HELO!New Beginner investor looking for guidance in Westchester NY

3 Replies

HELLO!

Newbie here ,my name is Eder and I currently live in the town of Peekskill, NY. My current strategy is to (House Hack) I been actively looking for a 3 to 4 unit and want to find a fixer upper that I can fix and increase the value, also this is going to be my first property ever so I want to make sure I make the right decision , I been looking at the towns of Ossining ,Peekskill  , Mahopac ,Beacon, Cold Springs , Putnam Valley,  Wappinger's Falls, Fishkill . 

My question is , if there any investors currently investing in any of this towns or county's , please could you provide some advice on investing in this areas. Also I do have a great realtor and awesome mortgage broker working with me. My Max price is 400k that im willing to go to, I do have a Pre Approval and were looking to finance using the 3.5 FHA loan , Please any Advice is welcome? !!! THANK YOU

Is 400k just for Purchase price or does it include rehab cost?
Keep in mind taxes, as I’m sure you know taxes are high in Westchester..
Look for a good closing attorney, if you don’t have one your agent can suggest.
BP just came out w Leases & Documents for NY state review by NY lawyers for $100.
Once you’re at that step and if you will be managing your own properties look for these documents in BP, $100 is worth it because they are reviewed by lawyers and whatever you find online is probably not..

Thank you for you're response , and advice @Raul R. . The 400k is the max for the purchase price,  I do have some money on the side for the remodeling , im also not looking for a complete rehab , My father and I will be doing all the work,  we have experience remodeling apartments, and my father current job is doing so. and awesome tip about the leases & documents thanks again    

Glad to hear you're doing this with your dad, when investing on Real Estate or anything use any Leverage you might have..

If you and your dad have this experience, take advantage of it..

Something to consider, if it will not affect your Credit Score for your future home loan consider getting a Line of Credit. Some banks offer Personal Line of Credits, the rates aren't great but better than Credit Cards for the most part and are ideal for renovations and if you don't use the Line Of Credit you pay no interest. They have very small annual fee but they are worth it..

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