All Forum Posts by: Ken Anziano

Thanks for your feed back, Elizabeth! I definitely have a lot of due diligence to do with regard to the numbers but, from what I've gathered so far,median monthly rent in this area looks like it will cover the monthly payments (I think!). Do you have any advice or resources that might help me get a better idea of these figures? If so, it would be a huge help!

With regard to handling vacancies, I'm confident that my income could cover the payments in the event that it happens (I'd be tightening the belt quit a bit but could pull it off).

The other follow up I do have is about the cash reserves necessary to enter the business. On say a 3 bedroom unit, what type of cash reserves are typically necessary? I have money saved up but am hoping to use as much as I can for a down payment. I've also read a little about the 50% rule...can rent be used to cover these expenses or is that a gamble?

Thanks again for your advice!

Hi All,

I'm completely new to Biggerpockets and real estate investing in general. I've read some articles about using an FHA loan to purchase a multi-family property as a way to break into the business.

It seems like a great idea and I was hoping to get some insight into this strategy.

Also, I'm currently on Long Island (New York) and looking to start out here. The economy in general stinks and people are leaving more and more each year due to high property taxes, poor business climate, etc. My question is this--how strong is the Long Island market for income producing properties and would it be worth it to start our here?

Any advice helps!

Thanks!
Ken