Real Estate Agent · Philadelphia · Member since 2015 · 41 posts · 39 votes
I want to get a multi family house live in it and hopefully rent out a portion of it to cover my mortgage and even profit if possible. Im not Pre Approved yet just waiting to file this years taxes since i need 2 years of income proof (this is my second year). My Broker said i would probably get approved in 2016 for a loan up to 400k. I've done research and Ive saved up enough money for a downpayment and closing costs for a house of that amount. What should be my next move? and is there anyone who can give me any advice on what to expect or what mistakes not to make
What neighborhoods are you looking at? Also, NYC is *extremely* pro-tenant when it comes to housing court. Do a very, very thorough vetting process on any tenant you accept. If they want, they can basically pay the first month's rent & security deposit, move in, then say, "Yeah, we're never giving you a dime again. Evict us." and in the best case, it'll take six months and a ton of money to get them out.
Im looking at the Bronx right now. I believe it has potential and its very close to manhattan. Also its the only place i can afford to buy a multifamily house for under 400k in nyc.
The Bronx is a very complicated borough. It's has parts that has houses near the millions and also houses in a brutal neighborhood for near millions. also, Bronx is the place majority of low income family reside due to government assistant. Like any place it has it's good and bad. None the less good luck !
It sounds like the only thing holding you back is your work history....... Do you have a two year history in your line of work, or in college working on your degree? It doesn't necessarily have to be the same place.
I am glad to answer any financing questions you may have as well.