All Forum Posts by: Will McGuire

@Caleb Blair Welcome back! What is your investing experience? What type of deals are you looking for? 

Always looking to meet up and discuss your plans/experience!

Looking to buy my first multi family property and looking to begin the process of finding financing. I am looking in the Hudson Valley, NY specifically close to 84 on either side of the river (Newburgh/New Windsor, Beacon, Wappingers, Fishkill, etc.)

Looking for suggestions on banks that people have used and had good experiences with! Thank you

@Charles Adams welcome to BP! I am also a new investor in the Hudson Valley market. Do you have a deal currently to partner on, or just looking for someone to look for deals with? 

As I am a new investor myself, I don't have a whole lot wisdom to share with you but I'd be happy to exchange ideas and see how we can help each other! 

@Jason Hoffman @Tim Moran I am currently looking at investing in small multifamilies in the Sullivan County (Liberty/Monticello focused) area. 

I was wondering if either of you have purchased and what your thoughts are on the area. 

Thank you all for your feedback! 

@Daniel Woolsey Welcome to BP! I am also a relatively new investor in the Hudson Valley. I grew up in Newburgh and have had thoughts about returning to invest there. I have a good friend who invests and owns a property management company in Newburgh and he is very much involved in revitalization efforts in the area. 

Where in Newburgh are your current properties?

I am looking to get started in Real Estate Investing and I think that a house hack is a great way to get started. 

My question is, when analyzing a multifamily to house hack, do you analyze for cashflow with or with out the rental income from the unit in which I plan to live in myself?

Any advice/help is welcome!

@Logan Yordanich I am also interested in getting into College Student Housing! I think this is a very lucrative niche that is overlooked by too many. 

I plan to focus in the Upstate NY area, but would love to compare notes sometime!

Best of luck to you! Sounds like a solid plan!

As far as the buildings split into 10 units, are likely larger apartment buildings, and thus designed and built to code for that amount of people. Those types of arrangements wouldn't be in previously SFR that were simply rezoned and divided into multiple smaller units.

As far as splitting a 2BR into a 3BR, I am not positive on whether there is a cap on residents/unit. However I believe I remember hearing something a long the lines of no more than 3 unrelated persons in one unit (enforced to varying degrees). I think that is why you will see a lot of 4BR split into two 2BR apts. Again, don't quote me on that. 

The house that I lived in when I was there was a 4BR converted to two 2BRs - and we loved it. However i do remember being unsure about it before hand. Like i said, there are a lot of houses that are set up this way. So long story short, I think there is going to be demand for both. If it were me, as an investor I think you'd find more demand for the two 2BR house as you can still offer it to a group of 4.

I hope I answered your question. Feel free to connect and PM me with any questions you have!