All Forum Posts by: Jorge Adarraga

Hello,

I am planning to house hack a small multifamily or a SFR with an ADU in Ithaca, Lansing, or Trumansburg, NY. Looking for advice from experience investors about the market in these areas. Does any one have any tips about investing in these areas? If so, I would greatly appreciate a quick phone call to discuss.

Jorge 

Hello,

I am looking to house hack an SFR with an ADU or a small multifamily in Ithaca, Lansing, or Trumansburg, NY, and I am seeking advice about the market in these cities. If there is anyone with experience in these markets, I would love to invite you for coffee or lunch to have a brief discussion. If someone knows of local RE investor meetups in these areas, please let me know because I am interested in attending.
I am looking forward to any advice or tips.

Thanks,
Jorge 

 Thank you for the references. I will reach out to them soon. 

After browsing the forums on BP and looking into the advantages of multifamily properties, I am considering purchasing a multi instead of an SFR for house hacking. I've contacted a few lenders, and I will inquire about attaining a loan for a multifamily. Thank you for this information.

 I am looking to purchase in Ithaca, NY. 

Yes, I meant down payment of 3.5%, not interest rates.

I am going to be looking for other lenders. Thanks for the input.  

Thank you all for your insightful responses. They were all very helpful. I will start looking for a local portfolio lender that offers low down payment conventional products on 3-4 families. Thanks again everyone! 

I recently met with a lender and this topic came up. The lender recommended I do not start with a single family home because it will raise questions from lenders when it comes to house hacking my second home. Lenders will be suspicious that I am trying to occupy properties as an investor while paying home owner interest rates (~3.5%), instead of putting 20% minimum down payment as required by investors. Does anyone have any advice or experience house hacking in NYS? 

I really appreciate the input. 

Jorge

I plan on purchasing my first home within the next 9-12 months, so when is a good time to get a loan pre-approval? If I get a pre-approval in one month, is it too soon? I want to start the house-buying process early, but I wanted to know if the pre-approval expires if not used within a specified time frame.

Jorge