Tips for buying the first home in NY

6 Replies

Hello BiggerPockets members!

My name is Jinwoong and I joined as a Pro member after reading Brandon's real estate books and listening to his webinar about BRRRR strategy. I'm really committed to become a real estate investor and I would like to start with buying my first house.

I live in Queens, NY and I will be start working as a software developer in midtown Manhattan from January 2017.

I learned from various resources that I can get FHA loan with 203K loan, and I'm interested in buying multi family house. However, the problem is that the house prices here are very expensive. I would like to know how can I find good deals with a close location to my work place.

I found Union City, NJ and Jamaica, NY are relatively close and cheap place to start. If you have any kind of tips and comments, please let me know. 

Thank you.  

@Jinwoong Joung

welcome to BP! 

Keep in mind everyone is looking for a good deal. However, everyone's definition of 1 is different.

You need to figure out what your criteria is. Start with an experienced real realtor who is also an investor. Then network in your local REI, let them know what you want to do.

Good luck! 

Thanks Chris for a great tip! I will continue network with good investors around me. Could you give me some advice on how to find a good realtor as well? 

Here is the tricky part. A lot of experienced realtors will not deal with investors. Because of the time it takes to find investment houses and making multiple offers. 

So, you need to figure out your market first, define clearly what you want. 

When you interview realtors, ask them who their current clients are, and if they do any investing themselves. Ask for referrals. If it's your first house, don't be surprised if some of the realtors don't respond to you.

If you go to your local REI, you can get better referrals. Those realtors that attend usually want to work with investors. And they have a reputation to keep among other investors.

Here is a good article from Bill

https://www.biggerpockets.com/renewsblog/2013/10/2...

Hey welcome to BP! Definitely keep looking. FHA is definitely a great way to go. Just save more money if you don't have 3.5% down

Thanks @Chris T.  for sharing the precious tips and the link to look at. I set up an appointment with a realtor next week, and I hope to meet a good agent for investment.

Yes, @Rosston Smith . Since I don't have enough money to make 20% down payment, I will use the FHA loan. I met a person in a mortgage lender today and he told me that I'm eligible to get FHA loan with 203K loan. Yay!

Originally posted by @Jinwoong Joung :

Thanks @Chris T.  for sharing the precious tips and the link to look at. I set up an appointment with a realtor next week, and I hope to meet a good agent for investment.

Yes, @Rosston Smith. Since I don't have enough money to make 20% down payment, I will use the FHA loan. I met a person in a mortgage lender today and he told me that I'm eligible to get FHA loan with 203K loan. Yay!

 Great! Let us know how it goes! 

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