All Forum Posts by: Krystof Pilisiewicz

@Yanna Almonte

Maybe you can look into Woodhaven area or Ozone Park area? I know you can get 2 family houses + finished basement for 700-800K. You can negotiate the price if you can`t afford it and try to lower it. I personally like small residential house. I go for houses with garages and basements so I can get the extra income. Have you considered an FHA loan? I`m just closing a 900K house with 5% down-payment. I`m using FHA loan for this.

Hi,

You can buy a multi-family house for 700K in NYC, but the area might not be as nice. As you know a majority of the time, the area dictates what kind of a tenant you will have and the problems that might arise. Since your budget is limited maybe try to buy an undervalued single-family house, sell it to produce more cash so you can buy a more expensive house? Alternatively, you can partner with someone and try to buy a house for 1.2-1.5M? Just some thoughts.

Also, if you are set for multi-family houses, you might want to look for houses that have some issues? Renovations, family problems etc..Those are hard to find but not impossible.

Good luck.

@.

Hi, I was told by my banker that this kind of loan would not work for me since I want to buy a house for 900K. I think there is a fixed price for properties with this program and because of this, I wont be able to get it.

However, I made my mind, and I will go with 5% down-payment rather than 20%. I will keep the other 15% and see if I can invest in something else. Your advice made me think this way, so big thanks!

@Brian Nordman, Yes, I already sent her email asking for this loan. I want to see what she says. you are big help Brian!

Hey @,

I like what you said:

"I personally like the idea of being able to purchase two properties for the same amount as funds as what you would be putting down to purchase the one."

I think this will be my thing. I will go with FHA and have extra 100K in the bank so I can buy a second property.

Thanks! I made my mind.

Kris

Thank you, both, @ and @Christopher Phillips,

Both options would produce cash flow for me, but with a conventional loan, I would have to put extra 100K. Where having 100K in the bank sounds great. I can buy another property for this.

I don`t know what sounds better but I guess this is a question where I have to answer on my own: less money upfront and less cash flow in a month, or more money upfront and more cash flow on a monthly basis. Also, If I go with a conventional loan I would have zero money in my savings and any account since the closing fees, and everything would eat all my cash reserves. So maybe having those reserves is a must factor.

Hi,

You probably heard this question many times, but I`m puzzled what should I do.
I am working on a loan for a 2-family house in Queens, New York that I`m planning to purchase. After speaking with my mortgage broker, she tells me that she can get me a rate of 4.6% for a conventional loan and that is a great deal. I already own a 2 family house, but I`m planning to move out to the new house and use this as a primary residence.

She tells me that she can get me an FHA loan for 4.7% (3.7% +1%) and I would have to pay only 5% instead of 20% if I decide to take the conventional loan.

Do you think 4.6% for a conventional loan is good? Would you rather take the FHA loan and keep 15% in the pocket since you do not have to go with 20%? I`m not sure what to do.

Any help would appreciate it.

Thank you,

Kris

Hi @Jason Hirko.  I see. So the idea is to make an extra payment rather then save on interests. I didn`t know this. Thanks!

Hi,

I wonder if anyone has an opinion on this topic. Do you think paying half of a mortgage payment twice a month versus paying a full mortgage payment once a month is actually worthwhile.

Let me know your thoughts!

Thanks,

Hi @ .Thank you for your good advice!

I was wondering if everyone needs to follow those 5-10% rules and positive cash flows in order to see if an investment is sound. I`m glad someone sees more values in other financial benefits of RE rather than cash flow.

I think when comes to market like ours cash flow is secondary if not third or fourth way of making money. We can make hundreds of thousands by appreciation so why sweet about 100-200$ cash flow per unit?

Like many people said before 'cash makes you rich, assets appreciation makes you wealthy."