Rental Property Investor · Ozone Park, NY · Member since 2019 · 36 posts · 20 votes
I’ve done the fha loan and house hacking naturally. Before finding out about bigger pockets. Currently living rent free for 4 years now. I have saved up 50k. My home equity is up by $225,000. Now I converted my fha to a conventional loan, eliminating mortgage insurance. I live in queens New York. Shockingly I stuck. I want a multi family investment property but there are so many options/roads I can take that I’m frozen. I need a mentor. I’m sure I can figure it out alone but you progress a lot faster with a mentor. Same as if you started working out. What I learned in 15 years of working out (fitness, boxing and nutrition) , a personal trainer could’ve taught me it in less than a year. Anyone around the area I can meet with weekly or bi weekly? I can buy dinner or teach you some boxing.
Danny you're not in a bad position. You do have plenty of options... The first thing I would do if I was you is apply for a HELOC so you can tap into your equity if you haven't done so already. You should be able to get a significant amount with 225k of equity..
I started somewhat the same way, I was already investing when I learned about BP..
Danny you're not in a bad position. You do have plenty of options... The first thing I would do if I was you is apply for a HELOC so you can tap into your equity if you haven't done so already. You should be able to get a significant amount with 225k of equity..
I started somewhat the same way, I was already investing when I learned about BP..
Hey Raul. Thanks for replying. I Got phone call from Wells Fargo. Unfortunately I didn't get approved for the heloc. They said my debt to income ratio was the problem. But realistically money isn't the issue. I only told them I have one tenant but in fact I have two. I told them this because I illegally live in my finished basement. I saved 50k in two years. I'm gonna look for alternative ways to get the money and get approved for a mortgage. Till than Ima have to postpone my real estate venture
I’ve done the fha loan and house hacking naturally. Before finding out about bigger pockets. Currently living rent free for 4 years now. I have saved up 50k. My home equity is up by $225,000. Now I converted my fha to a conventional loan, eliminating mortgage insurance. I live in queens New York. Shockingly I stuck. I want a multi family investment property but there are so many options/roads I can take that I’m frozen. I need a mentor. I’m sure I can figure it out alone but you progress a lot faster with a mentor. Same as if you started working out. What I learned in 15 years of working out (fitness, boxing and nutrition) , a personal trainer could’ve taught me it in less than a year. Anyone around the area I can meet with weekly or bi weekly? I can buy dinner or teach you some boxing.
Danny, I totally agree with you about it being so much faster by working with a mentor or even an experienced partner. Not only can you learn from their mistakes but they will hold you accountable for following through on your daily action steps.
Hey @Danny Rodriguez ! My team and I actually host the Queens Real Estate Investing Club once a month in Bayside, Queens. Message me your best email and I would be happy to send you an invite! At the event there are many local and out of state investors you can connect with!