New to Real Estate · Middletown, NY · Member since 2020 · 6 posts · 0 votes
I'm considering becoming a new investor in Middletown, NY. What investment strategies have worked for you in this area? Currently, I have limited capital, but I'm saving up. The barrier to entry seems high, and the price-to-rent ratio isn't very favorable. I plan to apply for an FHA loan for my first investment if I were to find a deal, but if I can't something that works for buy and hold. What other strategies could work here?
I don't own in Middletown. That said though strategy is important. If your doing an FHA and plan to stay in one side you have to figure out what that would benefit you. I don't know your living situation but if your paying x,xxx for rent or a mortgage and instead by living in one side and renting out the other you will be paying y,yyy instead and y is less then x that's great, especially if you can rent out your primary residence and make income there too.
I think the best thing to do is live in one side and rent the other when your starting out, I wish I did. You can always leave and repeat the process and rent out your old living area.
My 2 cents is prices are crazy inflated right now, but believe it or not I think it will continue because of continued demand pressure for the area from people fleeing higher cost of living areas and moving there, with access to 87/17. At the end of the day if you run your numbers and analyze like 10 properties a day, and every single day scour the internet for anything new, you will eventually find something that works and know it almost immediately. Good luck!
Hi Sergio, There is no better time than the present to get started. There are conventional strategies and unconventional strategies to get started in real estate. You can get started with rent to own/lease option or another creative strategy like buying subject to. learn about as many strategies as you can then open up a prop stream acct and go to town looking for motivated sellers in Middletown.
Aside from strategy you must understand how to underwrite a deal. you are asking the right questions. Keep pushing and good luck to you on your journey!