First Step for a New Investor in Brooklyn or Queens

[Gershom Lewis]

Good Day to All,

I am going through my first steps of real estate investing. Investing in Brooklyn and Queens is expensive, but I am starting where I live to build equity before I start looking in Atlanta. How should I look for a pre-approval? How do I look without bringing down my credit score? Is three enough? Should I check BP resources? I am getting three pre-qualifications for a residential two family in Queens. My options are limited being that I have only 25K for a down payment and closing. Scores are in the low 700, income is 90K, and ready to move to the next step. Once I build up some equity, I will start purchasing in ATL. My goal is to buy multi-units in ATL, but I do not have the capital or resources as yet. Making a trip in August down there to start checking out the market. I need to put boots on the ground but have some people who are helping me build my team. Just need to talk to a few property managers.

Thanks for any Feedback!

[Abel Curiel]

Originally posted by @Gershom Lewis:

Allan,

I truly appreciate this advice. The challenge is getting a pre-approval, and my residence is in NY. This is some great advice! I would like you to send some information regarding brokers so I can start preparing myself. I'm in IT, so I also have to look for a new job while I am searching for the market. Are you living on Long Island, or do you live in Atlanta? How did you make the transition?

 Good afternoon Gershom,

I agree with Allan in the sense that your money will go farther in ATL. I also agree that what you're looking to do with 25K is doable with an FHA or VA loan.

That being said, I am currently working with a client purchasing a 3-family property in Brooklyn with 30K down. A multi family with 25K down is not easy but it is possible. You just need to have all your ducks in a row.

I'd be happy to show you how to make this happen. 

Best of luck to you!

Abel