brand new newbie moving for work, need help :(

[Francis Lee]

Hi all,

I've been a follower of BP for some years now, but my first time venturing onto the site and the tools, and I'd be a first time buyer so I'm a little intimidated. I'm moving to NYC from LA mid 2022, and I'd love to purchase a multi room condo, maybe 2-3 rooms, in one of the boroughs and rent out the other rooms. I've done some reading on what to expect and what to prepare for, but I'm not to sure what the right step is, who to reach out to, etc. Would love a little guidance on where to start off with on the site.

I'm planning on using a VA loan in order to make this purchase. I have some money set aside to help out with closing costs and escrow as well.

Thank you!

[Brandon Rush]

Hey Francis,

Here is a basic series of steps you can follow (just my 2 cents)

1) Determine how much you want to pay/how much of a mortgage payment are you willing to take on?

2) Determine what your criteria is:
What part of NYC?  Is there a specific area of that town/borough you want to live in? Narrow it down so you can focus on just one or a few specific parts of NYC.

3) Once you have these parts down, do some research on those areas of NYC you are looking. Make sure room rentals are allowed (most likely they are). Look into other room rentals on facebook marketplace to get an idea of what you can get for rent so you can factor it into your numbers. 

4) Get in touch with an agent from NYC who is in the neighborhoods you are looking. You can look on realtor.com or redfin.com and find some listing agents. Maybe try to find one who has multiple listings as they may be more experienced with the area. Give them a call and let them know what you are trying to do. Let them know you need help in this process and they should be able to provide you some guidance. Ask them for resources such as a lender (unless you have one), insurance broker, inspector and attorney. 

5) Get in contact with those resources and introduce yourself and let them know what you are looking to do. When you speak with the insurance broker maybe bring them 2-3 properties you spotted on the MLS so they can give you quotes. This will help in running your numbers. If you know your are definitely moving, get pre-qualified by a lender so you can start offering on property asap.

6) Now that you have your team in place, start searching for a property. As mentioned before, you can use realtor.com, redfin.com or any of the general real estate websites. You can also have your agent set you up with automatic notifications for listings that meet your criteria.

7) Start making offers, get one accepted, get an inspection, and buy the place!

Hopefully that gets you started. I am sure there are some pieces missing here but you will figure them out as you get started.

Good luck!