New, motivated REI in NYC

6 Replies

Hi, I'm a recent Navy veteran in NYC and am studying up on real estate.  I've gone to see gurus, paid for some minor courses, but never jumped all in for courses in the thousands.  I was excited to make money, but didn't want to be ripped off in the process and I stumbled across Biggerpockets on youtube, thankfully, while I was listening to investment strategies!  I'm interested in flips, mfh, and later down the road...commercial!

I've considered the tri-state area, but I feel confident about the Bronx and north.  Luckily I landed a small job to offset some costs and I think it's very doable.  I just don't have a lot of travel time now to visit too far away.

@Lee Burns

Have you considered using your VA loan if you can qualify for one? In my opinion it is one of the greatest options for anyone who has served in the military. You can purchase up to a 4 family with 0% down. Are you looking to buy and hold or fix and flip?

@Ceasar Rosas one of the banks that I have told me they would only support up to 2 units with a VA home loan. I was really excited about the prospect of a 4 family MFH with 0% down, but that dream has gone out of the window, unfortunately. Since you brought up the point, I'll do some research into other banks and credit unions to see if I can actually get a 4 unit instead of just a 2. That would be fantastic! I would like to do flips as well as holds, but for the time being, with my limited capital, I believe it's wise to start with a BRRR to build history, credit, experience.

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

We hate spam just as much as you