All Forum Posts by: Sochima Eze

My apologies...I really should have led with "congratulations!" New York is certainly expensive, but it also seems like rent is only going up.

What area did you buy in?

Congrats! I know many of us dream for the day!

Definitely something I want to look into for 2016.

Just a quick update...

I originally tried to go the gift of equity route, but I was told that there are many other conditions that go along with it. For instance, I couldn't purchase the house and still have my father live in it. 

So I'm following @Ken Quagliata suggested and going in for a refi. I had hoped to be able to avoid paying closing costs, but for the equity available in the house, it's more than worth it. 

I currently live in Nassau County and I completely agree with you on property taxes eating away at returns. I'm curious to know if and how people have had success with investing in Long Island. If you venture towards Queens, the property taxes are almost half, but I find many homes are almost twice the cost. In my opinion, I think you have to look at the numbers and see what return is profitable for your situation. I know we all are looking for the dream investment that nets us a huge profit, but we have to start somewhere. Best of luck in NY! I'm always excited to see people from NY

Jacqueline Carrington is right. Patience is probably your best friend right now. Focus on paying down your credit cards and lowering your debt to income ratio first.

Welcome to BP! Just like yourself, I'm looking to get my feet wet in the New York market and truthfully, wherever the numbers look right. It seems daunting at first, there is a wealth of information on here and it seems tough to find where to start. I'm looking through the Starting Out sections and reading as much as I can. Best of luck!

Welcome to a fellow New Yorker!

Going this route, I would just need to pay closing costs, correct?