Hello all! Basically I purchased a SFH for $250,000 here in Staten Island, NY. I put $50,000 down and have been making all payments for the past year. I also have around $10,000 in savings. I live in this property, and I used a VA loan for it.
What is the best way to get my next property? I want to buy&hold.
For $10K in NYC you can't do a whole lot. But there are places near you in NJ and others where houses are really cheap and you can invest even with $60k bug a normal property. I am from Brooklyn and I have been doing that in NJ. If you need any help you can message me I"all be glad to help out.
Apply for an FHA if you are eligible, tell them you need to relocate to a bigger residence and purchase a multi in brooklyn. That way you can get in a lot cheaper.
Agree with Anthony. Use a 3.5% down FHA loan to buy a 2/3/4 plex and owner occupy for one year. This will give you the most bang for your buck if you can qualify.
I am a new investor from Queens. Thanks for the conversation.
@Naum Raz Hi Naum, what NJ areas do you invest in?
@Abena Sidibe I invest in Trenton and areas around, looking to start investing in Newark now as well. If I would have an appreciation of property strategy I wouldn't even tough Trenton but for cash flow it's the best market I have seen in the East Coast.
I highly recommend looking in Allentown. PA. Since this is your second property they will require you to put 20-25% down, because it's deemed an investment property. I just brought a SFH in Allentown for 45k and had to put 20% down (9k). Some banks won't give you a loan for such a low amount, but I can recommend the lender I used if you want it. Your situation sounds just like mine. Feel free to ask me any questions.
Also, I see you're from Staten Island and your last name is DeVito. Are you related to Mike DeVito?
Hi Emanuel, just saw this post. Yes Mike DeVito is my cousin in New Jersey. Not sure if we are talking about same one, it is common name. You can PM me.
HI. Maybe consider investing in Philadelphia, PA in 19135, 19136 and 19149.
If you really want to go big try investing near Temple University,
I'm a real estate agent, let me know if you more information ,
@Eric DeVito . If you were to buy say, a sheriff sale property for 10K, then tap the equity in your primary residence to finance the renovation. That would be a good start. There are good options out there even with limited resources
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