Episode 304: The Reality of Buying Multifamily & Becoming a Landlord ft. Scadi Etienne

Most people think buying a multifamily in NYC is a wealth-building move. It is, but it also makes you a landlord the moment you close. And most people aren't ready for what that actually means. In this episode, we sit down with Scadi Etienne - real estate investor, broker, and contractor with 18 years in the game, 20 properties and 54 doors across Brooklyn and Baltimore. He bought a Bed-Stuy three-family in 2011 for $360,000. It's worth $2 million today. He also had a five-year eviction that cost him $30,000+ in lost rent, and a tenant who poured cement in his pipes. He's not shy about any of it. Filmed in Studio 1873 as part of the Mastery of Real Estate (MoRE) Network, powered by Brown Harris Stevens. Topics covered: →  Why one tenant should always cover the entire mortgage - and why COVID proved it →  The real difference between single-family and multifamily risk in NYC →  How NYC's landlord-tenant laws work →  What to look for when evaluating a multifamily investment property →  Why co-op units can be a landlord play most investors overlook →  NACA, DSCR loans, and how everyday New Yorkers can actually get into ownership Chapters: 0:00 – Intro 1:45 – Who is Scadi Etienne? 5:51 – Co-op financing: why some buildings can't get lender loans 8:05 – The moment he became a landlord (he didn't plan it) 9:50 – Mailbox money vs. flipping: why he chose the slow check forever 14:30 – Horror story #1: cement in the pipes (9-month eviction) 16:00 – Horror story #2: the 5-year eviction 18:45 – NYC landlord-tenant law: what needs to change 21:09 – What to look for when buying an investment property 21:50 – Single-family vs. multifamily: the risk difference 27:00 – Managing 54 doors across Brooklyn and Baltimore 30:00 – Know the rules before you invest out of state 33:00 – NACA and getting into homeownership in NYC 35:00 – The NYC "white picket fence" reframe Subscribe to Boro4Boro for more conversations on NYC real estate. https://podcasts.apple.com/us/podcast/boro4boro/id1731246276 Hosts: Matthew Wynter | @milliondollarwynter https://www.bhsusa.com/real-estate-agent/matthew-wynter Isaiah Ajala | @isaiahajala https://www.bhsusa.com/real-estate-agent/isaiah-ajala Traci Byers | @uptowntraci https://www.bhsusa.com/real-estate-agent/traci-byers Scottie Cabrera | @scottiecabrerahomes https://www.bhsusa.com/real-estate-agent/scottie-cabrera Guest: Scadi Etienne | @IamScadi Sponsor: Romer Debbas - Full-service real estate law | romerdebbas.com Brown Harris Stevens is one of the largest privately owned real estate brokerages in the country, with more than 40 offices across four states: New York, New Jersey, Connecticut, and Florida. https://bhsusa.com/