All Forum Posts by: Nik Parks

Keita D., Haha. I like the way you phrased that—skies really brighten.

Any area in particular that has your attention?

I read that Syracuse is a terrific place for REI.

Brandon Turner, that's great advice. Thanks! As a matter of fact, I've been researching wholesaling here on BP :)

Damian B, thanks for the tip. I'll look into Philly. I've been thinking about those zip cars or whatever. I've seen the ads in the subway. Wow, just saw that Andrew Baisley said something to you about a zip car, haha.

Andrew, Yikes! 5-8%! Thanks for the heads up. I actually went on realtor.com last night and ran the numbers on properties in my neighborhood (funny, I always hated math in school…now I do it for fun…as long as dollar signs are involved) and couldn't find anything that would create a positive cashflow. And that was assuming that it would be a complete investment property/my wife and I wouldn't live in one of the units. Crazy!

I'll send you a colleague request, I'm still new to BP but I think you have to be colleagues before you can PM each other.

Damian, I'm on board with meeting for coffee, the three of us, if you are.

Thanks, guys!

Hey Andrew Baisley,

Sounds like you've spent a lot of time strategizing. That's great!

By the way, it looks like we're neighbors (not literally). I live in Astoria :)

I have a few questions for you (or anyone else on the thread). It sounds like you know a lot more about New York than I do (other than the city, I know almost nothing about New York).

I am just shocked with these prices in NYC. Originally, I thought I could find a triplex or fourplex in Astoria for $600k. Turns out, I'm looking at $900k at the very least…some are over $1 million.

Even with the 3.5% down for the FHA loan, that's lot of cash.

I've also listened to all of the BP podcasts, I've read the BP UBG and I've read Brandon Turner's ebook (7 years to 7 figure wealth) from his other blog (real estate in your twenties). Awesome, awesome, awesome stuff.

Anyway, after lurking in the BP forums I've learned that the numbers don't add up in NYC—especially with the 2% rule of thumb.

Appreciation is just the icing on the cake yet it seems to be the only name of the game here.

Now I'm thinking about investing outside of the city. I don't know if I should look Upstate or in Long Island or NJ…just not sure.

Any advice on some good markets outside the city? Again, this question is for anyone and everyone.

Does anyone know how far outside the city I would have to go to find a good multi family within the $250k range?

Here's a potential problem: like most NYC residents, I don't have a car :/ Unless the property is accessible by train, that could be problematic.

If I can just piggyback on my last post (I promise this one will be short).

Any thoughts on New Jersey?

Guys, this is excellent stuff!

I'm a newbie and I'm starting to rethink my strategy as I spend more time on BP.

I'm renting in Astoria. This was originally my plan:

Buy a triplex or a fourplex with a FHA loan and become a OO. Rent out all of the other units and let my tenants cover my costs.

But now I'm starting to realize that the numbers don't add up in NYC. Plus, it's twice as expensive as I had thought. I thought I'd be able to find a triplex or fourplex in Astoria for $600k—$750k. They actually start at $900k and go over $1 million…

Even with the FHA loan, it's going to take a while to save up that down payment.

What do you guys think I should do? Should I invest elsewhere? Maybe upstate or in Long Island? Maybe out of state?

I'm also learning that NYC is incredibly regulated. Consequently, the laws benefit the tenants much more than the owners.

Full disclosure here:

I have $7,000 saved up right now. 3.5% of 7,000 is 200,000. Allowing room for taxes, closing, costs, etc. let's say I could buy a $150,000 house right now with the FHA loan if I look outside NYC. Now, I'm NOT going to rush into anything…but do you think that would be better than saving up tens of thousands of dollars to buy a multi family home in NYC?

What do you guys think? Is NYC a bad place for a newbie?

I can't remember which BP podcast it was and I can't remember if it was Josh or Brandon…but one of them said they would never invest in NYC because of the prices.

Hey Keith Ghion. Sorry for the delayed response!

Yeah, that sounds like a blast.

Thanks for the friendly welcomes, everyone.

I'm beginning to see just how much hard work goes into REI, haha. BP is definitely a game changer—so many helpful people and helpful resources here.

Good question. It's actually a brilliant strategy (I didn't invent the strategy so I'm not being boastful) if you can find a deal in which the numbers add up.

Do you get a positive cash flow? Sort of.

I want something that will break even AKA my tenants cover my costs. My wife and I currently pay $1,400 a month in rent. If I can live rent free in a fourplex, that's an extra $1,400 in my pocket.

I won't be screwed if I have a vacancy—as long as I'm prepared for it. I haven't seen this on BP but a REI friend in Massachusetts told me that a 80% occupancy rate is a really good estimate.

Joshua, I am in the same boat as you. I want to be an occupying owner of a triplex or fourplex.

I've been renting in Astoria for about 2 years. I just found out a tri is about $900 k here…I was hoping to find something closer to $600 k.

Here are some neighborhoods some BP users (and a colleague at work) have recommended if you're looking in Queens:

• Richmond Hill
• South Richmond Hill
• Ozone Park
• Kew Gardens
• Sunnyside
• Elmhurst
•Rego Park

NJ has been popping up in these forums a lot. I still haven't decided if I'm open to living in Jersey :p but I'm thinking it's better to be an open minded property owner than a snobby New Yorker who spends an arm and a leg in rent, right?

Hey guys,

I'm new to BP (I absolutely love it) and I'm brand new to real estate (still-saving-up-my-down-payment-kind-of-new).

I was hoping to get some guidance here:

My goal is to buy a multi family home in an outer borough (probably Queens, possibly Brooklyn) and become an occupying owner. Excluding taxes and repairs, I should be able to live rent free with that plan (I just have to find a deal in which the numbers add up).

I live in Astoria—I've been renting here for nearly two years. I was hoping to find a triplex or quad for $600,000 (again, I'm new) but it looks like a triplex is closer to $900,000! I'm not sure how much a quad is.

Does anyone have any advice for neighborhoods to look into? I'd like to find something that's gentrifying and I'd like something in the $600,000 range.

I'm planning on getting a FHA loan, by the way.

Is there anyone out there who has been in the same boat and has some wisdom to spare?

Also, does anyone know of some NYC BiggerPockets meetups?