Newbie interesting in multifamily properties in NY

9 Replies

Hey 

My name is Steph, I am interested in my first real estate investment to be a multi-family in NY state mainly Rockland County. I would like to stay with in the 2-3plex size. Financing is the scariest part for me, any one have suggestion on whats a newbies first approach should be? Steps to take or planning ideas???

@melissa mendoza

Thank you for your response to my post.

I already own my own home, from understanding and please correct me if Im wrong but I can not apply for a FHA. Is it still possible to apply for 203k if I don't live in the on of the units?

Hi Stephanie,

I am in the same boat, except in orange county.  Own my primary residence, and are in the process of purchasing a duplex.  Currently working with a Credit Union to get the financing.  Of course, it requires 25% down, but was able to get an unconventional loan.  So far its been a slightly less headachy process than going through the application for my house, less paperwork, documentation, questions, etc.  Hoping to close in a bout a month or so.  Will also use the same process for my 2nd acquisition as it stands today (not yet identified, but I keep searching).

It is a duplex. By unconventional I meant the loan terms. 15 Year Term, 5/1 ARM that amortizes over 30 years with a Balloon Payment in year 15. I was ok with that and got a significantly lower intro rate (over a point lower than anywhere else). But they had other conventional options.

Thanks! This interesting, nice idea if the you only want to hold for a few years for refinance which Im sure is more the idea.

Im mainly ting to look in Rockland county bc I will be managing the property at first. But how is the market in Orange county, which areas look good?

Its hard to find something that isn't overpriced, generally. I, thus far at least, limit my search criteria to the top school districts.  I have been told Middletown / Newburgh are getting interesting, but personally I am not comfortable with the two, yet (still doing research and asking around).  At the end of the day, if you know what the going rents are and the cost to get in, you can probably find something that makes sense from a cash flow stand point.

I agree with all your comments. I heard the same thing about Newburgh;especially because the property taxis lower in that area. Im not as familiar with area like I am with my 20 miles home town area (Nayck). I think the best option are mom/pop off market deals. Im now just learn how to approach and find those deals.