FHA or wait to save 20%
Hello all,
I am new to this website/real estate and extremely eager in getting started. I am 28 years old looking to be a first time home buyer. I'm a project manager for a real estate developer/construction company in NYC and am responsible for multiple projects from start to finish. In my opinion, this should translate well to managing a multi family property of my own. I have a good yearly salary, yet my credit is not great.
Do I fix my credit and try to save the 20-30% downpayment that might be required to get a loan (will take a few years) or do I try to go through FHA/203k??? Is FHA a good idea for someone in my situation?
Multi Family homes in NYC are ridiculously expensive... Rents are also sky high and I feel like a loser handing donations to my landlord every month. What did that guy do that I can't? Is it a good investment to buy something here knowing how expensive it is and that I will be receiving a great income every month or do I look out of state or out of the 5 boroughs of the city for something? Do I start with something less expensive like a 2 family or shoot for the 5 or 6 family?
How do I know what a good deal is? I would really appreciate your input!
Thank you,
George Pappas