Real Estate Investor · Bronx, NY · Member since 2010 · 10 posts · 1 vote
Hi Everyone!!
thanks for all the great post on this web, very helpfull!! :)
i am new in this business and here, just planning to get my first investment property within the next 3 to 6 months, a 2 or 3 family home in the bronx or brooklyn area in new york city. Already talking to some real estate brokers, and mortgage companies, while also running some basic numbers to start understading if the deal make sense or no ( i am reading the ABC of real estate investment from the rich dad series).
Right now i have many questions but one step at a time.
my next step is to get pre-approval by a bank and see for how much i can qualify for. Having some questions here if i should go with chase or HSBC ( whihc is my present bank for my co-op home) or if i should go for a local mortage company in the bronx.
Glad to hear that your getting started in REI. Are you looking to buy and hold this property? Feel free to ask questions as your digging into the forums and articles.
Look forward to future posts and hearing about your experiences.
thanks!
well the first idea here with my partner was to buy, renovate and put the property back into the market as soon as possible, but looking around and seeing how long things take here, and how expenses are the property, nothing for less than 250K with 20 to 25% of downpayment, we are thingking about holding.
Rigth now actually i just talk to someone from HSBC bank and he told me that if we are looking for an investment property that need renovation we have to fix it before closing with the bank or get a construction loan in place before.
did not know this..ummm
things are getting complicate...-(
BP is great place to bounce ideas as well. There are lots of people doing flips and they might have some suggestions if this the route you want to go. Buy and hold is a good strategy as well, but you do need to set aside reserves and make sure that the property will cash flow. Not a get rich quick strategy, but does create wealth over time.