All Forum Posts by: Jodie Steen

Why New York? Just curious. I’m househacking in Brooklyn, but looking to invest elsewhere. In my humble opinion New York is an appreciation play, not a cash flow play. In our (not blue chip) neighborhood the houses go for $2 mil now and then need a gut reno. Yes, you must have very deep pockets and a lot of time to burn with the DOB. not sure about upstate. I would start by looking at the fundamentals of any area and let that drive the process. But I’m still a newbie too! Good luck to you.

Hello, I’m interested in more info. Please send income and expense breakdown and your contact info to [email protected]. Thanks!

This fight has nothing to do with the numbers. Remember all the success and money in the world means nothing if you lose your family in the process. My opinion, you don’t have to get a W2 job, but you do need to listen to your wife’s valid concern and find a way to fix it. It’s absolutely reasonable for you to contribute to the family.

Thanks for the reply, Travis.  To clarify, we have a 2 family townhouse.  The upper triplex, which is 5 bedrooms, is ours exclusively.  The garden floor is a 1 bedroom traditional rental.

Yes, through Airbnb.  They are booked nearly solid, except in the winter months.  They book at $200-$250 per night.  For us, our 1 bedroom wouldn't work out as well.  We get $2200 per month in rent from a traditional tenant.  Might get $3000 through Airbnb for a 1 bed; for me the extra work and risk aren't worth it.  Our neighbor's main duplex rents for even more - $600-$800 per night.  So here is my question, do we build, which will cost about $600k, with the idea that we could get $5k per month from the downstairs, and another $25k per year by renting out our main living area while we are away, about 6 weeks per year?  Downsides - will be totally disruptive to our lives to build, we would be relying on Airbnb as a strategy, which many people advise against.  Upside - we can self manage, we get a fancy new kitchen, build great equity since Brooklyn is such a hot market.  Or do we invest in a more traditional buy and hold market?

Hello, BiggerPockets members!  This is my first post, and I'm hoping some member with more experience than me will weigh in : )

My husband and I house hacked in Brooklyn (I didn't even know what that was until I found BiggerPockets, but we did it).  We bought 6 years ago and now we are sitting on a lot of equity - about 1.4 million.  I'm trying to figure out how to put that money to work for us.  One option is long distance real estate investing.  I'm thinking of a better performing market for buy and hold, small multifamily. 

The other option would be building an addition on our existing home, and turn the one bedroom rental into a two bedroom, perhaps making it an Airbnb rental.  (This is legal in our area because of our building class).  That would also allow for a large master kitchen in our triplex.  Our neighbors Airbnb their 2 bedroom on our block and make about $5k per month as a reference point.

Any ideas as to how to access equity or how to start are welcome and appreciated.  Thank you!