All Forum Posts by: Chaim Zigelman

Hi All,

I am looking to purchase rental property in AZ. I live in NY. Do I need to get a loan from a bank in AZ or can I get one in NY?

Another question is, should I get a loan from a Wells Faro/Chase type bank or a smaller one? 

Thanks Nick! - What types of properties do you own in Phoenix? I'm finding it hard to find duplex and quadplexes!

Thanks John! - I thought of that but I decided to do out of state. Who knows though, my next property could be in NY. 

Hey John, I appreciate the questions because I was thinking the same as you. NY is really quite expensive. When looking at good markets the homes are generally higher than $400k and I need to find capital to satisfy the 20-25% down payment. That is a lot more than what I want to invest for my first deal. 

I would not mind staying local but how local would that really be? If it's a 3-4 hour drive, what is the difference with a 4-5 plane ride? I would only need to go for one to two days. I am also planning on managing it like a business and not a buy it and forget it type of deal.  

Thanks Everyone!

@John K. - I plan to build a network of people in that area. Accountant/Agents/Lawyers to help me pick the right properties after I inform them what I am looking for. Once I narrow down a few properties that meet my criteria, I will fly down there for a look through with a property manager and see if I can take it further.

@Vincent - Why do you say that?

Thanks Rachelle!

Hi everyone,

New member to the BiggerPockets network. Looking to invest in real estate in the AZ area for some rental income. First goal is for rental income to pay for my NYC mortgage and then the maintenance bill. Wish me luck!