Updated almost 3 years ago on . Most recent reply
First time inventor in NYC area
Hey everyone! I'm currently 26 years old and looking to get started on my real estate investing journey and would ideally like to purchase a multi-family home in Queens, NY. Preferably, in Astoria - but it's pretty pricey ($1M and up) and it would likely mean that I'll have to do an FHA loan. I have lived in Astoria as a renter for the past two years, so I have a pretty good connection with the area as well as familiarity.
My plan would be to live in one unit, and rent out the others. I currently make 105k and have 40k in cash. I'm wondering if this is a bit too aggressive, and if I should either look in another area that is cheaper, or focus on switching gears and purchasing a condo instead - where I can still rent out any of the rooms that I'm not using.
I appreciate any insights/advice!
Most Popular Reply
Hey @Jesiah Martinez - I'm a househacker and realtor based in NYC.
Based on what you've written, it will be difficult because of the amount of cash you have currently. The cash will be needed not just for down payment, but also the closing costs - banks will consider both when giving you a preapproval.
I recommend connecting with a *local* lender that can also factor in potential rental income from your property to help towards your approval. Going the condo route sounds like a better idea in this case if you're married to investing in NYC. There may be areas in the BX that could potentially work, but with past clients I've experienced that those areas aren't the best for first timers.
Shoot me a DM and let's connect, happy to point you in the right direction or even work with you for your first deal!