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!
Welcome to bigger pockets!
Being in NYC its going to be hard to invest locally without a ton of cash.
Have you entertained the idea of investing out of state?
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.
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.
It could be that bank just couldn't do it. It can be done, but you do have to qualify for the amount of a 4 family. Let me know if you need any lender contacts.
Late follow up, but are you still able to entertain that offer?
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