All Forum Posts by: Ali L.
Ali L. has started 12 posts and replied 117 times.
Post: Buying a multi-family in Cypress Hills New York
- Investor
- Brooklyn, NY
- Posts 118
- Votes 30
There is no area in Brooklyn I wouldn't recommend ;)
Post: Should I purchase a third property
- Investor
- Brooklyn, NY
- Posts 118
- Votes 30
Get A & B cash flowing then move on to #C. Keep on!!
Post: HELOC to finance down payment
- Investor
- Brooklyn, NY
- Posts 118
- Votes 30
Also note new tax law requires that HELOC be used for improvements on primary residence for interest to be deductible so possibly a good opportunity for capital improvements also for forced appreciation on House #1.
Post: HELOC to finance down payment
- Investor
- Brooklyn, NY
- Posts 118
- Votes 30
Aspire Credit Union does not charge appraisal or application fee and lends up to 90%. Also check Alliant CU.
Post: Do I need a buyers agent?
- Investor
- Brooklyn, NY
- Posts 118
- Votes 30
Won't you pay buyers agent commission on a commercial property? I say get a good specialized buyers attorney that's familiar with asset type and area. They can help with drafting offer and negotiations.
Post: How to get a loan for expensive NYC Apartment to "House Hack" ?
- Investor
- Brooklyn, NY
- Posts 118
- Votes 30
Remember to factor in monthly maintenance fees.
Originallyy posted by @Michael Baker:
@Angelica Rose you also have the option to purchase an HDFC apartment. There are income limits on these apartments. Rarely are you allowed to sublet but you can house hack. The challenge from there is finding a 2BR apartment that makes sense as an investment. Cap rates and ROI are hard to come by in NYC. I haven't seen any deals thus far that would make sense for me to invest in.
One thing to consider is....Can I reduce your housing costs vs Can I make money investing in New York. You may not achieve ROI but you can reduce your housing costs relative to renting or living on your own. NYC apartments hold their value really well. Especially if you get in at the HDFC price point. If you have questions let me know.
Post: Controversial Real Estate HACKS: Queens, Long Island & Brooklyn
- Investor
- Brooklyn, NY
- Posts 118
- Votes 30
How to cash flow in markets with high holding costs like NJ?
How to fast track basement and attic legalization in NYC?
Post: Inherited Tenant Bounced Rent Check
- Investor
- Brooklyn, NY
- Posts 118
- Votes 30
Do what John Underwood said. Solid advise. Next, move away from personal checks. Cozy.co for auto ACH or Zelle for person to person. Or at the least money orders or bank checks only.
Post: New York State’s Roommate Law. Really?
- Investor
- Brooklyn, NY
- Posts 118
- Votes 30
When you do a prior landlord reference check, ask who lived in the unit. It's highly likely they will move over to your new unit. When you interview the potential tenant, ask who they plan to move in. Approach friendly not combative to increase likelihood of honesty.
Post: House hacking in the Bronx/NYC
- Investor
- Brooklyn, NY
- Posts 118
- Votes 30
South Bronx still has good deals. It's possible to get multifamily in need of renovations. Having sufficient cash will set your offer apart.