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Updated over 2 years ago on . Most recent reply

User Stats

5
Posts
7
Votes
Marie Eisley
  • Investor
  • Bronx
7
Votes |
5
Posts

Looking for investor-friendly agent familiar w/ Bronx market!

Marie Eisley
  • Investor
  • Bronx
Posted

Hi BP! I'm pretty new to REI but I currently own a 3-bed single family in the Bronx that I rent by the room. I put ~7% down on a 30-year conventional loan in 2019 and have been living in the basement there. I'm looking to house hack my first multifam purchase possibly this year. Seeking a place $650-800k with 2-3 units while living in the basement.

I know buying low and rehab/remodeling is the way to go but I don't have much liquid capital left after 5% down and closing costs on an FHA loan. I have ruled out conventional loans since I cannot put down 15% on a 2 fam. I also don't think I can take out a HELOC either because there isn't much tappable equity on my single family just yet and my DTI ratio might be an issue after this purchase. I have no one to borrow from either. In the end, with only $150k cash to work with...what's the best way to go about maximizing cash flow in a financially tight spot?

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