Investing in Long Island NY

[Chris Farinella]

Hello BP, I’d like to start and buy my first investment this year, but so far every method I explore is shot down somewhere in the process (usually financing) and was hoping to see some outside perspectives.

For context, I’m fresh out of college, have worked off the books until starting a Blacktop sealcoating and striping company with my brother in 2022. We did not keep a general journal, so we’ll figure out what we made once we file taxes with an account (I think. This is year one and we’re learning as we go so I’m sure some mistakes are being made)

This limits me in a few ways: 

- Qualifying mortgages (no history of reported income and as of now no reported income for 2022) Including FHA for the beginner friendly house hack (unless I can co-sign and leverage someone else's ability to qualify? I'm not sure)

- My new business is going to keep me here on Long Island (where, so far, I’ve seen fha payments and mortgage insurance disqualify every deal I’ve come across. I’ve looked for 2-4 units but it appears zoning on the island is an issue for small multi’s) Though I’m not entirely opposed to beginning investing out of state

I do have some things going for me though:

- $60,000 saved

- A $20,000 settlement coming in Nov ‘23

- The ability to save about $15,000-$20,000 per year according to a rough personal income statement

- A lot of time to travel to other states in the winter, as my business is seasonal

So what do you guys think? Co-sign with a family member for conventional or FHA? Non QM loan, Hard money bridge into an investment loan, DSCR? Long Island or Long Distance?

Thank you in advance if you actually read all of that and have some feedback!