All Forum Posts by: Ashley Sommer

Hi Andrew, I'm a newbie from Westchester, NY. I just wanted to introduce myself. I am also having difficulty figuring out how to make the numbers work in this area. I'd be interested in hearing what you learn about this area and sharing any helpful information I come across

Anthony Tarantino I'm looking to make connections and learn. May I also PM you regarding the high costs of entry?

Karen Margrave Thank you for welcoming me and your response! Your answer brings up a good question I've been having trouble with the chicken and egg dilemma We don't have a real estate agent. I thought an agent would take us more seriously if we had been pre-approved first. Also, I don't know what range of properties to ask them to show us if we don't really know what we can spend. Also, I think we need to get multiple agents because we live in the tri-state area and are open to properties in either NY, NJ or CT depending on the numbers.

I am a little lost about what to do first. Also, total newbie question but what is the difference between a mortgage broker and just going through a bank?

Kelly N. Thank you for replying to my questions! I appreciate the guidance on #4 also. I was just reading other posts about getting a 2nd mortgage and saw the 20-25% mentioned. Maybe it makes sense to purchase the more expensive property first.

My husband and are almost done with the first draft of our business plan. We are looking to get pre-approved for our first mortgage very soon. Since our first major REI goal is to purchase two properties this year (both multi-families - of which we would owner occupy one) we want to leverage the cash we have and try for an FHA loan for the first property. I don't know our exact credit score but our only debt is my husband's school loans. I've been employed at the same company for 6 years and we both pay our (3, total) credit cards in full each month.

I am grateful for any guidance you can provide on our questions:

1. What is the best way to find lenders/go about getting pre-approved for an FHA insured loan? I've heard doing it online is not the best bet - is that true?

2. Should we get a few different pre-approvals to compare?

3. Is there any benefit to mentioning the fact that we may be looking to apply for another mortgage this year (I believe you can only do one FHA so this may be a moot point). Is this something you would mention if you're going with conventional lending?

4. Is there any major thing we need to ask/consider/keep in mind?

This is a wonderful forum and I appreciate you taking the time to read my post and/or provide and advice.

Thank you!

I have been wondering the same thing! I'm sorry I can't offer any words of wisdom but I'm looking forward to seeing the responses you get. I am new to BiggerPockets and although we haven't purchased our first property just yet, my husband and I have very similar goals for years 1 and 2 as you.

Hi Jonathan,

I'm in Westchester and would be interested in a meet-up if a group wanted to get together. I'm trying to educate myself on REI and it seems that investing in our area is difficult. What kind of REI are you interested in? I'm looking at multi-families so we can owner occupy as we are currently renters.

Hi Gary,

Yes, our markets are tough but hopefully we'll learn how to find good opportunities though information we learn here.

I haven't had a chance to read your old posts yet but what steps have you taken so far? Do you have a real estate agent, have you been pre-qualified for a mortgage, etc.? It can be overwhelming but for those that are willing to spend time figuring it out and working it seems it can be a great way to develop true wealth.

Good luck! Let's keep in touch as we take this on.

Hi Brandon,

Thank you for welcoming me! We are looking at a small multifamily to start. Duplex through quad to start.

I truly appreciate the link - I will check it out right away. It seems highly recommended on BP to invest where you live but I'm not sure if that will be realistic for us.

We've got some capital but my husbands school loans total roughly half of it so we are trying to go about this intelligently to maximize our potential for long-term success.

I enjoy listening to you on the Podcasts, I hope you and Joshua keep them up, they are invaluable.

Good Morning,

I am so happy to have found BiggerPockets. My husband and I are looking to purchase our first home. We would like to find something to live in and rent the rest of the property out to tenants. Right now we're struggling to determine where to search. We live in Westchester, NY, and from my preliminary research, it seem difficult to break even here let alone cash flow.

Our short term goals are to purchase two properties this year. One to owner occupy (looking to break as close to even as possible - not cash flow) and the other purely to rent out (cash flow). We have some savings and it seems our goal might be reasonable in another part of the country but we're in the discovery process in learning if this is remotely realistic in a nearby area. If anyone has information or experience in the tri-state area any bits of wisdom would be hugely appreciated.

I have spent time reading the forum, Ultimate Beginner's Guide and listening to the podcasts. What I've learned in the past couple weeks has already been invaluable. I am looking forward to become an active members realizing that I'll primarily have questions at first but hope to one day be in the position to offer guidance.

Thank you for reading!

- Ashley