All Forum Posts by: Nik Parks

Hey guys,

I'm a newbie as well. I live in Astoria and I would live to attend a meetup.

I'm looking to buy a multi family (probably a triplex or a quad).

Woops, not sure why I read mortgage lender instead of loan officer. Haha. Thanks again.

Brian, that's great advice. Thank you.

That's kind of what I was afraid of: wasting time.

Seems like Spring is the perfect time of the year to start exploring areas and familiarizing myself with the area. I was planning on doing that this weekend, in fact.

Oh wow. I knew I'd need a little more than 3.5% but I didn't know it would be an additional 5%. Thanks for the heads up.

Last question, do you think it would better to talk to a mortgage broker first?

Thanks for your help, Wayne.

Hey guys,

Just a little back story to my question:

I've been living in NYC for almost two years. Rent is absolutely outrageous here (I'm currently paying $1,400 a month for a one bedroom).

My plan is to by a multi family home with a FHA loan, live in one of the units and rent out the others. I want to live rent free (BP talks about this a lot so I'm sure I don't have to expand on the details here).

Right now, I'm saving up a down payment. 3.5% down is still a lot of cash when we're talking about NYC. I'd like to find something for $500,000 but $600,000—$750,000 is more realistic.

With that said, let's say I need a good $20,000 cash before I can take the next step. When should I start talking to realtors?

I'd love to know the area so well that, by the time I have the down payment and I'm pre approved for the mortgage, I will be able to spot a good deal.

What would you guys do if you were in my shoes? Reach out to realtors right now (I have a feeling they're not going to take me seriously at this point)? Find an investor/wholesaler who will guide me (I know I need to have something to offer them in exchange, again BP talks about this a lot)? Get into wholesaling? (and I know that's much easier said than done)

Thanks, guys!

Haha. Thanks, Bill. That's good news because she's currently doing an unpaid internship :p

That's very helpful, Dion. Thanks.

A relative of mine made me feel a little paranoid when she found out my wife doesn't have credit. Haha, I figured someone on BP would steer me in the right direction.

Hey guys!

I couldn't find a forum that answered my question so I thought I'd start a new one.

This is kind of a long term question:

My plan is to buy a multi family home via an FHA loan. I live in New York City so even 3.5% down is a big chunk of change. I'm currently saving up the down payment.

I have excellent credit, a steady monthly income, etc. I shouldn't encounter any problems with the mortgage.

My question is: I'm a newly wed (been married for 6 months). My wife has no credit at all. She has never had a credit card.

What do you think I should do for long term investing.

I'm been reading on BP that the first 4 houses are fairly easy…then you have to get creative with your financing.

Maybe I should put the first four houses in my name alone while my wife gets a credit card and starts building her own credit? After my fourth house, we can start getting houses in her name?

Again, this is a long term buy and hold strategy. I'm not going to over leverage myself too quickly, haha.

Thanks!

P.S. if I missed a forum that covers something like this, any link would be appreciated :)

Jennifer, the referrals you mentioned to Timothy…are they regional or national? If they're in the NYC area, would you mind sharing them with me as well? I can send you a PM.

Thanks!

Hey guys. I'm brand new to BP--this is my first forum post.

Anyway, do you know if part time employment counts toward the two year benchmark? A mortgage lender told me that employment while being a full time student did not count. I've almost reached the two year post college work history benchmark. However, most of it is part time and freelance work.

I'm an interactive designer so that kind of goes with the territory.

Thanks!