All Forum Posts by: Nick Jonas

Hey @Nick Jonas - I'm an investor and a realtor, I've also worked in the corporate and startup space long enough that most of my clients come from similar backgrounds as you. I have some videos on my YT page you might find useful (titled Can I Houshack in NYC? and NYC Airbnb Laws). 

In terms of what you're trying to accomplish, I think it's doable. A lot easier than you think. 

I also believe you're more ahead of the curve than you know. Having Airbnb experience under your belt will help you tremendously when investing somewhere closer, especially since you'll have an easier time to make connections with local handymen and technicians that you'd call on in case your units run into any issues. 

1. It's not hard finding property managers. I advise against it since you already have the experience to make this project easy to manage (even with a 9-5. I started investing when working fulltime too, without a property manager). It won't be difficult to find tradesmen in the areas you need. My network is your network, let me know what you need. 

2. $100-$150k will take you far enough to qualify for a decent condo & even multifamily (depending on which areas you're looking in). Typically I recommend first identifying what your budget and goals allow you to afford (get a preapproval) and work backwards from there. 

3. In my experience, property types don't necessarily dictate the stability of tenants, more so the areas and the amount of prescreening you do... just like any other market. The area will attract the tenant, and you have to be smart about filtering through the bad apples. 

Shoot me a DM or just call/text the number in my signature, I think it would be good if we talked. Thanks. 

When things break it's just the same as if you needed something done on your own home once you own it.. something happens maybe once every 2 years or so. Some years better than others. And you will acquire a list of trusted tradesmen. Painting or minor repairs needed in between tenants? Just do that yourself... its very easy especially when you include wine and standard low-cost stock paint from Walmart. We have used a realtor in the past to fill vacancies because I don't like screening a ton of people, but I am leaning towards doing that myself now. 
We bought our first residence and within 6 months decided we didn't really like it and so we rented it out while buying another home. It didn't cash flow for several years, but we live frugally and paid it off way ahead of time. Then we repeated with the next house, and then the next. And then the cash flow became quite nice (at least in our area).  They key - pick GOOD tenants without compromising standards... do background checks, verify job, income, get past landlord recommendations, no past evictions, etc. That is all legal here in TX, not sure about NYC.  Also include in lease that minor stuff such as clogged toilet, light bulbs, lawn care, etc are the responsibility of the tenant so you are not bothered everytime a bulb burns out. Again this is legal here.  Passive income is a good thing. You can do this, single or with a partner. 

NYC is tough to make work, but couple of things. “Anywhere in the US has cash flowing rental properties within 2 hour drive” is something Brandon used to say years ago on the pod. If you’re looking for a pure rental you need to go north or west. Out to CT you’ll find cashflow in the New Haven area and out to PA you’ll find cash flow in the Lehigh Valley. You can do 2-4 unit MF in either market with the capital you mentioned.

If you want to house hack and still be in a reasonable distance to commute to Manhattan look at Hudson county. I HH’d a 2 bed condo in Weehawken (10 min bus to city) and it saves me a lot of cash Vs renting in Manhattan. If you want to “properly” HH a multi, look at Union City, JC heights, or even further out towards Montclair/Bloomfield. Good luck!