Hello Bigger Pockets peeps!
I am ready to throw down in a house..
Have about 133k Saved in total.. thinking about throwing about 120k down which will include the closing cost
will leave me with 13k in reserves and counting since Im still working.. Im saving 2-4k a month if overtime is there. so I will have way more than 13k in reserves when i finally close on a home. Basically saving my pennies and wearing old clothes.
I aspire to own multiple properties in the future but i think if I househack, even if i get no cashflow and have to pay part of the mortgage, I can save for another few years and have another downpayment and able to buy another 2 family or even a triplex. Plus i get the landlord experience. It's a long grueling few years of working overtime as much as i can but Im pretty determined to eventually cashflow.
I could save another few years but me and the girlfriend want to move in together. We currently living with our parents to save money.
My Question is do you guys recommend NJ, westchester/NYS, long island?
I've tried the 5 boroughs but they are very expensive, 700k to 1 M.
has to be in close proximity to nyc since we are working/schooling there.
you are in a great spot with those savings and well on your way. Keep being frugal and living below your means!
You could take that money and buy multiple properties in another state that cash flow. Or you can try and house hack here in NY. I can only speak to the market on long island and it is very hot and competitive. Any property that is in decent shape and "normal" under 500k doesn't stay on the market more then a few days.
You can make a house hack work to lessen your payment or almost live for free but IMO their will be very little appreciation as i feel we are at the top of the market.
Long Island is a strong market long term, in my opinion. A lot of people believe the suburbs will be more in demand after the quarantine. You may not see crazy underpriced deals, people generally have a good idea of what their home is worth, but I don't think the dips in the real estate market hit as hard on Long Island as they have in the past in certain other parts of the country (you may want to check the numbers for yourself).
Where you look for housing will probably mostly depend on where in NYC you work. Lynbrook & Valley Stream have a lot of starter houses & the express LIRR to Penn Station is only 30 minutes. Malverne & Oceanside are also convenient & less expensive than the North Shore. Public transportation for getting around Long Island is not great, but you can save a lot if you can do with 1 car between the 2 of you.
If you haven't already, you can get properties on the market emailed to you daily that fit your price range so you can start familiarizing yourself with what's available. From personal experience looking, I have found that a lot of Nassau & Western Suffolk duplexes need a decent amount of work (lots of old fashioned radiators from the 1970's in the photos!). But if you're living in the property, you can do a lot of the work yourself conveniently - unless you are making more overtime money at your job, of course.
How do I go about receiving emails of properties that are in the market?
I would love to have that to get an idea what I’m dealing with.
I’m sort of similar with Long Island since I’m from Queens and frequent over there a lot.
I am pretty handy and so is my father and brother so any renovation we should be okay unless it’s something really major.
Yeah there’s times I think about just save a load of money and leave the northeast, but our families are here so we would like to give it a shot here first.. it’s an option!
I’m just a little lost on what to do .. I would like to open my options to other surrounding suburbs such as west Chester and Jersey but I don’t know anything about those areas which makes it harder.
Long Island I’m somewhat familiar since I’m from queens and I frequent Long Island a lot.
I’m a bit sick of Long Island as well but if it gives me the best deals I’ll stick with it.
You can get customized search results emailed to you when you go on most brokerage’s sites, they’ll give you the option to save your search and get emails when there are properties that fit your parameters. Coldwell Banker has this function. Sometimes you need to have an agent working at that company set it up for you.