All Forum Posts by: Conway Churaman

Dropping to sleep as I type this.  I have to get ready to finish the out the week at the grind of a job I have.  Yes, I will write to you soon.  Thanks.

 Please, share of some of your experiences on this NYC forum section.  Perhaps I can convince Brandon to put you on one of their podcasts! heh heh.

Yes, I'm still in lurker mode.  And yes, I do realize I have to respond to several threads I started.....and I'll get to them.  

I just wanted to make a quick observation and say that this NYC area of the forum is very light on activity. Is the NYC area impossible to invest in and that's why there is so little activity in this section of the forum? Okay, perhaps not impossible but I get the feeling that NYC is one of the harder REI markets to invest in for beginners.

I wish Joshua and Brandon would invite an experienced NYC BP member willing to share their assessment of this market and the surrounding areas and unique strategies that would work for this local market.  Any insight would help really.

Should I be thinking of moving out of NYC for real before I can start investing?  

I know Brandon...I know!  I just can't move from the city at this time.  I need to hold on to this job for a little while longer.  And I've decided not to house hack my current Brooklyn residence I'm renting from and will not put in an offer to the owner.  It will cost too much money to renovate beyond the $35,000 maximum a 203k loan would provide.  Plus I would not be able to carry the mortgage by myself until the several months of renovations are completed.  It is just to risky for me as a beginner.  This means I have to move and find some place else to rent.  

This is oh so frustrating!

Just wanted to say hi to a fellow East coaster. lol

Good luck in your investing endeavors.   

Thank you Brandon!  I've been waiting for something like this.

Basic question that has probably been asked a million times here....where should I go to apply for an FHA or 203k loan? How long does it take?

Also, where or who can I get an evaluation on my neighborhood's viability for investment?  Is it worth it to buy my triplex in my neighborhood?

 It's hard to respond properly to this thread while I'm at work.  In the meantime, here is the trulia listing:  I live in the first floor which was converted from a garage over 25 years ago. http://www.trulia.com/property/3195168687-2005-E-55th-St-Brooklyn-NY-11234

 Market value, at least according to the NYC dept of finance, is around $434,000.  The owner is looking for $699,000 and he hasn't found a buyer yet at least not with an offer he's happy accepting. He's having his lawyers throw us out in an attempt to raise the property value.  

I will run the numbers this weekend and update this thread.  For it to work my brother would have to go because he wouldn't want to pay the rent increase.  As well, the third floor tenant would definitely have to go.  She is in the process of being removed in any case.   The number may have to be slightly higher than $1500 to cover utilities.  A 203k loan may need to be used to get the place into a condition to attract a better class of tenant.  I will work the numbers and update here.

Thanks.

 I have been considering NJ as well as Long Island and would be comfortable in both areas from my experience.  My current job though requires me to live within the 5 boroughs.  And while I am considering Queens, politically it might be awkward for me.....too silly to explain.  

Are you familiar with Brooklyn?  My zip code is 11234.  While my current place my landlord is trying to sell (an illegal triplex) is across the street from the Kings Plaza shopping mall, I don't necessarily think the area is an up and coming neighborhood.  The owner never kept up with maintenance and the third floor tenant is being evicted anyway for non payment of rent.  For a newbie such as myself, I decided trying to buy it wasn't the way to go.  I would be running into too many problems.  An experienced investor with capital might be able to renovate and attract higher quality of tenants.  Is the neighborhood still worth the effort? I'm not sure.  In the meantime the owner/landlord is getting rid of all the tenants in an effort to increase value in the minds of potential buyers.  He isn't even accepting rent from me anymore.  And since I don't think his property is worth the investment from me currently, I still have to find a place to live.

My ideal first investment would be a house hack in an up and coming neighborhood that is in demand.  Perhaps a foreclosure that needs a lot of work could be acquired using a govt loan but again, something in an in demand neighborhood.  I see myself speaking with local mentors as well as participating in partnerships.  

NY is a unique complex market and it may be just too hard for me to start off investing in.  I may end up quitting my job and moving.  Or perhaps I could indeed move to NJ or Long Island and asking for a residential exemption from the workplace.  

All responses you guys give become a part of my decision process.  

Thanks again all.

Watching this thread closely.  I'm hoping locals in NYC area will provide you feedback.

Does everyone agree? Is finding a place to live and a REI education two totally separate things? Could pursuing a possible house hacking solution be considered REI education? House hacking, as Brandon likes to describe it, does seem to be an easy introduction into the world of REI. Do I need to wait and rent somewhere and then purchase property or can it all be done in one shot?

I'm hoping I could get more input from local investors.  And yes, I am also now considering Queens.