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Updated about 9 years ago on . Most recent reply

User Stats

265
Posts
59
Votes
Eric DeVito
  • Staten Island, NY
59
Votes |
265
Posts

Bought first property. Now what?

Eric DeVito
  • Staten Island, NY
Posted

Location: Staten Island, NY

Home listed: $285,000

Purchase price: $255,00

Loan type: VA Loan 30/Yr (4.1%)

Hello all, so quick background. Bought my first SFH about a few months ago which I now live in. Nice neighborhood, got a good deal on it. I used the VA loan and I know I could have put 0% down, but instead I put 20% down. The reason I put 20% is so I can have al lower monthly mortgage payment. I then hired a family contractor to do much needed work to the interior of the house the way I found suitable. That cost close to 30,000k. So in total this house is costing me close to 290,000. Now I still have some money in my bank account, but not sure what steps I should take. I am interested in getting a small multi-family out of state. I just don't want to fully eliminate all my funds because I still need to pay my mortgage and also I believe its important to have some type of emergency funds. Any tips/advice would help.

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