All Forum Posts by: Michelle Backer

@Ray Reed

I think that since you’re asking the question then you probably know the answer to this

Trust your gut. I think it’s up to the individual. We all

have to look ourselves in the mirror at the end of the day.

We are in a pandemic and she’s 85 and at risk. There are very limited housing options for someone like her unless you want to stick her in a section 8 housing project which is dangerous, especially at a time like this. The stress alone can kill someone. She probably doesn’t have any family which is why she’s reaching out to you.

You seem like a good person with morals. Being good is more important than making money.

@Derrick E. Yes I agree too

Hey! No I haven’t but Want to!

I’m in Brooklyn.. 

Maybe we can talk and exchange ideas? 

Basically no, I haven’t yet I’ve done research and can explain how to do it. 

I’m going to buy my first real estate investment

I am staying in my great rental in Brooklyn in a prime location where I’ve lived forever.

Loan options

-FHA for multifamily idea 3% down

- Fannie Mae / Freddie Mac 3% down

-My dad was a vet. Family property in nyc was bought with a VA loan.. I can't get the VA loan I know go through VA credit union.

Investment property options:

1. Multifamily property in Bronx w FHA loan

2. Condo in Brooklyn in a less desirable area with a conventional loan or a Freddie Man/Fannie Mae approved condo for the 3% Down

Tips please! Am I on the right track ?

Thanks in advance

I’m considering getting into real estate contract flipping

I have no desire to be a real estate agenct

I’m in Brooklyn, NYC

My gut says people will sell soon

Why not try for a multifamily home on an fha loan? Get someone you trust to rent out an apartment ?

You can always buy a coop apartment in the city if you want to need. 

I see what you’re saying ... I was born and raised in New York City so it’s not like I’m going anywhere.

Worst case I’ll wind up saving and buying an apartment in five years. I’m just looking at my options realistically ... 

I’m definitely buying in nyc though at some point 

Thank you ! My plan is just that — wait it out and see 

Brooklyn is where my heart is so I’m

Going to wait and purchase here 

My first time buying property ..

I live in a beautiful Brooklyn area .. I rent.

I want to buy land with an FHA loan or some loan that is 3% down in Brooklyn. I want to pay off the mortgage with tenants. I was born / raised in nyc so I know Brooklyn extremely well

Condo looks so complicated plus fha approved are hard to come by. Can anyone give tips as to whether or not a multifamily is a good idea for someone in my position, someone looking to invest?

If not now should I wait a couple years? Many knowledgeable people have predicted a recession by 2020.

Thanks!

Rent in Brooklyn

What’s best — a condo or a multi family home?

Brooklyn areas ?

Bronx areas ?

Is Staten Island worth it? Saint George ?

I have heard that multifamily not great right now since many New Yorkers are renting condos for less ..

Any thoughts please ! My gut says condo and live in it since this is my first