New to Real Estate · Bronx, NY · Member since 2017 · 46 posts · 17 votes
Hello all!
This is my first post, since joining BiggerPockets.
I live in NYC and have been doing a lot of research on first-time homebuyer programs, which provide grants and special saving accounts that would assist with downpayments, closing costs, inspections, amongst other things. However, by utilizing these assistance programs you would need to forgo time by living in the home for around 5 - 10 years.
On the flipside, there is RE investing.
What are you thoughts on this?
Which route would you choose if you had the chance and why?
I'd appreciate all your inputs. Thank you and Happy Holidays!
Rental Property Investor · New York City, NY · Member since 2017 · 493 posts · 386 votes
8y
Your route will be determine by your goals..
Personally I dont like the idea of living next door to my tenant, I prefer them being 500 miles away.
The programs you mentioned work if you're living in Property or house Hacking but for long term growth you will need to find other ways to get the finance that you need.
Many people started by using the programs you mentioned and house hacking as their first step in REI. I didn't, I went outside my market to start my REI journey. Maybe someday I will invest in our local market but not now.
New to Real Estate · Bronx, NY · Member since 2017 · 46 posts · 17 votes
8y
Thank you Raul.
That makes sense. NYC has become so expensive, perhaps investing outside my local market would be a better alternative. Thank you for the information. Happy Holidays!