All Forum Posts by: Raphael Abreu

Hey Enrique! I think New York in general is still pretty much a seller's market.  The extremely low interest rates, along with very low inventory are keeping prices very high.  I'm a realtor in NY and I am constantly looking at the subdivisions around my farm.  Some subdivisions have higher days on the market and have lower prices while some areas have very low days on the market and have higher prices.  It all depends what markets you're looking at.  I'm not too familiar with the market in Manhattan though. 

Hey Tony! I salute you for getting started with Real Estate Investing.  It's great that you're getting educated on the subject & seem like you will be taking action.  I actually made a post not that long ago on House Hacking in more expensive markets.  I'll be shooting you a dm.

-You can get in with very little money down with an FHA or 203K loan

-Rents in these markets are for the most part very high  

-You can argue that most of these properties don't hit the 1% rule, but with small multi-families you end up coming pretty close to it especially if there's a basement with a separate entrance

-Properties with separate electric, gas or water meters can make it a lot easier to house hack even if the monthly rents don't hit the 1% rule

-Renting by the rooms could be a great way to make it so the rent from your tenants cover your entire mortgage payment or even cash flow a little

-Rent increases over time so your rent will eventually hit the 1% rule for your property

-There are 4 wealth generators when investing in Real Estate!  there's Cash flow, Debt reduction, Appreciation & all of the tax benefits.  it's important to note that house hacking in an expensive market means you'll get a lot more from Appreciation as a wealth generator.  Here's an example!

Let's compare a $100k Property with a $500k property.  Let's assume that they'll both appreciate approximately 3% per year.  In a 10 year period your $500k property would have appreciated in value by $171,958 making it a $671,958 property.  On the other hand the $100k property would have appreciated in value by $34,392 making it a $134,392 property.  All of this means that you'd have a significant amount more in net worth if you were able to house hack the $500k property.

-Even if the rents from the other units or the other rooms were not able to cover your mortgage payment in full and you had to come out of pocket a couple of hundred of dollars, you'd still be benefiting from having your tenants pay down your mortgage a substantial amount every month, you'd still be benefiting from all of the tax benefits, You'd benefit a whole lot from appreciation & you'd all in all be paying way less than what you'd be paying in rent.  Guys go ahead and house hack and build wealth!

Hey Pascal! congrats to you becoming a father!  I would have to agree that home prices are very high in NYC & although there are definitely deals, they're often a bit harder to find.  Have you checked out neighborhoods in Long Island by any chance?  I think a great way for anybody to get started is House hacking "Living in one unit and renting out the others".  I'll shoot you a dm in my request.  

Welcome Shulammite! I think that house hacking with an FHA Loan is a great idea for your inception in Real Estate. I live in Queens and I do admit that it can be tough to find properties with Price to rent ratios that make sense for an investor, however there definitely are deals here, they just aren't as prevalent. There are different markets in Long Island that would be easy to House Hack in depending on the property taxes.

I am planning a business trip to Miami in about 2-3 months. I am interested solely in neighborhoods in the Fort Lauderdale, Miami Metro area.  I want to attend meetups events in the area if possible.  I am looking to build friendships & add value to real estate investors who will potentially be business partners in the future.  Feel free to send me a private message to get in contact with me.  

Thank you Raymond! I appreciate you interacting with my post.  I will send you a private message so that we can become more acquainted.  

I have been vetting out multiple neighborhoods in the Miami Dade County. I'm not dismissing neighborhoods that are outside of that county, but I'm looking for neighborhoods that are at the most a 40 min drive from South Beach. I plan to house hack a duplex with my brother with an FHA loan. I'm personally looking for neighborhoods on the more affordable side. The most I'd pay for a property down there would be at around 300k. So far I have Lauderdale Lakes, Bay Harbor Island & Kendall which are all in close proximity to South Beach where I plan to be residing when practicing Real Estate as an Agent. I am looking to add more neighborhoods to my list. I pretty much have most of my criteria down packed as far as the type of property, but I want to find neighborhoods that are affordable with good price to rent ratios, strong rental markets, decent school districts & are on the path to growth. Can any of you give me neighborhoods you'd invest in in or close or near the Miami Dade County? I'd really appreciate your suggestions! Thanks!

I've heard David Greene talk about banks not lending on properties that are complete gut jobs. He mentioned that you'd have to go unconventional for the most part to buy a value-ad opportunity. Is this always the case? I'm going to be saving for the down payment of an owner occupant house hack deal & looking to go the FHA route. I want to find something that can use Maybe Some cosmetic work. Do you think it is possible to find lenders that would lend on homes that are in need of cosmetic work?

I’m interested in finding out what companies are the best when sending direct mail letters. Any feedback would be greatly appreciated! Thanks