All Forum Posts by: Jena Pilgrim

East New York is about to see a lot of revitalization. The city has approved rezoning and plan on putting millions of dollars into this neighborhood. http://ny.curbed.com/neighborhood/1353/east-ny-brownsville. Remember that with FHA you only have to live in the property for one year and then you can move. There are good and bad areas in all neighborhoods but from an investment prospective ENY is still a good deal because of the low property taxes and access to multiple trains.

Great post Ceasar Rosas!

I too have investment properties here in NY, but my outcome turned out to be quite different. For my first purchase I went through a not for profit organization PACC and took their first time home-buyers class. This allowed me access to banks that dealt with the organization and was able to give me a conventional loan for first time home-buyers only instead of an FHA mortgage. My second purchase 6 years later was with an FHA mortgage. I own 2 - three family homes in Brooklyn and the rentals cover both mortgages while I am able to live rent free. @Abena Sidibe don't give up!!! In my opinion real estate in NYC is a buy and hold retirement strategy. It is not easy to buy and flip here unless you get from a distressed seller or an estate sale because the cost are high.

My advice to people who want to get into the game with little to no money is to start with your local agencies to see what they offer for first time home-buyers. NYC offers tons of grants and NYS offers different mortgage programs that aren't FHA.

Congratulations Brie!! Its great that you were able to find success after leaving the 9-5.  I wonder if that type of scenario is possible in NYC where I'm from.