All Forum Posts by: Ray Smith

Hey @Hunter Burrell!

I am currently house hacking in Stony Brook, and actively looking for my next property I hope to get under contract before November. Multifamily in Suffolk is tricky because most areas (that are worth living in) typically don't cater to investors and don't have existing MF properties if any. The Stony Brook market is probably where you'll find the best deals for the strategy, especially if you plan to put little money down. 

Seems you have a lot of different ideas, I'd love to link up and discuss my experiences so far house hacking on LI. 

@Greg Pasquale

It’s hard to make work, but with some creativity there are deals to be found.

I’m currently house hacking in Stony Brook, in a Mother/Daughter set up. Here are the details: https://www.biggerpockets.com/topics/796584

@Greg Pasquale

Hey!

Currently living the house hack life in Stony Brook, NY.

Details in my post: https://www.biggerpockets.com/topics/796584

Takes creativity and patience but there are properties that work!

@John Collins has the right idea here.

I am a paramedic in New York. People are dying at an alarming rate. The ability of this virus to spread so easily and quickly is why it is a problem. Yes the death rate is much lower than other outbreaks, BUT the volume of infected is astronomical and is the reason why all these measures NEED to be taken. Last week one hospital I was at just didn’t have oxygen to give to patients to keep them alive...

By taking stress off of the healthcare system but closing everything non-essential, we avoid deaths that could otherwise be prevented. The death rate would quickly shoot up if we were unable to care for those

In short, the restriction on liberty is saving countless lives. Death rate shouldn’t drive your thought process, the volume should.

@Zack Thiesen

Thanks Zack!

Taxes are what kill MOST deals that I have run the numbers on. Very difficult to make properties cashflow, BUT absolutely possible.

@Jay H.

Thank you!

@Jonathan Fothergill

Thank you!

Initial was under $31k before rehab (closing+down payment). The reason why I was able to pay so little at closing was because I added 20k to the purchase price for a 20k seller concession.

Right now I live in the main part of the house, and rent by room to a group of 3 people, the accessory apartment is also rented. After 6 months of rehab and sweat equity I’m going to move to the accessory apartment and rent the entire main part of the house. (The people renting by room with me want to stay and already have another person they want to pull in)

Because of the quality I was offering as a rental, I was actually able to rent to all young professionals. I think doing this and avoiding the college students is going to prevent a lot of turnover.

@Abel Curiel @Joseph Piazza @Andrew Reyes

I just purchased a house hack in Stony Brook last month! The surrounding area of the university is a great place to invest if you know what you're looking for. 

Joseph, 

House hacking on Long Island is very tough with MF, why mother/daughters and similar setups are ideal.

Hello all!

It’s been 22 days now since closing on a mother/daughter house in Suffolk County, NY that I’m going to use to jumpstart my portfolio. I can’t contain the excitement I have for this deal!

Details:

2200 SF High Ranch

(Mother Daughter)

Top Floor: 3 Bed, 2 Bath, Living Room, Eat in Kitchen, Dining room (converted to 4th bedroom)

Ground floor: 1 Bed, 1 Bath, Kitchen, Living Room

Additional: Attached 1 1/2 car garage, .35 acre plot, 6 car driveway, separate entrances for each floor, gas heated, septic system, new roof, walking distance to major university

Finances:

Purchased for: $420k (including $20k seller concession)

Down payment: $14,700 - 3.5%

Closing: $16,000 (after concession applied)

Rehab: $3,000 initial, additional $5,000 planned for this year.

Yearly taxes: $14,400

Insurance: $140/mo

PMI: $280/mo

Utilities: ~$400

Collecting $4,600 in rent each month, including all utilities.... while I’m living there!

My plans for the property: replace windows, add central ac (long term), refinance to eliminate PMI ASAP, and REPEAT

This is my first purchase so there’s a lot about buying and owning property that I’ve learned the last 30 days, but the BP books, forums, and podcast made that knowledge gap more than manageable.

I’m glad to finally be on the board as an investor...