suggestions for a beginner

[Dillon Fraioli]

Hey Guys, lets just say you had 85k to invest in some real estate.  However, the going rate for a 2 family house in your markets is 500,000 (house rents gross for 4000/month)  3 or 4 family can easily climb to the 650-800k range.  Im wondering if i should keep saving up so i can put 20% down (plus the cost of rehab, 75k?) Im not really interested in looking out of state, there seems to be plenty of people making money in my markets with real estate, im sure they just have a lot more skin in the game and also started years ago.  Keep in mind average property taxes in my area are 12k.  Im in westchester county, NY.

[Alex Horelick]

Hi @Dillon Fraioli,

As @Daniel Haberkost said you certainly have plenty of options if you are willing to owner occupy the property. With FHA you only have to live there for a year. I'm in Westchester and I'm a big fan of house hacking (I do it myself) and there is no better way to leverage your money for a purchase of a property! You also have enough funds to do an FHA purchase and some rehab work and potentially refinance out of that loan if you want to leave sooner. Send me a message if you want to talk more!