All Forum Posts by: Jilanie Staples

Thank you Michael Wallimann! I have already talked to an agent that was recommended by a friend who has a couple of multi family houses in downtown Saratoga Springs and she is on the hunt for me as well! I explained to her that cash flow and house hacking are everything, of course my wife and I have things that we'd prefer in the house but if the math works then, ultimately, money talks!

Thank you Rob and Dion for the advice! I'll certainly take it into consideration during my first buy.

Hello everyone!

My name is Jilanie Staples. I am new to BiggerPockets but have been interested in the idea of purchasing a mutli-family property and owner-occupying for years. I am finally at the point where I can afford (barely) to get into a multi-family home and I'm actively looking between Albany, NY up through Queensbury, NY - though preferably somewhere in the middle. I have talked to several loan officers, most detailed with my personal bank (SEFCU) and they offer an FHA loan, but not a 203K loan. They DO offer a program called SONYMA RemodelNY Renovation. Has anyone local heard of this program or used it before? How does it compare to a traditional FHA203K loan? Also, I'm approved for up to $200k (could get more easily if I asked for it according to the loan officer at SEFCU) which would equate to approx. $1550/mon w/local taxes and 3.5% down. Any advice regarding what I should be looking for in the deal would be very welcome as well! Essentially I want to find a place where I am living for free or making money from renting out the other units. Can this be done with these remodeling type loans?

Thanks all!