Hello everyone , I’m 26 years old I have a stable income and I am looking to buy a multi family 3 units and up. I have never owned a property. Someone will co-sign with me if necessary. My issue is New York is quite pricey and I’m not sure if it’s the right place or and obtainable goal in NY.
I was hoping to get an FHA loan to make this a possibility. My credit score is above a 760 and I don't have much debt. I'm also open to going the Hard money lender route to do a BRRR.
Realistically I don’t see my self leaving New York to get a property. I’m open to all suggestions about financing and loans.
Rental Property Investor · Gilbert, AZ · Member since 2020 · 210 posts · 163 votes
5y
@Glenn Brathwaite I like your strategy of going after a fourplex and house hacking it. If you're flexible in terms of where you live in NY, then you can look for parts of the state that offer fourplexes within your price range. The other option would be to reduce your criteria to either a SFH, duplex, or triplex depending on the price, and still take advantage of the FHA loan. I think the important aspect is just getting started.
Rental Property Investor · Gilbert, AZ · Member since 2020 · 210 posts · 163 votes
5y
@Glenn Brathwaite I like your strategy of going after a fourplex and house hacking it. If you're flexible in terms of where you live in NY, then you can look for parts of the state that offer fourplexes within your price range. The other option would be to reduce your criteria to either a SFH, duplex, or triplex depending on the price, and still take advantage of the FHA loan. I think the important aspect is just getting started.
Lender · Boca Raton, FL · Member since 2014 · 1k+ posts · 957 votes
5y
@Glenn Brathwaite, if you need to be within commuting distance of NYC, then NJ, Westchester (Yonkers/Mount Vernon), or even the Bronx may offer good options for you.
Since you have close to zero debt and an excellent credit score, I'd highly recommend an FHA loan for low down payment options. This will obviously help with your cash and cash return, which saves you money in the long run. Just be careful with PMI and any fees associated with it.
Thank you Brendan for your response. Your completely right the important part is getting started. I am willing to start with a duplex or triplex or whatever fits my budget just to get some skin in the game.
Scott and Phang thank you for your responses and welcomes. You all are dropping gems I appreciate it! Definitely plan on looking in those surrounding areas and maybe even in CT.
FHA it is then! I love the fact that there are so many ways to get creative with financing. After I master the FHA I'll try other routes to leverage debt.
Again thanks everyone , I will be checking back in when I purchase!
Investor · Hollywood, FL · Member since 2015 · 16 posts · 2 votes
5y
@Glenn Brathwaite Hey Glenn, I'm originally from the NY TriState area, St Albans Queens to be exact.
So I'm fairly familiar with the environs.
Are you already working with Real Estate professionals? Agent, Mortgage Broker/Banker, Contractor, Title Company, etc?
It's always a good idea to have your team lined up so that you're being as proactive as possible versus being reactive.
Real Estate is an exciting journey but also involved, so reaching out to the community on here is an excellent move so that you can avoid common gotchas.
Happy Hunting!!!!!
Let me know if you need any help with connections in the local area.