All Forum Posts by: Alex Horelick

Hi @Danica Estrada,

There are a couple tricks that can be used to get this through an appraisal but it's pretty much all going to come down to the personality of the appraiser that comes out! Some of these deals will go through with removing kitchen appliances like the range/stove to make it not a "kitchen". The above garage space can be a recreational room, etc. I've had this situation a couple of times and some appraisers will look the other way while others will not. FHA inspections include additional safety items such as peeling paint and stairway handrails, etc. I would recommend any contract you agree to include protections in case the property does not appraise - at which point you can get your deposit back or renegotiate. Feel free to reach out if you have any other questions and good luck!

@Matthew Karp

Hey Matt send me a PM and we can set up a time to chat! I’m licensed in NY and CT and have done multi family deals in both areas.

-Alex

@Account Closed well said! I would also add Danbury and Norwalk to the list there as places that are close to the city.

Hi All,

I highly recommend coming to look in CT for those who feel priced out of NY and NJ. Still lots of house hacking options available for those who want to be commuting distance to NYC! I’m licensed in NY and CT and have been ending up steering more people into CT once they see the cashflow available there!

Hey @Katelyn Kelly!

I’m a local agent and have worked with a bunch of house hackers in NY and CT and have done a house hack of my own in Westchester. You are spot on the best deals of the areas you listed with good commuting distance to NYC is going to be Fairfield County, CT. When comparing to Westchester the rents are close to the same in most areas but the taxes in CT are a lot less! There are a few different areas you can consider depending on what you are looking for. Please feel free to reach out if you have any questions related to the process I’d be happy to help!

@Jim Pi Hey Jim. I’m a realtor in Westchester and also serve the whole Hudson Valley, NYC and CT. I’m also an investor and own rentals in Westchester. There’s a good community here if you need anything give me a shout!

Hi @Jamila Thompson,

I'm an agent in NY and CT as well as a multi family investor myself. I would recommend multi family investments over condos mostly because condo HOAs can restrict or even prevent you from renting the space. To me the house hack multi family is the way to go. You'll control a valuable asset and get an amazing return in investment with a low down payment loan such as FHA. Feel free to reach out if you have any other questions!

@Matthew Dowling

We should connect! I’m an agent and invest in the property class you are talking about. I’ve done rehab loans myself and help buyers find 203k investment properties in NY and CT. I would highly recommend also checking out CT for a 203k. At similar distances to NYC it offers much better cashflow in certain areas mostly due to lower taxes than NY. Give me a shout if you want to talk more!

Hi All,

I’m a buyer’s agent that finds house hacks for buyers in NY and CT. Feel free to reach out! I would recommend lower CT (if you can handle the commute) for best cashflow, lowest taxes etc! Westchester and other NY areas have greater appreciation potential (nice to limp in 3.5% down) but not as good cashflow. NYC is impossible to cashflow without a substantial down payment!

Hey @Frank Castillo,

I'm local and happy to help. I've worked on SONYMA deals before and understand the ins and out of it!