess county. You can house hack a small multi there and still be able to commute by train/car to queens. I can help navigate you around different areas if you like!

Hey Nick!

personal guarantee is usually going to depend on you and your parners’ level of experience with prior deals. There are institutional lending options without the personal guarantee but they are not usually very economical at that price range. You should also expect a shorter term loan (5-10 years) based on a shorter amortization table (I. E. 20-25 years). Feel free to reach out if you want a more detailed answer or need more help with this!

Hey Jerry,

This is fantastic. I've been looking into the Prescott area for some investment options I'd love to hear more about this!