All Forum Posts by: Jayson Greenblatt

Hi guys, I am hoping that this gets alot of opinions out of my fellow Bronxites. Im wondering what your opinions are on house hacking with an fha loan a SINGLE family house in the Mott Haven section of the Bronx. Is it worth it to house hack a single fam or a waste of time and rescources?

@Matt Lane Thanks for responding. The house I was referencing is a legal 2 fam. No gas or oil at all. 2 seperate electric meters. My concern was since the heat, hot water, lights and stove were all electric the tenant would have an insanely high electric bill. Thus either not paying me rent or having a high turnover rate. I mean I know if I was to look at 2 apartments for 1700, and one had heat and hot water included or 1700 plus another 500 or so I would go with the one thats cheaper for me, and its not the all electric one. 

@Francisco Ycaza What ever came of this property? Also @Chris Vacek and @Charles Fella Being that you guys live in the bronx aswell, do you think he would be able to get a rent of more than 1300 if the tenants are paying all the utilities? I mean 1700 is average for 3 bedrooms but utilities on top of that seem completely unaffordable. What are your thoughts? I ask because this sounds like a current property I viewed. 

@Matt Lane The owner that has it now just bought it to flip it, so when he bought the property it was vacant and therefore has never lived in it. I was thinking of trying to contact Coned and inquire about past bills but I doubt that they will be any help. I will try though tonight. 

@Matt Lane There is no discount on this property. Due to the fact it has two 3br units i could live possibly for free in the walk in unit. As for having no gas, the whole block has no gas line run. 

Thanks @Tyler Brown. Im leaning towards not getting the property. I just do not see how after paying 1700 in rent that my tenant would be able to pay 200 or 800 a month in electric. I just have a feeling that when rent is due and electric is due that they will pay the electric and short me on the rent. @Tyler Brown the property is in soundview, if your familiar with the Bronx. 

@Matthew Paul thanks for your reply. I just see it being a problem here in the Bronx. Since its a 3 bedroom the rent will probably be $1700. Since almost everywhere in nyc heat is included I dont see why they would rent from me when they could get heat included somewhere else. I might either have to charge lower rents or just pass up on the deal. 

I looked at a legal 2 family in the bronx. 3 br over 3 br with a 1 br walk in. What is mainly holding me back from making a decision is that everything in all the units is electric. Electric heat and electric stove. Also the hot water tanks are electric. Gas is not an option. On this particular block there are no gas lines to any of the houses. My question is does anyone on here have any experience in nyc with this? In my mind this will chase away tenants or make the tenants leave after a winter. I have never had electric heat so I have no idea what the electric bills will look like due to the heat. 

@Carl C.

 Is this an NYC property?

Welcome, I too am looking in the Bronx market. Best of luck to you.