Anyone invest in Newburgh, NY?
I'm just curious... I looked at www.realtor.com and they have a good amount of 2 family properties for $150k-200k that have $1500-1800 monthly income listed. Anyone have any actual experience in this area? My dad used to live on the outskirts of Newburgh and then he was looking for a place when his job lost the lease on the house they were giving him. The rents he said were pretty high and he moved back to NYC. I currently live in NYC and have a good income and live with parents... I can save $2500/month after all my expenses and am in the process of rebuilding my credit.
I will be looking to either do a 80/20 in subprime market or try to get FHA financing.
I currently work in the mortgage industry for the past 3 years so I'm familiar with a bunch of programs and I was a processor for a brokerage that did a lot of subprime so getting a mortgage wouldn't really be my problem... the thing that scares me is having problems with the tenants in the Newburgh area since there has to be a reason the prices of these houses are so low...
Thanks guys!!
(I'm at work right now and gotta get back lol) Hopefully I can contribute and learn with everyone...