All Forum Posts by: Carolaine S.

A little clarification.... I'm a girl, lol! Also, the 275k is if I keep my coop which I am not opposed to selling and 2 of the options include being able to afford something much more expensive with an FHA loan. Also, in terms of out of state that's a little trickier for me since being inexperience that would just add tons stress by not being local to solve issues.

But I guess from what you guys are telling me this is not a buyers market and I should just wait?

I just got bit by the rental real estate bug! I’m here to ask the experts which route I should take, if any.

Basic details about me:

• I’m 34, recently married and no kids but planning to within the next 2 years(this detail is just for you to know that I don’t have much restrictions on moving aside from commuting)
• I currently own a coop in Yonkers, NY with roughly 50k in equity
• I am willing to invest in the tristate area but if I have to live in the property I have to limit my distance to Bronx, Westchester and Connecticut.
• I also have enough saved to buy a 275k property with 20% down or the max allowed with an FHA loan (this is without having to sell my coop)
• I have excellent credit which will qualify me for loan without an issue

The way I see it I have 3 options in order to get started:

• Sell my current coop, buy a triplex in a worst neighborhood with more TLC needed, and move to into the property for at least 2 years to qualify for an FHA loan. Use the extra cash for renos. This will kick start my rental property income or at least let me live almost rent free so I can invest elsewhere and buy my second property faster. This comes a high personal sacrifice in terms of living conditions.
• Stay in my coop, buy a duplex with less TLC needed but give the recommended 20% down payment. More cash out of pocket, more eggs in one basket scenario and slower process to buy a second property, eventually (this includes moving out of my coop with which I have a love/hate relationship)
• Sell my current coop, buy a duplex with less TLC needed in my preferred neighborhood, move into the property for an unlimited amount of years, qualify for an FHA loan and use the extra cash to continue saving to purchase a second property in 1 year or 2? More long term in terms of rental property income but less sacrifice in moving to a place I don't like or having to move more often.

Sorry if this if a long, looooong post but I am excited AND freaking out on this new venture that I am about to start. Any guidance will be much appreciated!!