All Forum Posts by: Andres S Menendez

@Erik B.

Yeah there’s times I think about just save a load of money and leave the northeast, but our families are here so we would like to give it a shot here first.. it’s an option!

I’m just a little lost on what to do .. I would like to open my options to other surrounding suburbs such as west Chester and Jersey but I don’t know anything about those areas which makes it harder.

Long Island I’m somewhat familiar since I’m from queens and I frequent Long Island a lot.

I’m a bit sick of Long Island as well but if it gives me the best deals I’ll stick with it.

@Suzanne Player

How do I go about receiving emails of properties that are in the market?

I would love to have that to get an idea what I’m dealing with.

I’m sort of similar with Long Island since I’m from Queens and frequent over there a lot.

I am pretty handy and so is my father and brother so any renovation we should be okay unless it’s something really major.

Hello Bigger Pockets peeps!

I am ready to throw down in a house..

Have about 133k Saved in total.. thinking about throwing about 120k down which will include the closing cost

will leave me with 13k in reserves and counting since Im still working.. Im saving 2-4k a month if overtime is there. so I will have way more than 13k in reserves when i finally close on a home. Basically saving my pennies and wearing old clothes. 

I aspire to own multiple properties in the future but i think if I househack, even if i get no cashflow and have to pay part of the mortgage, I can save for another few years and have another downpayment and able to buy another 2 family or even a triplex. Plus i get the landlord experience. It's a long grueling few years of working overtime as much as i can but Im pretty determined to eventually cashflow.

I could save another few years but me and the girlfriend want to move in together. We currently living with our parents to save money. 

My Question is do you guys recommend NJ, westchester/NYS, long island?

I've tried the 5 boroughs but they are very expensive, 700k to 1 M.

has to be in close proximity to nyc since we are working/schooling there. 

Greeting

I am in the process of looking for a MulTi Family property in the NYC area

I found a house that’s pretty clean and renovated.

It has been converted to a 2 Family (it was a SFH initially)

I personally haven’t seen the house in person but what the real estate agent has told me

One of the units is a 2 bedroom and the other is a 1 bedroom and I believe one of them does not have a living room.. basically a kitchen.. bathroom and the bedroom.. not sure which unit doesn’t have the living room.

Anyways, does anyone have experience with Duplexes converted from a SFH..

are they good investments?

I plan on living in one of the units and after a year, renting the whole thing and buying another property when I have the down payment for it.

Any help is much appreciated

@John Oh

Go for it!

Life is too short .. take the risk and if you fail at least you won’t live in regret which is worse than anything

Just trying to send good vibes and encouragement your way..

Don’t over analyze either.. you have knowledge of the real estate world form your job so don’t undersell yourself.. do due diligence and take the leap buddy

Good Luck!

@Shawn M.

Hey Shawn thanks for responding to my post.. How is the house appreciation out there? My plan is to use equity from the home along with any income I get from rent to buy a second property.. What about property taxes? I know Jersey is known for their high property taxes which worries me a bit.. I’m in the process of looking for a bank for a loan and my credit is phenomenal along with steady income for the past decade so I shouldn’t have an issue at all.. it’s just a matter of finding a good interest rate.. I saw your profile .. are you a real estate agent that deals with investors? I would like to link one day and maybe we can talk business when I’m ready to look out there.. any other tips would be GREATLY appreciated..

@Stephen R Johnson

Okay cool.. are you a real estate agent?

Hey Good Day to all

This is my first Post so I guess I should say a little about myself and my journey. 

My name is Andres and I've been curious about Real Estate investing for a while now. I've worked my butt off in my job and I've managed to  save up about 115K (and counting because Im still working FT). 

I want to leave roughly 15K for emergency and invest the other 100K. I live in a very expensive area (Queens, New York) and I'm looking for a multifamily property to possibly house hack. I've looked for a bit but not too in-depth but I know properties out here are ridiculously expensive.

I don't mind going to the surrounding areas (NJ or NY state) but I would like it to be accessible to manhattan via Train and a drivable distance.

my question is, does anyone have any experience with buying properties in NJ, upstate, Long Island, even maybe eastern PA (big maybe). 

looking for a good ROI and somewhere not too far from the Boroughs. Reason being is that my father is pretty handy and is willing to assist me in any renovation needed for the property and I wouldn't want him to travel a crazy amount.

But my biggest concern is really the ROI and property taxes. I want to get a good idea and make an informed decision from more experienced people before making the jump. (New York to New Jersey, PA, LI, etc.)

I would greatly appreciate the help. 

THANKS!!