All Forum Posts by: Musammath Khan

Thank you very much for your encouragement @Melba Chambers. I am trying to keep up the motivation and not going to give up no matter what. 

Hi! I am newbie and planning to start my investing this year. I had somebody in my mind for last 1 year who I thought would be a great mentor. But recently, I realised I was wrong. That person just left in the middle of no where. She was the one who motivated me to start investing in real estate but she doesn’t seem to be interested to advise me anymore. Now investment planning in a crazy area like NYC without any mentor seems very overwhelming to me. I feel like I am in the middle of a desert all by myself and confused and scared of making huge mistakes. I am scared for sure and losing motivation. 

@Jayson Greenblatt thank you for the info. I’ll inquire more about this property now.

@Jayson Greenblatt Hi! The seller’s agent told me that the asking price of the property is over a million so there’s a mansion tax attached. That’s why the taxes are so damn high. I don’t have much knowledge about taxes so still trying to figure out. 

**I meant I don’t mind paying 1k out of my pocket every month. 

Hi! Calling out the investors of Bronx, Newyork. Is anybody investing in the Wakefield area of Bronx? What class neighborhood is that? Is it worth getting something here? 

I found a property which is 4 family. 

Walk-in has 5 bedrooms, 2 full bath, living & kitchen.1st floor has 3 bedrooms, 1 full and 1/2 bathroom, living, dining & kitchen. 2nd floor has 2 (two bedrooms) apt. Each has 2 bedroom, living, kitchen, 1 full bath.

Asking price is 1million and 34k. The taxes are high which is $16k yearly. I believe I cannot cash flow but as I am house hacking, so I don’t mind paying 1k out of my pocket every month. But I am not sure about the neighbourhood and also based on the martlet now, how much should my first offer be?  So I like the property but is it worth getting it? 

Thank you for the information. @Joseph A.

Hi! I am a newbie ready to invest in my first multi family in Bronx, NY. There’s a question I have in my mind that I would like to ask the experts. So here’s the scenario. 

I am planning to buy a 3 family. The properties I have been looking at are ranging from 700k to 750k( I know. It's pretty expensive in Bronx). I and my spouse are planning to use the FHA loan. And we figured out we will be qualifying for around 750k or little more based on our income.

So   the question is if I use all this money for my first property, how would I and my spouse will qualify for traditional loans on our 2nd property or 3rd or so on based on our income? How does this normally work? 
What is the solution? How does this process really works with bank? Thank you in advance. 

@Dave DeMarinis @Doran Summers The houses I am looking at ranges from 730k to 800k. So I am worried getting such a big amount from the HML. With HML the most I can put down is 5%. But not sure is it gonna be wise or no?

I believe the suggestion Dave made is getting finances from HML only and then refinance. Is it even possible for such a big amount with so little down payment?

Or should I just go through the traditional route of FHA with 3.5% in a bank?

All I wanted to do is to get a loan without mortgage insurances( PMI & UPMI) and Great interest rate possible. And to do that I need 20% down payment. What are the ways I can do it? Can you specify a bit?

@Dave DeMarinis Thank you very much for you valuable suggestions. I really appreciate it and will keep in mind.