All Forum Posts by: Christian B.

I am a newbie to real estate and I want to get started this year. I want to try house hacking and using an FHA loan. I want to invest in Long Island, NY, but the prices are so high with most houses above $200,000.

I want to use an FHA loan to get started because of it's low down payment requirement.

I learned that I need to have stable employment for at least 2 years, which I will reach this year.  Will I be less likely to qualify because I just reached 2 years?  

My credit score is 786 and 791 according to Credit Karma so I hope that works in my favor.  I don't make a lot of money but I have a relative who makes more money than I do who is willing to help pay for the down payment and help pay for the mortgage for when we don't have tenants or when the rent doesn't cover the mortgage.

I suppose she will be like my investor.  She is interested in using real estate for supplemental income.  She doesn't show interest in finding the properties but she has money.  I will do the work in finding and buying properties; fixing up the properties; filling the properties; and working and communicating with everyone in the real estate business.

I assume my low annual income will reduce my chances for getting the loan.  Can I add my relative to the loan or let the lender know that I want the loan in my name but my relative will help with the down payment and mortgage payments?  My relative just finished college and will not have been employed for a year when I do reach 2 years of steady employment.  Will that affect my chances of getting a loan?

I would also like to know if it is worth it to use the FHA loan and have the mortgage insurance or to instead try to reach the 20% down payment.

Does the mortgage insurance count towards paying off the loan?

I don't see where I can add the mortgage insurance in the Rental Property Calculator, can someone show me where it is?

Is there a way to compare the same rental property with different scenarios:  one with a 3.5% down payment and mortgage insurance, and the other with a 20% down payment and no mortgage insurance?

@Joe Randazzo I was thinking of that since I live so close to Stony Brook.  I've heard both good things and bad things about renting to students.  I like the idea because it is near by.

You said you haven't done any deals.  Do you plan to?

I've read and considered long distance investing but I am hesitant to do so.  I don't have any experience and I don't want to make a serious mistake in my first investment, especially if I am unable to be there and handle it in person.

Hi my name is Christian Barroso, I am in Suffolk County, Long Island, NY.  I am a cook in a restaurant in a hotel.

I am very new to real estate, I have no properties yet.  I have watched a few webinars and read many articles and blog posts on Bigger Pockets.  My goal is to get into rentals and become a landlord in Long Island, preferably Suffolk County.

I plan on buying my first property this year and hope I can get a lot of advice from the Bigger Pockets forum.  Are there any people here from Long Island who can give me their opinions on rental investing in Long Island?  I have found a lot of rental listings online but I have difficulty finding worthwhile properties for sale.

I want to use an FHA loan to purchase my first property. Would that be a good idea? Properties on Long Island are very expensive.