23 Years Old and Looking to Buy My First Property

[Samuel Austin Jarvis]

Hello,

I am looking to start my real estate investing journey in the coming months.

What I want to do:

I am looking to buy a single family home in deeper Brooklyn or Queens. I have 25K in Savings to use on a FHA loan down payment where I would live in the property and rent out the other bedrooms to roommates.

I am looking for brokers, investors, and people to talk to to learn more about the process for this, help with questions I have, and any advice for areas to look at and general tips.

I am happy to call or meet for coffee.

On a side note, I am looking in Brooklyn or Queens instead of New Jersey because I am passionate about sustainability and want to tap into the new home rebates available for NY residents.

Best,

Samuel

[Samuel Austin Jarvis]

Quote from @Mohammed Rahman:

Hey @Samuel Austin Jarvis - I'm a broker & investor in NYC.

$25k in downpayment towards an FHA loan on a purchase price of $500k is going to be nearly impossible. Even in the more affordable areas of Queens/Brooklyn.

I would suggest going the Condo/Co-op route, but keep in mind most NYC building boards require 10-25% down. Some allow FHA loans, but those are far and few in between.

 Noted. Thank you Mohammed.