All Forum Posts by: Diandra Duncan

@Theresa Harris Yes, so my friend is a nurse who also does REI and owns a few properties. However, she has not bought property in NY for years due to the increasing prices. I explained the current state of the market and she suggests I look elsewhere, like Jersey

@Brandon Rush Thanks so much for your advice. So I would be renting the basement out, the space is big enough to do so and it has a separate space for bathroom and kitchen; I know there are several legal aspects of that to consider as well. I know I wont be able to cash flow but at least it'll help me earn equity on the property. yea 750k is ALOT, and its what keeps bugging me because its the higher end of what I was preapproved for but I will have a decent amount of reserve as my brother will be coming on board with me.  

Hey bigger pockets fam, 

I have a dilemma that I really need an opinion on. I'm looking to purchase my first SFH in Queens, Ny with a plan to house hack. I found one that basically checked most of my boxes for 750k; the upper end of what I was approved for. I put in an offer just under to increase my chances of getting the property. And although I was initially told by the listing agent that my chances are slim due to my down payment (5%), I was told today that the owner accepted my offer. However, the owner wants me to waive the inspection and instead I would get an informational inspection before signing the contract. I'm able to get one in two days however, the idea of waiving an inspection on an old home bothers me a little despite my realtor advising me that it's a ‘usual' in NY and even mentioned that NY is mostly an ‘AS-IS' state. I asked my realtor if I should counteroffer by lowering my initial offer to 725k-730k to offset this but he thinks it's a bad idea as it would get rejected. I spoke to a friend who thinks 740k is too much for a sfh and that I should just walk away. I know the market is bullish right now but does anyone have experience with this? And more specifically, in buying in NY? Is that price reasonable? Should I spend money on an inspection or just walk away? Any advice would be greatly appreciated.

@Dmitriy Fomichenko Thanks alot! 

@Nicolas Nuvan Hi Nicholals. Thanks so much! Shooting you a message right now 

I'll get straight to the point. I'm trying to get unstuck from analysis paralysis and have been looking for lenders. However, my cynicism is flaring up lol. As a first time home buyer, I'm looking for a local reputable lender that I can feel has my interest in mind, although I know that's rare, most of them only want to draw you in. I'm looking specifically for one that has good programs for first time buyers with low downpayment on multifamily properties. Any recommendations for good lenders in NYC would be greatly appreciated

@Matthew Brill yea this is my second attempt at this process. I've had to deal with agents who were only motivated to sell me what they wanted me to buy. With that time wasted, my preapproval ended up expiring. Which kinda worked in my favor because I ended up learning about house hacking and changed my mind from a SFH to multi. But I'm very motivated and armed with more knowledge this time. thanks so much for the feedback!

@Son D. Wow that’s great advice! And I didn’t even think about the fact that tenants tend to be more civil when the ll lives on site. That’s a great point 

Hi. I’ve been interested in real estate investment for quite some time now but haven’t made any real steps to getting started until now. I’ve read a couple blogs, books, and listened to tons of podcasts but still have some trouble grasping a lot of of the concepts but I’m a very practical learner and hands on experiences work better for me. However, that interferes with my ability to ask the right questions. Background, I started my career in healthcare almost 3 years ago and don’t plan on being in real estate full time. But I’ve been able to save up a little over 100k, 700+ credit and currently rent with my brother. But my plan is to first own a two family in queens, ny, house hack with my mom and eventually have multi unit properties in Texas, Florida, and Jersey. People keep telling me I’m not ready, or that I shouldn’t go for it because I don’t know what I want. The thing is I know what I want, I just don’t know how to get there. I know that NY is a very sharky market and don’t plan to own more than one property there but I figured I’d start there since an fha on a 7-800k home makes more sense than an fha anywhere else. Does anyone have any advice for me as a newbie? Does my plan sound plausible? Any recommendations on where I can start? Should I use conventional or fha? Any advice would be great!