How to start in NYC

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How to start in NYC

Keila Rosario
Real Estate Agent · Bronx, NY · Member since 2018 · 30 posts · 2 votes

Hey guys,

I have a dilema. I want to start investing in RE. I have listened to many podcasts, read many posts/forums, watched many webinars, and etc. I live in NYC and ideally I would like to house hack in the Bronx but prices are extremely high and my income is not high enough to qualify for those houses. I have more than 3.5% percent of a 600k property saved. There are some houses that if I could get into them I know I would be able live for cheap if I rented out the other rooms and kept the master bedroom or the basement. But I just don’t qualify for them as my income is not high enough. Is there anything I can do to help me get started? What do you guys recommend? Where do you think I should start? I’m looking to get out of the rat race slowly (not too slow) but surely.

Also, unfortunately I do not have anyone trust worthy to partner with.

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Matthew Irish-JonesBusiness Member
Real Estate Agent · Buffalo, NY · Member since 2017 · 2k+ posts · 2k+ votes
6y
Originally posted by @Keila Rosario:

Hey guys,

I have a dilema. I want to start investing in RE. I have listened to many podcasts, read many posts/forums, watched many webinars, and etc. I live in NYC and ideally I would like to house hack in the Bronx but prices are extremely high and my income is not high enough to qualify for those houses. I have more than 3.5% percent of a 600k property saved. There are some houses that if I could get into them I know I would be able live for cheap if I rented out the other rooms and kept the master bedroom or the basement. But I just don’t qualify for them as my income is not high enough. Is there anything I can do to help me get started? What do you guys recommend? Where do you think I should start? I’m looking to get out of the rat race slowly (not too slow) but surely.

Also, unfortunately I do not have anyone trust worthy to partner with.

You can look for someone willing to seller finance a deal.  You can invest outside of your market in a more affordable area, or you can continue to save.   You may need to look outside the Bronx.

Irish Jones Realty4.947 Reviews
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  • Francis Morris
    Member since 2018 · 45 posts · 12 votes
    6y

    it will be difficult but look out for deals and you can find a multi unit to get with an FHA loan and house hack. It can be done. They likely will not cash flow but can be a stepping stone into investing, establish what your criteria is and stick to it.

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  • Matthew Irish-JonesBusiness Member
    Real Estate Agent · Buffalo, NY · Member since 2017 · 2k+ posts · 2k+ votes
    6y
    Originally posted by @Keila Rosario:

    Hey guys,

    I have a dilema. I want to start investing in RE. I have listened to many podcasts, read many posts/forums, watched many webinars, and etc. I live in NYC and ideally I would like to house hack in the Bronx but prices are extremely high and my income is not high enough to qualify for those houses. I have more than 3.5% percent of a 600k property saved. There are some houses that if I could get into them I know I would be able live for cheap if I rented out the other rooms and kept the master bedroom or the basement. But I just don’t qualify for them as my income is not high enough. Is there anything I can do to help me get started? What do you guys recommend? Where do you think I should start? I’m looking to get out of the rat race slowly (not too slow) but surely.

    Also, unfortunately I do not have anyone trust worthy to partner with.

    You can look for someone willing to seller finance a deal.  You can invest outside of your market in a more affordable area, or you can continue to save.   You may need to look outside the Bronx.

    Irish Jones Realty4.947 Reviews
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    1Reply
  • Keila Rosario
    OP
    Real Estate Agent · Bronx, NY · Member since 2018 · 30 posts · 2 votes
    6y

    @Francis Morris that’s the plan. I know it can be done. I just don’t make enough income to qualify for those houses.

    0Reply
  • Keila Rosario
    OP
    Real Estate Agent · Bronx, NY · Member since 2018 · 30 posts · 2 votes
    6y

    @Matthew Irish-Jones

    Yeah I think I’m just going to have to give up on the Bronx. Thank you!

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  • Matthew Irish-JonesBusiness Member
    Real Estate Agent · Buffalo, NY · Member since 2017 · 2k+ posts · 2k+ votes
    6y
    Originally posted by @Keila Rosario:

    @Matthew Irish-Jones

    Yeah I think I’m just going to have to give up on the Bronx. Thank you!

     Don't give up... Just plan to come back to it after you have built up a portfolio and enough Cash to get in the game :) 

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  • Keila Rosario
    OP
    Real Estate Agent · Bronx, NY · Member since 2018 · 30 posts · 2 votes
    6y

    @Matthew Irish-Jones

    Thank you, what do you think about short term rentals and analyzing them? I saw a home for 100k in a nearby state that I think could do well on Airbnb.

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  • Matthew Irish-JonesBusiness Member
    Real Estate Agent · Buffalo, NY · Member since 2017 · 2k+ posts · 2k+ votes
    6y
    Originally posted by @Keila Rosario:

    @Matthew Irish-Jones

    Thank you, what do you think about short term rentals and analyzing them? I saw a home for 100k in a nearby state that I think could do well on Airbnb.

    I know a lot of people that do really well in short term rentals.  I am not one of them as all of the units I manage and own are long term leases.  We are just now branching into adding AirBnB units, and my team will be using two of  my units as a pilot.  When that happens I will report back and let you know :) 

    Irish Jones Realty4.947 Reviews
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  • Keila Rosario
    OP
    Real Estate Agent · Bronx, NY · Member since 2018 · 30 posts · 2 votes
    6y

    @Matthew Irish-Jones

    Hey thank you! I’m actually currently looking at a home that’s 100k in PA. Maybe we are looking at the same home. I’m working on analyzing the deal. Let me know how it goes!

    0Reply
  • Hai Loc
    Specialist · Toronto, Ontario · Member since 2012 · 2k+ posts · 891 votes
    6y
    Originally posted by @Keila Rosario:

    @Matthew Irish-Jones

    Hey thank you! I’m actually currently looking at a home that’s 100k in PA. Maybe we are looking at the same home. I’m working on analyzing the deal. Let me know how it goes!

     NYC is like Toronto.. Number don't make sense.. seek markets 1-2 hour drives away

    0Reply
  • Keila Rosario
    OP
    Real Estate Agent · Bronx, NY · Member since 2018 · 30 posts · 2 votes
    6y

    @Hai Loc

    Ok, great like PA! Thank you

    0Reply
  • Julian Colon
    New York, NY · Member since 2017 · 4 posts · 1 vote
    6y

    @Keila Rosario

    I’m in the same scenario.

    I live in the Bronx, NY and opportunities here seem scarce to start off. I think I am going to start off in the Putnam/Albany areas where you don’t need as much capital to start off.

    Good luck to you! Let’s connect

    1Reply
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