All Forum Posts by: Alina Vengerov

Does anyone know of a bank that offers professional mortgages for attorneys in NY for multi family properties? I know BBVA and Fairway does them but they don’t service NY. Flagstar bank has them in NY but only for SFRs. Or if you can point me in the direction of a great mortgage broker in the Long Island, NY/NYC area that might have other creative options available, that would be much appreciated as well. Thank you!

I meant pre-approved

@Jaron Walling @Brandon Frulla thank you both! Do you think it makes sense for me to get approved so I have an idea of the interest rate and what percentage down would be required if i intend to buy in the next 6 months or so?

Thank you everyone for the great advice. The reason I was wondering about FHA is because we won’t be able to fund a 20% downpayment for a conventional loan for a house on Long Island. Well try to fIgure something else out. Thanks again!

Total newbie question here but can I get an FHA loan to fund a flip? For context, my husband and I rent and have never owned a home, so we don’t have any mortgages. Would it not work because the loan requires a seasoning period or because it’s unethical, or niether or both? Thank you!

@Michael Fliderman Seaford is very nice, my husband and I are currently renting in Jericho so we know the area. Did you find this property on the MLS? We've been looking for about a month and so far there doesn't seem to be many multi families on LI, in general, but almost none under $400k. Did you finance the rehab or pay out of pocket? That's amazing that your tenants cover your PITI, we're just looking to decrease our housing expenses, but getting rid of them altogether would obviously be ideal.

@Elenis C. I’m from NJ originally but been living on Long Island for about 5 years. In my opinion, it’s very expensive unless you’re willing to live in worse neighborhoods. And even still, those aren’t cheap. I haven’t been looking for that long but I’ve mostly seen $350k and up, and anything on that low side is a serious fixer upper. The issue also is that taxes are so high, they’ll eat into any margin. We have a year left on our lease, so I’m going to keep looking to hopefully find that diamond in the rough. We don’t really have the option to leave as both our families live here and we’re licensed to practice law in NY and NJ only. I’m just wondering if there are people out there who have made this work. Do you have someone managing the rentals for you in Florida?

@Elenis C. So are you renting currently, since you said you couldn’t afford a house hack or did you buy a single family? I live on Long Island and my husband and I want to do a house hack to lower our housing expemsws. We’re honestly not even looking for cash flow but just want to decrease our expenses so that we could save up money quicker. Do you think that’s even a possibility in NY?

@Ken P. This is so awesome! Thanks for sharing.