My clients sought a multifamily property that balanced cash flow and long-term appreciation while offering space for house hacking. They prioritized proximity to Manhattan via a moderate commute on the L train. We aimed to invest in a neighborhood poised for strong appreciation, landing on Bushwick as the ideal choice due to its ongoing transformation from "old Brooklyn" to a vibrant, trendy hub.
We started with several discovery showings, exploring both condos and multifamily properties to determine the best option for their goals. After submitting multiple offers, some of which were not accepted, we successfully negotiated a deal with a multifamily landlord. The process wasn't without challenges; a few tenants required cash-for-keys agreements to vacate the units, which the landlord begrudgingly paid to clear the path for the sale. This persistence and flexibility allowed us to secure a property that checked all the boxes for house hacking and income potential.
We successfully closed on the property with only minor delays caused by NYC HPD paperwork.To keep the timeline intact and avoid further rate lock fees, we implemented an escrow holdback solution, ensuring all parties felt secure moving forward. The property features an owner’s duplex, making it a perfect fit for their house hacking and lifestyle goals.
