All Forum Posts by: Matt B.

I took out 9 credit cards (1 every year since i was 18), had a few car loans and some student loans. got my score up to the 800's. getting my first mortgage was easy as pie.

the developing of state Island has already started. Look at what they are doing by the ferry.

Cody, in NY, 11k covers closing costs. You need at least 20% down + closing costs + emergency funds if u want to be on the safe side for buying a real property. Not to mention, you want to be in a decent neighborhood. If 11k gets you that then all the more to you but it's most likely won't. You might be able to get into mobile home investing with that but I'm not familiar with that market. Not to shoot your dreams down but it's better to wait for the right property at the right price in the right neighborhood then to just throw what you have into anything you can afford and hope for the best. I'd save a little more bro. Do it right the first time and you will save yourself a big headache or a potential loss. 

i believe you only get listings in the location you are registered in. 

I think it's best to diversify any investment you make.

hi Lee, I live and have a rental in Staten island. First peice of advice, don't buy here haha. Not a landlord friendly city, I would imagine Baltimore is similar. State Island is part of NYC so you have to follow city rules on top of state rules. So if you see something on the state website or rule book, you have to cross check it with the NYC rules. You do not need to get a license to rent out here however multifamily structures do have to be registered with the city. I think it's 4 or 6+ units, so it depends on what you are buying. Also, I would advise you check out the area of your purchase. Some areas are great and some are not. If I'm not mistaken, here in the city you cannot start eviction proceedings until the tenant is 30+ days late. I understand the entire eviction process to take 4-6 months from the time you file so choose tenants wisely. Depending on the location and type of property, rents can be very favorable here. RE taxes are pretty low compared to the state. Depending on where in SI you are purchasing, you can commute to the city in 45 minutes or so which is considered an average commute here. However, if you are in tottenville for example, you could be looking at 1.5 hour commute which sucks but you will definitely still have plenty of tenants to chose from. SI is pretty cheap compared to brooklyn or Manhattan, so many people are willing to trade longer commutes for less rent ie 3k/month rent for small 1 bed 1bath in Manhattan to 1k/month similar size apartment in SI. Let me know if you need anything or have any additional questions. Happy to help.

Thanks,

Matt

house hacking can be done anywhere and is more then just buying a multifamily. If you got a 2/3 bedroom house and had roommates pay you rent, then you would be house hacking. It's up to you to determine if it's worth it or not. 

@Anthony Sim I own my own home but rented it out and moved back in with family.  That eliminated my mortgage payment and got me my first rental. I stopped using all credit cards to avoid a monthly payment. I cut my cable, internet and house phone service. I got a cheaper cell phone plan. I bought a modest car. Now I'm able to bank away $1350 a month towards my next deal. That's after giving my wife $750 a month towards her $200k in student loans (law school). If you make drastic cuts, you will see results faster. Just make sure the cuts are sustainable. Good luck. 

@Abraham Saldana that is the best idea I have ever heard. I like where your head is at. Would love to do that but drones are illegal where I am. See below:

http://www.crainsnewyork.com/article/20160424/ENTE...

@Andrew K. Yes I work in Real Estate finance for a fortune 100 company. We're monitored by the SEC for all investment and second job activities that could pose a conflict of interest. Being a RE agent or wholesaler provides investment services for a 3rd party. That's a no no for them.