New to Real Estate · NY · Member since 2021 · 8 posts · 1 vote
A little about me..
I am new and extremely motivated to start my portfolio (rental properties, multifamily). I have read and listened to everything, books and podcasts. I live on Long Island but unfortunately the market here is through the roof, which forces me to look elsewhere. I also own a home here with good equity. I would appreciate any advice! Or anyone who wants to talk on the side! I have a two part question;
1. What is the thoughts on Troy NY? Which areas within troy do you lean to? Same question for albany. Even though the multifamily building have went up in the last few years it still seems like good deals.
2. My home that I live in has about $250k in equity. I also have cash for a down payment. What would be the smartest and why, should I take out a HELOC? Should I not touch my primary mortgage and use my savings? Other options?
Real Estate Agent · Albany, NY · Member since 2017 · 309 posts · 149 votes
5y
Hi @Charles Carroll Im an investor and agent in the capital region. I would be happy to connect and talk about your options as it pertains to the market up here. I'll shoot you a DM.
Rental Property Investor · Fair Lawn, NJ · Member since 2021 · 5 posts · 4 votes
4y
@Charles Carroll Personally, I won't touch the equity of my primary home for investment purposes. My husband and I don't think it's a good move. We don't want to put our home in jeopardy if things go wrong. But I know a lot of people cash out HELOC"s for different reasons. Think it through and do what's best! Sometimes waiting until you have enough cash is not a bad idea. Best of Luck!