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Updated about 8 years ago on . Most recent reply

Account Closed
  • New York City, NY
172
Votes |
420
Posts

Just received $70k as a gift. What next?

Account Closed
  • New York City, NY
Posted
Hey all I just received a gift of $70,000. I prefer to live in NYC and house hack a multifamily but its still too expensive. I was thinking of anywhere within 40-50 miles would be next reasonable option. Any suggestions? Our jobs are located in Queens. We are currently renting for $1625/mo. Thanks

Most Popular Reply

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209
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89
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Sid Leibowitz
  • Contractor
  • Glen Cove, NY
89
Votes |
209
Posts
Sid Leibowitz
  • Contractor
  • Glen Cove, NY
Replied

There are deals there. The taxes are contingent with the property. not all houses are the same taxes. An older multi requiring some work is possible. it takes energy and you have to be ready, willing and able to jump on a deal. Haste makes waste. You have to know what the value is and have vision. 

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