All Forum Posts by: Mohammed Rahman

Hey Jerry, good to see you making moves! Getting that first property is exciting—and yeah, NYC is no joke when it comes to price of entry.

Honestly, a lot of people I’ve talked to in your shoes end up finding better opportunities just outside the city. The Capitol region, NJ, and CT are solid choices. NJ is a big one—places like Newark, Paterson, or even smaller towns have better cash flow potential. CT spots like Bridgeport and New Haven also pop up a lot in conversations about good starter markets. The numbers tend to work better, and you’re still close enough to keep an eye on things.

As for NYC itself, deals are definitely out there, but it’s tougher. The outer boroughs—Bronx, parts of Queens, maybe Staten Island—are where people tend to have the most success, usually with multi-families. The strategy there is more about long-term appreciation since cash flow can be razor-thin. Off-market deals are key if you go this route, so networking is huge.

Out-of-state investing is another option people love, especially in markets like PA (Philly, Scranton) or even down south where prices are lower, and the landlord-tenant laws are more forgiving. It’s a little more work to set up, but if you get a solid property manager, it’s not as scary as it sounds.

If I were you, I’d keep digging into the Capitol region, NJ, and CT—compare the numbers, and maybe even start building connections with agents or wholesalers in those areas. Multi-family properties are a great way to start since you can house hack and offset costs.

What’s the main goal for you? Cash flow, appreciation, or a mix? And are you thinking single-family, multi-family, or something else?

Airbnb rental arbitrage can work, but it depends. People like it because you don’t need to own property—just lease it, list it on Airbnb, and make money if guests pay more than your rent and expenses.

The catch? Landlords. Not all are okay with subleasing, so you need their approval. Then there’s city regulations—some places heavily restrict short-term rentals, so you’ve got to check the rules.

If you find the right spot and automate stuff (guest communication, cleaning, etc.), it can be profitable. But it’s not passive—it’s work. Have you scoped out a market yet?

Hey, I totally get where you're coming from. It sounds like you're trying to do right by your other tenants while also being fair to this one, but it’s clear the situation can’t continue.

First, it’s great that you’ve already put quiet hours in place and handed out notices—smart move! Now, when you talk to the tenant today, be straightforward but professional. Let them know you’ve been getting complaints and that their music is really disturbing the peace for other tenants. Make sure to mention that this violates the quiet hours policy and could impact their lease status. It’s always a good idea to document the conversation too, even if it’s just jotting down the details for your records.

If they don’t take the warning seriously, you’ve got options. Since their lease is expiring soon, the easiest route might be to just not renew it. Send them a written notice of non-renewal, following your local laws about how much notice you need to give. This avoids the headache of eviction and wraps things up cleanly.

If things escalate before their lease is up—like the music gets worse or complaints keep piling up—you could consider eviction. That’s more time-consuming, though, and since the lease is almost over, non-renewal is probably your best bet.

Also, keep documenting everything: complaints from other tenants, the steps you’ve taken, and any interactions you have with the tenant. It’ll cover you in case there are any disputes.

I know it’s tough, especially when other tenants are being affected, but it sounds like you’re handling it as calmly and professionally as you can. Hopefully, the tenant takes the hint after today’s conversation, but if not, you’ve got a solid plan.

Hey @Jerry Nogueras - I was in your shoes too, born in NYC, and lived between there and Long Island. 

You're asking the $1,000,000,000,000 question - there's no right answer, but there's only the right answer for *you* because its so subjective. 

My recommendation would be to iron out what you're looking for as an investment goal. Is it cashflow? Appreciation? Buy/Hold? Etc. 

That'll help you figure out what direction to aim in before speaking with a bank to figure out how much you can qualify for. 

The financing will then dictate which markets are and aren't within your budget. Myself personally I'm invested in Buffalo and NYC, but that's because it made sense for *me*. 

Others I know have invested further around, e.g. St.Louis, Cleveland, etc. and all over. 

There's no real wrong answer to your question, but the right answer starts with you figuring out what general direction you want to aim in. Feel free to reach out (DM, text, etc.) and I'm happy to share some advice from my own journey.

Hey @Preet Oberoi - https://www.biggerpockets.com/forums/521/topics/1227224-meet...

Hey @Mark Updegraff thanks for the note and look forward to seeing him there

My name is Mo, I'm an investor, broker, and property manager based in NYC - I have nothing to sell you & there's absolutely no hard selling allowed at our meetups, by either the host (me) or visitors.

I quit my corporate job in 2021 to jump into real estate full time. Chances are, if you've thought about whether you should invest in NYC as a first-timer, and have glanced at the forums: you've come across my posts.

After dabbling my own feet in REI, as well as representing buyers, sellers, landlords (and everyone in between) - I've realized that there's a lot of fragmented knowledge in NYC's real estate market and I figured hosting a monthly meetup is a great way for folks to exchange notes.

Please join our monthly meetup to brainstorm, connect, and take your journey to the next step. 

you can usually get retroactive permits, but it takes some work. First, you’ll want to bring in a licensed contractor or architect to check out the kitchen and bathroom. They’ll let you know if everything looks up to code or if there are issues to fix.

Then, head to the local building department and apply for the permits. You’ll probably need to submit plans or drawings of the work that was done. After that, an inspector will come out to check the space. If anything’s not up to code, you’ll need to fix it before they sign off.

As for costs, you’ll have permit fees—those can range from a few hundred to a couple of thousand dollars. If the work needs updates, that’s where it can add up, but $30K sounds like a reasonable cushion based on what you’re describing.

It sounds like a solid deal, especially if the cash flow is good. Just factor in a little time and effort to get everything squared away, and you should be fine!

Hi Renee!

Welcome to the group! Your journey in real estate is inspiring, and it’s amazing how you’ve built on your mom’s legacy. From Brooklyn to Florida and Mississippi, your expertise as an investor, agent, and designer is impressive.

We’re excited to have you here and look forward to learning from your experiences as you work to change lives through real estate. Glad to have you, Renee!

To qualify for a loan, focus on having a credit score of at least 620 (or 580 for FHA loans), keeping your total monthly debt under 43% of your income, and saving enough for a down payment and closing costs—about 5-10% of the home's price in total. You'll also need to show stable income for the past two years through W-2s or tax returns.

Talk to 3-5 lenders to compare their rates, fees, and terms. Start by getting pre-approved to know your budget and show sellers you're serious. Once pre-approved, gather your financial documents like pay stubs, tax returns, and bank statements. Compare offers from the lenders, paying attention to interest rates, closing costs, and any penalties. Choose the one that offers the best deal and service, and you'll be set to move forward with the process.