Updated over 9 years ago on . Most recent reply
FHA IN NYC !
Hey BP ! I have a few questions & would appreciate any feedback or advise.
I am 24yo with a 9 -5 and about 20k in savings. I always known that REI is what I will do in life. I have been doing all the research I could, but know I have to get my feet wet with my first deal. With a limited amount of capital I was thinking about a MFH with a FHA loan. Because it is a FHA, I would have to live there & I am wondering if it is realistic to purchase a multi fam in NYC with that amount of capital, rent the other unit out and cash flow ? Or is this not possible in NYC?
I would really appreciate any help or advise with this and I am def open to opinions on what I can do with my available capital to get my first deal.
I have been lurking BP for a little bit and of course purchased all of the books on Rental Prop investing/Podcasts/etc...I am looking forward to networking and going to meetups and eventually give back to this wonderful community !
Eugene
Most Popular Reply
It will be almost impossible to cash flow in NYC on these small deals, you are buying it for appreciation.
not only that I have a negative cash flow on my home and i put down 75% and I live there if I would rent out my apartment I would maybe just break even (Before maintenance that is needed a lot since it is a old house)