Starting Out
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Updated almost 9 years ago,
Am I doing this WRONG?
Hello BP Community,
I read all day long about how deals are getting made on this site and one of the biggest trends I see is that buying price equates to a succesfull investment. I see investment buys for under 100k all the time, but never higher than that (or maybe they are hidden somewhere).
With that being said, it is discouraging to see that the multi-family properties I come across (that are not foreclosures as I don't have cash to buy out right but must take a loan) are at least 350k and up. I live in Westchester County NY and the multi-family homes 3plus units are in horrible conditions even at 400k!
As a first time multi family buyer, am I doing this wrong?
Is it suicide to get a mortgage on a property that's almost half a million just because it's not falling apart and the numbers (income/expenses) are mediocre?