Updated 11 months ago on . Most recent reply
New member looking to network
Hi all! I’m new to the community. I knew to real estate all together actually. I am from Yonkers, NY (Westchester County area). My plan is to buy a multi family building which would be my first buy ever. I would like to live in and rent the rest of the apartments. I am looking to buy in Westchester County, Putnam and Dutchess county. I have around 50k in cash to invest but not sure if I need to save more or if I am able to invest with that. I hope in the near future I am able to add value to this community as well.
Most Popular Reply
Hello @Tiffany Alfaro,
At $50K, you would be able to invest.
The median sale prices for 2-4 unit properties in these counties is $775K. The minimum down payment for a property in this price range would be roughly $27K.
That said, you also need to account for bank closing costs, inspection costs, appraisal, attorney fee, and title costs.
Your scenario may require a seller's concession to account for these additional expenses.
Investing with $50K is totally possible in this market but your journey may be met by challenges i.e. Higher/equal offers with no concessions needed, All cash offers, Offers with 20%+ down payments, etc.
All the best!
Abel
- Abel Curiel
