All Forum Posts by: Anthony Caleca

Oh okay yea perfect that's my plan, to live in one apartment and rent out the other one and hopefully cover my mortgage. And then eventually move out and rent the other half as well. Where would I look for a FHA loan, local banks or online?

Thank you for your quick response, so just do I understand if I got approved for an FHA loan even though it's a 2 family house I wouldn't be able to rent the other apartment out for at least a year? The reason why I would want to buy the house is because I can live in one apartment and rent out the other to cover my mortgage. Which would be a great way to get my first house/investment property

Hello everyone I am 24 years old from Staten Island, NY and I am looking to purchase a house for me and my fiancé. We have been together for quite sometime and just recently we bought got better jobs that we are able to start saving money.

For my first purchase I want to buy a 2 family house, live in one and rent out the other, and use that renters pay the mortgage and expenses each month. So I found a house in a great area of staten island that is relatively cheap because it is a short sale. It's a 2 family 5 bedroom 3 bathroom house for $375,000 (pretty low considering Staten Island prices). The thing is I want to buy this house, but I donot want have the money to put down for the 20% down payment.

Is there any mortgages or suggestions anyone might have where I can buy the house with no down payment and mortgage the full amount, and go about my plan of being an owner, and renting other apartment. I used a basic mortgage calculator online and it said with $0 and 4% interest rate total expense will be about $2,400/month. If I live in one and rebt the other for about $1,500-1,700/month it will cover more then half the mortgage.

Someone please help me with any advice or suggestions, I can post a link to the listing of it can help.

 I read that book, good read!

 Thank you for your reply my vision is to develop high end luxury condos. Buy a building or piece of land in a sought out neighborhood and develop high end condos to sell. I know i am a LONG way from there but it is what i see myself doing, know i just have to figure out how to get there and work towards it.

 Thank you for the quick reply, and yes i absolutely agree with continuing the education process, i have an undergraduate in Business and Economics and now Im taking separate classes for a certificate in Real Estate Development from NYU, and thinking about pursing a Masters in Real Estate Science. Also the internship will be of great help I feel like since it is a private a relatively small firm but very successful it will give me the opportunity to learn and expose me more to the field

 Thank you for the quick reply, and yes i absolutely agree with continuing the education process, i have an undergraduate in Business and Economics and now Im taking separate classes for a certificate in Real Estate Development from NYU, and thinking about pursing a Masters in Real Estate Science.  Also the internship will be of great help I feel like since it is a private a relatively small firm but very successful it will give me the opportunity to learn and expose me more to the field

Hello guys and girls this is my first post so try and take it easy on me, but ill give you a little insight on what i would like to do. I'm 24 years old from new york city and my dream is to invest in properties and develop them into high end luxury condos. I have no idea where to start so i just grabbed an internship with a private but successful development company in the city who works on the exact develops that inspired me. i just have no idea how to start or what i need to start. I have been reading books, watching YouTube videos, talking to anyone that will speak to me both in person and online and i am taking classes at NYU for Real Estate Development.

I have a plan and please tell me if this seems unrealistic or out of reach but, my father works for a major construction company in NYC and he has developed from start to finish some of the most luxurious hotels and private apartment buildings in NYc in the past 10 years. We also have a family friend who owns a private company who specializes in raising capital for investment purposes on a huge scale. Recently i though about the idea of Starting a development company with my dad, and seeing if our family friend can structure a debenture of some sort to supply us with the capital to buy and develop a building in NYC. I mentioned the idea to the family friend over dinner and he sounded all for the idea, and my father always says he wants to develop a project of his own one day.

So what steps should i take to try to set this up, and even though my father has the construction and development background, and my family friend can possible supply us with the capital to funds the project, what else would we need or look out for it. Is this all a huge dream I'm having or does something like this actually have the chance of working out