My first time buying property ..
I live in a beautiful Brooklyn area .. I rent.
I want to buy land with an FHA loan or some loan that is 3% down in Brooklyn. I want to pay off the mortgage with tenants. I was born / raised in nyc so I know Brooklyn extremely well
Condo looks so complicated plus fha approved are hard to come by. Can anyone give tips as to whether or not a multifamily is a good idea for someone in my position, someone looking to invest?
If not now should I wait a couple years? Many knowledgeable people have predicted a recession by 2020.
@Michelle Backer I grew up in Brooklyn as well and I can tell you it’s very hard to find a good deal over there. And with the new rent control laws going into effect it’s gonna take a while before the market settles down over there and values find their equilibrium. Id wait Brooklyn out for a bit and see what happens. If you like Brooklyn you may like Jersey City as well I’ve found some great deals there over the last few years. Nice brownstone style house and small multi family’s like the kind I grew up in as a kid. As to wether or not a recession is coming soon all I can tell you is that if you are going to buy something make sure it’s something with solid cash flow so that you can absorb a tough market and not be forced to cough up your property. Finance conservatively and look for strong flow. If you do that a recession will just be mildly uncomfortable and not catastrophic.
Thank you ! My plan is just that — wait it out and see
Brooklyn is where my heart is so I’m
Going to wait and purchase here
@Michelle Backer , I'm not a financing expert by any means. That being said from my experiences and observations purchasing properties in Brooklyn, small down payments aren't as easy as other parts of the countries. Some brokers wont even show a place if your not putting down 20%. This has just been my experience and I'm sure there are properties which accept a smaller down payment. It just makes an already difficult search even harder. Keep looking and see what you can find. I do know people who have had success with less than 10% down payments in NJ for what its worth.
Best of Luck
Alex Furini, RA
I see what you’re saying ... I was born and raised in New York City so it’s not like I’m going anywhere.
Worst case I’ll wind up saving and buying an apartment in five years. I’m just looking at my options realistically ...
I’m definitely buying in nyc though at some point
Even if a housing recession hit it wont have a catastrophic effect on NYC. Only people with money are buying properties in NYC regardless of housing cycles. In Brooklyn I like DUMBO and Carroll Gardens but it's $$$.
@Michelle Backer Hi I'm in Brooklyn too and beginning to start saving capital to invest in multifamily as well but not in Brooklyn - its soooo expensive. I live in Midwood, Marine Park area and SFH's go here around 800k to over 1million. Love the neighborhood and you can find decent apartments to rent for rational prices but the house prices are really high.
Anyway, good deals are scarce here but im sure it could be done - you can try looking at auctions, reaching out to banks, and sending mailers to potential sellers. It takes awhile though but like you said, you'll be saving up in the meantime.
Sorry couldn't be much help lol
Why not try for a multifamily home on an fha loan? Get someone you trust to rent out an apartment ?
You can always buy a coop apartment in the city if you want to need.
I think waiting and waiting is the wrong way to go. Find something solid that will cash flow well for you and buy it. You can find deals you just have to look for them.
My grandfather was driving by a house one day and on a whim stopped. He went up to the door and knocked and asked if he could buy the house because he thought he would love to live there. The people decided to sell to him and 40 years later it was where he died.
I am just saying thinking outside the box is a good thing. Find a house you like in a neighborhood you like and make an offer to buy direct from the seller. If they want to sell it but not seller financed then get a loan.
Like Nike says JUST DO IT!
@Michelle Backer , We have deals in NYC if interested. Or know any buyers. Send me a msg .
In which areas are you looking? I live and own in Carroll Gardens but many of my friends are buying multi-families south of Prospect Park. Maybe that would be a good area for you.