100k in Long Island NY what does it really get me?
Hey Bigger Pockets! I’m weighing a bunch of different options right now and need feedback from the community :)
I purchased a home about a year ago with a legal accessory apartment in Long Island NY. Purchased with 10 percent down and PMI. I live downstairs and have a tenant upstairs. Have been saving up to make another real estate investment and have found that true multi families are hard to come by in the area. The traditional investment property mortgage requests 20% down, which I could make work but I'm trying to consider other options instead:
- I have considered an FHA loan but would need to move into whatever house I purchase and the current house is really a single family home.
- I’ve also considered a home equity loan on my current house in order to have more cash to invest into a rental property but would only make my mortgage go up and may make it difficult to have cash flow if I want to build my portfolio.
I’d love to hear what you creative folks think. Am I missing better options?