All Forum Posts by: Anthony Espinal

I have no idea why I wasn't notified when all these responses came in.. Anyway, I really appreciate all the advice! Honestly after what everyone's said this might be more than I can chew.. Especially for a first deal. Any other advice?

@Chris Haas From what I was told, the price was negotiated down to $84,500 from $100,000 and the home itself is valued from $115,000-$135,000. Theres already 2 tenants in with several applications for the 3rd unit to be rented and no rehab to be done.

A friend of mine is in the process of making a few deals came to me to be his possible partner. He has his real estate license and has been traveling for deals outside of our city. This is just 1 of the 3 deals he's trying to make and he's proposing we go 50/50 on the downpayment. Of course I'm nervous because it could be my first deal but it also makes me nervous that this is several hours away in Reading PA. I have no experience in this area and know nothing about it. I plugged in as many numbers as I could into the calculator.. What do you guys think?

https://www.biggerpockets.com/calculators/shared/414297/2bcae4d9-0bb5-4019-b412-8ee8c141edd2

@Tyrone L. Robinson

As someone who, also lives in NYC and would love to "learn the trades" I'm interested in these courses you're looking into. Can you give me some info about it?

@Damon Bodine

Any tips for good strategies? Theres one, 2 unit house across the street from me thats been vacant for years, I got the owners info using public records and plan on sending out a letter tomorrow. While I'm not mailing the masses, I know its a step in the right direction.

@Joshua D.

Thats NYC for ya.. It probably won't be turnkey either but I would honestly like to look for a distressed home anyway and hopefully get a good deal. 

Usual rents in this area for a 2/1 can easily go for $2k/month if the place is nice enough and even more for 3/1. Also, people will pay more depending how close to the train it is or if you offer parking/storage.

@Joshua D.: I don't exactly have any properties specifically in mind (thats why I hope to find an agent here to help) but that is def. something I've thought about. While it might not cash flow with me in there it would have to cash flow fully rented out.  Is it worth buying? Hopefully. This area has exploded in the last few years and is very expensive. I'll be looking at around 1mil (most likely more) for this house. Id hate for it to drop in value in a few years if another 2008/09 happens. 

Hi Everyone,

I want to buy a multifamily house to house hack in Astoria NY. Preferably 3 Fam. While I understand I won't cash flow, the incentives for me are to own my own property, not pay rent, and hopefully with the income from the other units my portion would be less than paying rent anyway. I currently have a good chunk of cash and have access to other funds in stocks and 401k. I would love to talk to seasoned agents who are familiar with my area to help me in the process or anyone who I can bounce ideas back and forth with. As far as financing I was thinking either VA Loan or FHA/203k loan for rehabbing.

Edit: I forgot to mention I have excellent credit.

@Linval T. Thank you for the tips and links. I'll check them out!

@Alex Franks Thanks for the link to the RE group meetings! 

To expand a little on the background portion:

While I consider myself somewhat of a handy-man/ tech savy person, I have no experience in home renovations or investing in real estate. I currently work in the law enforcement/intelligence field, previously a repair technician on Macintosh computers for many years.