All Forum Posts by: Antonio Cucciniello

I am an investor who lives in NYC and owns a few units in NJ.  I don't want to rent any more, but I work full time in Mid town Manhattan. So, my thought process is to figure out how to house hack here.  I am wonder is there anyone that has done this, or are there any realtors out there that know of clients that have done this and broke even? I don't need to cash flow, I just want to save my expensive rent and build towards something.

@Saurin Pandya In my mind, if you cash flow, that is really the only thing that matters. Switching to a 30 yr mortgage if that allows you to cash flow properly (meaning after saving a bunch for vacancy repairs and cap ex) I would keep it.  Otherwise I would look to sell ASAP!

@William Bucklin Number 4 is facts.  Most of us don't have the money to get started, getting the money from people that want to see you succeed is never a bad thing!

@Karl Sperl. Hey! I currently use Ally bank to get a slightly higher rate for savings (1.5%) and they limit me at 5 accounts so I have it split up for income, capex + repairs, mortgage +taxes +insurance, utilities, vacancy 

@Savon Moniz I currently keep my money in a high interest savings, but if other investors have more on this I would like to learn as well. I use Ally bank.

@Mark F. Just went through that link thank you.  I found this: "Habitable areas. No dwelling unit shall be located within a basement or cellar nor above the second floor of any apartment development." So it seems like its not possible, but what I can do is add the basement as part of one unit like you said, or maybe open up the basement for storage space as I have done with the garage.

Does this not apply to small multifamily owners? I own a Triplex, my tenants likely won't be able to pay rent, how am I going to pay the mortgage?

@Mark F.

Thanks for the answer! Currently two of the units can access the basement through doors that are locked. So overall, it might be able to be done, but it will be expensive?

Hi! I own a triplex in Ewing, NJ.  The previous owner at one point in time turned the basement into his home while in the middle of a divorce.  He built a bathroom and a bedroom.  Its not entirely finished, but if I finished the basement it can be a one bed one bath unit.  How do I go about making it a legal Quadplex? Who do I go talk to about this?

I am watching the task force briefing today and saw Trump announce this. This is awesome as a landlord and as a tenant.  But what will the end affect be on the economy?